The Migration. By

TradFi on-chain, updated every 6 hours

How much of finance has made the move.

A running count of the assets, institutions and rules taking finance on-chain. Every number is sourced and dated.

Nearly all of it is still ahead

What's on-chain

Distributed value of tokenized real-world assets, excluding stablecoins.

On-chain dollars

All dollar stablecoins, including crypto-backed, monthly. The cash leg of the migration. For our own cash-backed count, see Our count.

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Source: DefiLlama. Loads live; falls back to the Oct 28 snapshot.

Who's moved

Institutions and rules, in order. Live means in production, not announced.

    News

    The stories moving finance on-chain this month.

    The weekly

    The Migration, in your inbox.

    Every week: what changed on-chain, the numbers that moved and the new episode of the show. Five minutes, sourced like this page.

    • What moved Banks, asset managers and regulators, in plain language
    • The numbers Week-over-week change in tokenized assets and stablecoins
    • The episode The Migration show, plus what's coming next
    Read Issue 01

    The Migration is published by Concrete, which builds vault infrastructure for on-chain finance.

    Method

    Distributed value counts tokenized assets that can move between wallets on public chains (RWA.xyz definition). Stablecoins are shown separately.

    Live means in production with real transactions. Pilots and announced dates are marked planned until they ship.

    Updates run every six hours. The stablecoin figure is our own count, read directly from each blockchain and checked against the issuers' figures. Tokenized-asset figures come from RWA.xyz and carry the source's own data date. Figures drawn from reporting show the date they were last checked.

    News is published only when every fact and figure in it matches the wording of a linked source. Anything we can't confirm is left off until an editor checks it. Corrections are made in place and dated.

    For information only. Not investment advice. CT is the governance and configuration token of the Concrete ecosystem and does not confer ownership, equity, debt, dividend, profit-sharing or claim rights. See the CT white paper.