| The Migration. By Concrete |
TradFi on-chain, tracked weekly · No. 01 · October 28, 2026
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This week
The plumbing moved.
DTCC, the firm that settles most U.S. stock trades, switched on its tokenization service today. Thirty-four securities across Russell 1000 stocks, ETFs and Treasuries can now move as tokens between registered wallets around the clock, backed 1:1 by securities DTC already holds. About $30 trillion of securities are eligible. Most of the last two years was asset managers putting funds on-chain. This is different: it is the settlement layer itself. When the plumbing moves, everything connected to it follows.
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The count
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Tokenized real-world assets
$39.75B
+3.18% over 30 days
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Tokenized U.S. Treasuries
$14.63B
119 products
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Stablecoin supply
$301.6B
-$2.0B vs. Oct 21
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Tokenized stock & ETF trading
$37B
in Q3, ~18x since January
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Issue 01 sets the baseline. From Issue 02, every number shows its change from the week before.
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What moved
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HSBC puts a stablecoin in front of 3.3 million users
HSBC's HKMA-licensed RedCoin went live on PayMe, payable at 100,000+ merchants. Next: using it to subscribe to a tokenized money market fund.
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Tokenized stocks get an SEC pathway, and issuers push back
The SEC's Innovation Exemption lets tokenized venues trade U.S. stocks on public chains, with a 30-day window for issuers to object. At least 22 companies, including Wells Fargo and Intuit, already have.
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The first GENIUS Act stablecoin rule is final
The OCC's rule requires full reserves at all times, redemption within two business days and new stress tests. It takes effect January 18.
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Robinhood stock tokens become lending collateral
Robinhood's stock tokens were connected to Morpho's lending markets, so tokenized equities can now be borrowed against on-chain.
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JPMorgan goes public-chain
JPM Coin, the bank's dollar deposit token, is live on Ethereum for approved clients, and its tokenized money market funds are now on Solana.
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Coming up
| Jan 18 |
GENIUS Act stablecoin rules take effect | | Q1 2027 |
Morgan Stanley expects tokenized equities on its trading system | | H1 2027 |
DTCC tokenized assets expected on Stellar |
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Watch the show
Episode 01: The plumbing moved
Ten minutes on what DTCC going live means, who it touches next and the one rule change to watch.
Premieres soon on YouTube
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Where it lands · From Concrete
Every asset in this issue is arriving on-chain. Once it lands, it has to be held, allocated and put to work under rules anyone can check. That is what Concrete builds: the vault infrastructure on-chain finance runs on.
See how Concrete works →
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Subscribe to The Migration · Open the tracker
The Migration is published weekly by Concrete. For information only. Not investment advice. Figures are dated and sourced; see each link.
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