The Migration. By

Research

Our on-chain counts

The Migration by reads every token directly from each blockchain, using only addresses the issuer publishes or confirms in writing. Anyone can recheck every number.

How every count works

  1. Read from the chain. We read each token's supply directly from each blockchain, every 6 hours.
  2. Issuer-confirmed addresses only. Every address is labeled: listed on the issuer's own address page, or confirmed in writing by the issuer.
  3. No dollar counted twice. Bridged copies, tokens held in the issuer's own reserve, and funds that sit inside other funds are left out.
  4. Problems are held, not published. If a chain can't be read, the last good value stays up and is marked under review.

Quick answers

How many dollars are in cash-backed stablecoins on-chain?

As of October 28, 2026, $262.80 billion in cash-backed dollar stablecoins is on public blockchains, by The Migration by Concrete's count: 6 stablecoins from 5 issuers, read directly from 18 blockchains.

What is the largest cash-backed dollar stablecoin?

Tether (USDT), issued by Tether, with $180.12 billion on-chain, 68.5% of the total as of October 28, 2026.

Which blockchain has the most cash-backed dollar stablecoins?

Ethereum, with $137.69 billion as of October 28, 2026, followed by Tron ($92.39 billion).

How big is the tokenized U.S. Treasury market?

As of October 28, 2026, $12.61 billion in tokenized U.S. Treasury funds is on public blockchains, by The Migration by Concrete's count: 17 funds from 12 issuers, read directly from 20 blockchains.

What is the largest tokenized U.S. Treasury fund?

Ondo US Dollar Yield (USDY), issued by Ondo Finance, with $2.38 billion on-chain, 18.9% of the total as of October 28, 2026.

Which blockchain has the most tokenized U.S. Treasuries?

BNB Chain, with $4.39 billion as of October 28, 2026, followed by Ethereum ($3.94 billion).

How much gold is tokenized on public blockchains?

As of October 28, 2026, $4.90 billion in gold-backed tokens is on public blockchains, by The Migration by Concrete's count: 3 tokens from 3 issuers, read directly from 6 blockchains.

How many ounces of gold are tokenized?

1,205,452 troy ounces as of October 28, 2026, across 3 gold-backed tokens.

What is the largest gold-backed token?

Tether Gold (XAUt), issued by TG Commodities (Tether), with $3.02 billion on-chain, 61.6% of the total as of October 28, 2026.

Which blockchain has the most tokenized gold?

Ethereum, with $4.79 billion as of October 28, 2026, followed by BNB Chain ($78.1 million).

Read the analysis

Using and citing this data

Reporters, researchers and issuers are welcome to use these figures and downloads. Please cite: "The Migration by Concrete, on-chain [stablecoin / tokenized Treasury / tokenized gold] count, [date]," and link to the page and to (concrete.xyz). Questions or corrections: mason@blueprintfinance.com.

For information only. Not investment advice.