TradFi on-chain, updated every 6 hours Updated Oct 29, 1:00 PM UTC
A running count of the assets, institutions and rules taking finance on-chain. Every number is sourced and dated.
Tokenized assets excluding stablecoins grew from about $10B in January 2025 to $39B by September 2026. Deutsche Bank via TokenPost.
Distributed value of tokenized real-world assets, excluding stablecoins.
All dollar stablecoins, including crypto-backed, monthly. The cash leg of the migration. For our own cash-backed count, see The Migration by Concrete's count.
Source: DefiLlama. Loads live; falls back to the Oct 28 snapshot.
Institutions and rules, in order. Live means in production, not announced.
What our on-chain counts show. All articles · All research
We read 17 tokenized Treasury funds directly from 20 public blockchains. Here is where the $12.61 billion sits, who issues it and how we count it.
Of the $12.61 billion in tokenized U.S. Treasury funds we count, $4.39 billion sits on BNB Chain and $3.94 billion on Ethereum. Two funds explain most of it.
We count $4.90 billion in tokenized gold across XAUt, PAXG and XAUm, read from 6 blockchains, after removing tokens Tether holds in its own reserve.
The stories moving finance on-chain this month.
The firm that settles most U.S. stock trades switched on tokenization for 34 securities across Russell 1000 stocks, ETFs and Treasuries. Tokens are backed 1:1 by DTC-held securities and move between registered wallets around the clock.
JPMorgan's USD deposit token is now on Ethereum mainnet for approved institutional clients, alongside its tokenized money market funds. Days later, MONY and JLTXX became available on Solana to qualified U.S. investors.
BlackRock says its tokenized funds are already pledged as collateral in digital-asset markets and sees traditional margin and financing as the next step. BUIDL has grown to about $2.3B since 2024.
Janus Henderson and Centrifuge launched JQQQ, a fund that seeks to track the Nasdaq-100 under license from Nasdaq, exclusively on Stellar. Reporting says it is closed to U.S. persons, and Janus Henderson says its onchain platform now includes more than $1 billion in institutional strategies.
Ripple announced that its national trust bank has secured final approval from the OCC. Ripple National Trust Bank can manage the segregated reserves supporting RLUSD, act as collateral trustee for RLUSD holders, and provide fiduciary digital asset custody.
The SEC's five-year Innovation Exemption lets tokenized securities venues trade tokenized U.S. stocks on public chains, with a 30-day window for issuers to object. At least 22 companies, including Wells Fargo and Intuit, have objected on the OKX–ICE venue.
HSBC's HKMA-licensed RedCoin went live on PayMe, payable at 100,000+ merchants. The bank plans to let customers subscribe to a tokenized share class of its HKD money market fund with it.
Dune counted more than $37B in on-chain trading of tokenized stocks and ETFs in Q3 across 200+ venues and 12 chains, with monthly volume up almost 18x since January. Binance's bStocks passed $1B in assets in about four months.
The first federal banking agency rule under the GENIUS Act requires full reserves at all times, a two-business-day redemption ceiling and new stress testing. It takes effect January 18, 2027.
Deutsche Bank Research projects tokenized assets excluding stablecoins could reach $4T by 2035. Morgan Stanley's head of digital asset strategy expects $3–10T by 2030. The IMF counted about $65B in July using a broader method.
Robinhood's stock tokens were connected to the Morpho lending market, expanding how tokenized equities can be used as collateral on-chain.
BitGo will let eligible institutional clients subscribe to, redeem and transfer interests in WisdomTree's tokenized money market fund WTGXX inside its custody and settlement platform. The companies said collateral use and direct client-to-client transfers may not be available at launch, and no launch date has been given.
Injective and Korean custodian BDACS signed an MOU to make the won-backed KRW1 the settlement asset for real-world assets on Injective, starting with approved institutions, as South Korea drafts its Digital Asset Basic Act.
Tokenization came up on Q3 earnings calls as an opportunity rather than a threat. Morgan Stanley now expects to support tokenized equities on its trading system in Q1 2027.
The Migration is published by Concrete, which builds vault infrastructure for on-chain finance.
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, Treasury and gold figures are The Migration by Concrete's own counts (stablecoins, Treasuries, gold), read directly from each blockchain using addresses the issuers publish or confirm in writing. Other 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.
