The Migration. By

Method

How we count traditional finance moving on-chain

Every figure on The Migration is read directly from public blockchains, using only addresses the issuer publishes or confirms in writing. Here is the method, step by step.

The Migration by ·

Short answer

The Migration by Concrete counts a token only if the issuer publishes its address or confirms it in writing. Every 6 hours it reads each token's supply directly from each blockchain, values it the issuer's way, removes bridged copies and issuer-held reserves so nothing is counted twice, and holds any figure that looks wrong.

Key facts

  • Addresses labeled A (issuer address page) or W (confirmed in writing)
  • Supply read directly from each chain every 6 hours
  • Bridged copies and issuer reserves left out
  • Suspicious jumps over 15% are held for review

The Migration tracks how much of traditional finance has moved on-chain. Our headline numbers are our own counts, and anyone can recheck them. This is how they are built.

1. Start from the issuer

A token only enters our count if the issuer itself tells us where it lives. Every address is labeled one of two ways:

  • A, issuer address page. The address is listed on the issuer's own public documentation.
  • W, confirmed in writing. The issuer confirmed it in fund documents, a press release, or a letter or email to us, named and dated.

Addresses with neither are not counted, however widely they are reported elsewhere.

2. Read the chain directly

Every 6 hours, we read each token's total supply directly from each blockchain the issuer lists. We read 20 blockchains for Treasuries and 18 for stablecoins, including Ethereum, BNB Chain, Solana, Stellar, Tron, XRP Ledger and Noble.

3. Value it the issuer's way

  • Stablecoins are counted at $1.00.
  • Treasury funds are valued at the fund's own share price, read from the issuer's on-chain price feed where one exists, or $1.00 for funds that keep a stable $1 share price.
  • Gold tokens are valued at Chainlink's on-chain gold price per troy ounce.

4. Count every dollar once

  • Bridged and wrapped copies are left out, because the original is already counted where it was issued.
  • Tokens the issuer has created but holds in its own reserve are removed, using the issuer's own figures.
  • When one fund holds another, the money is counted once, in the fund people actually hold. See an example.

5. Hold anything that looks wrong

If a chain can't be read, a token returns an unexpected symbol, or a value jumps more than 15% on the same chains, that fund is held at its last good value and marked "under review" until an editor checks it.

6. Publish everything

Every count page shows each address, its source and its value, with JSON and CSV downloads and a daily history. Funds we have seen but not added are listed with the reason. All counts and downloads are on the research page.

Questions, corrections or new token addresses: mason@blueprintfinance.com.

Questions and answers

Where does The Migration get its numbers?

Directly from public blockchains, using only token addresses the issuer publishes or confirms in writing.

How often are the counts updated?

Every 6 hours.

Can I use The Migration's data?

Yes. Cite "The Migration by Concrete" with a link to the page. JSON, CSV and daily history downloads are on the research page.

Citing this article: "The Migration by Concrete, How we count traditional finance moving on-chain, Oct 28, 2026," with a link to this page and to . Questions or corrections: mason@blueprintfinance.com.

The Migration by tracks traditional finance moving on-chain, reading every token directly from public blockchains. See all our counts.

For information only. Not investment advice.

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