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Tue, Aug 25, 2026
Updated daily · 23:30 UTC close
Featured reportStablecoins · Aug 25

Ripple's Dollar Crossed US$2 Billion — Most of It on Ethereum, Not the XRP Ledger

While the largest dollar tokens stood still, Ripple's RLUSD grew about 30% and crossed US$2 billion in supply on August 21 — the fastest of any major stablecoin. But four in five of those new dollars were minted on Ethereum, not the XRP Ledger the token is named for, tipping RLUSD to a first, slim Ethereum majority. And the supply sits in few hands: roughly 195 holders, with the top ten holding about 60% of the float.

+30%RLUSD supply growth, Jul 24 – Aug 24
~81%Of the new supply minted on Ethereum
~195Holders of a US$2B token
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Tue, Aug 25, 20262 reports
09:03 PM UTCStablecoinsRipple's Dollar Crossed US$2 Billion — Most of It on Ethereum, Not the XRP LedgerRipple's RLUSD was the standout stablecoin of late summer: it grew about 30%, from US$1.6 billion to US$2.1 billion, and crossed the US$2 billion mark on August 21 — while USDT and USDC, the two giants, held essentially flat. The growth, though, did not follow the token's name. About 81% of the roughly US$482 million in net new supply was minted on Ethereum rather than the XRP Ledger, enough to tip RLUSD to a narrow Ethereum majority for the first time after months of sitting XRPL-heavy. The accumulation is also concentrated: at US$2 billion, RLUSD has roughly 195 measured holders, with the top ten holding about 60% of the float. This is a supply story, not a usage one — RLUSD's transfer volume actually fell about a quarter in July. The picture is of a compliant-tier dollar being built up, in institutional size, on the chain where institutional liquidity already lives.US$2BRLUSD supply — most of the growth on Ethereum→07:10 AM UTCTokenized TreasuriesThe Entire Onchain US Treasury Rail Is US$15 Billion. The Stablecoin Backing the New Rules Would Push Out Is US$18 Billion.This month BlackRock launched BSTBL and BRSRV, two tokenized money funds built to qualify as eligible stablecoin reserves under the GENIUS Act — a wager that stablecoin issuers will need somewhere onchain to hold compliant reserves. Weigh both sides of that wager against live data and the supply side looks thin. Every US-dollar tokenized Treasury fund onchain, summed across all of them, comes to about US$15.1 billion — 28 funds, from USYC and BlackRock's own BUIDL down to a long tail of sub-billion products. Set against that, the stablecoin backing that currently sits on mechanisms the eligible-asset list leaves out — crypto collateral, a synthetic hedge, tokenized assets, the capital a compliant market would push toward funds exactly like these — is US$18.3 billion. The demand that a GENIUS-compliant world would send looking for eligible onchain reserves is already larger than the entire onchain Treasury rail that exists to hold it. And the genuinely reserve-oriented slice is smaller still: only about US$1.7 billion of that US$15 billion sits in institutional-only funds. BlackRock's launch is a bet on that gap closing. Whether the rail scales fast enough to meet the demand the rules are creating, or the demand routes off-chain to conventional money funds instead, is the question the next year of tokenized cash will answer.~$15BThe entire onchain US-dollar tokenized-Treasury rail, all funds combined→
Fri, Aug 21, 20262 reports
03:26 AM UTCTokenized EquitiesYou Can Buy 880 Tokenized Stocks Onchain. You Can Redeem 31 of Them at the Issuer.The tokenized-stock market has crossed roughly US$2.8 billion, and it is sold as ownership without a brokerage: buy a US stock onchain, hold it in a wallet, trade it around the clock. Examine what the token actually entitles the holder to do, and the market splits on a functional line the price hides. Of the 880 active tokenized equities OnChain Benchmark classifies, 849 — about 96.5% — do not let an ordinary holder redeem the token with the issuer for the underlying. On Robinhood's platform the token is exposure through a special-purpose vehicle that holds the shares, an interest in the vehicle rather than the share itself; Binance's bStocks are certificates that track a stock's price and, by their own terms, do not confer share ownership; Backed's xStocks can be redeemed directly, but only by KYC-onboarded investors at a US$5,000 minimum. Just 31 tokens — all issued by Dinari, which holds a US broker-dealer and transfer-agent registration — let an ordinary, eligible holder burn the token and have a custodied share sold on their behalf, with the cash settled back. None of this makes the other tokens unbacked or untradeable; each is backed and each trades on a venue any hour. What separates them is whether the tie to the share is a right the holder can exercise, or an arrangement that depends on someone else's arbitrage. As tokenized equities scale into the tens of billions, that is the line worth watching.3.5%Share of tokenized stocks an ordinary holder can redeem at the issuer→02:36 AM UTCStablecoinsThe New Stablecoin Rulebook Would Exclude US$18 Billion in Backing. Nearly 1 in 5 Dollars Outside Tether.The GENIUS Act is usually described as a 1:1 reserve rule, but its more consequential move is definitional: it sets a closed list of assets a payment stablecoin may hold — cash, insured bank deposits, Treasury bills of 93 days or less, overnight government repos and government money-market funds. Anything else is out. Mapped onto the onchain market, that list excludes three backing mechanisms that roughly US$18.4 billion of dollar stablecoins already rely on: crypto collateral held in excess of the tokens issued (DAI, Sky's USDS and a handful of others), a delta-neutral futures hedge with no cash reserve (Ethena's USDe), and tokenized real-world assets standing in for cash (Usual's USD0). That is 6.4% of the US$287 billion dollar-stablecoin market as a whole. But most of that market is USDT, which is issued offshore and sits in a separate foreign-issuer track the Treasury has not yet ruled on. Among the dollar stablecoins that would actually seek a US payment permit, the excluded-mechanism share is 17.7% — nearly one dollar in five. Several of these coins are overcollateralized and disclose more, not less; the figure measures how much of the built market rests on a model the list leaves out, not how much of it is at risk. It sizes what sits outside the definition a new federal line is about to draw.17.7%Share of dollar stablecoins outside Tether backed by a mechanism the eligible-asset list excludes→
Wed, Aug 19, 20261 report
03:49 PM UTCStablecoinsOnly 30% of the Stablecoin Market Discloses Its Reserves in Full. Here's What the Other US$200 Billion Actually Holds.The stablecoin market is worth about US$286 billion and is widely held as a cash equivalent — one token, one dollar. But issuers disclose what backs that dollar to very different depths, and weighting the market by disclosure tells a story the flat US$1 price hides. About 30% of the market — roughly US$84 billion, led by USDC — is disclosed line by line: monthly attestations down to individual Treasury bills and the banks holding the cash. About 64% — US$183 billion, effectively all of it USDT — is attested too, but only in broad categories: a quarterly report saying the reserve is roughly four-fifths Treasuries, without the item-level detail. The remaining 6% — about US$19 billion across coins like DAI and Ethena's USDe — isn't a conventional cash reserve at all, but crypto collateral or a synthetic hedge, disclosed in its own way. Every one of these tokens holds a dollar, and each backing is disclosed to someone — the difference the shared label hides is how completely, and to whom. 'Stablecoin' has come to cover at least three disclosure regimes at once, and as U.S. regulators finalize which of these dollars may be sold as a payment stablecoin, that difference is about to matter more than the shared price suggests.30%Share of the stablecoin market whose reserves are disclosed line by line→
Tue, Aug 18, 20261 report
08:17 PM UTCMarket StructureThe Largest Tokenized Treasury Fund Isn’t BlackRock’s Anymore — but Circle Didn’t Out-Raise It. It Out-Accumulated It.By market value, Circle’s USYC has passed BlackRock’s BUIDL to become the largest tokenized Treasury fund — about US$2.98 billion to US$2.74 billion. The ranking is real and matches how the market keeps score, but the reason is structural, not a matter of who raised more. USYC is an accumulating fund: it holds its Treasury yield inside the token, so its price has climbed to about US$1.134 as interest compounds. BUIDL distributes its yield to holders and keeps a flat US$1.00 price. Count principal instead of market value and the order flips — BlackRock has about 2.74 billion tokens outstanding to USYC’s 2.63 billion. The distinction runs through the whole category: of the roughly US$16.6 billion of tokenized Treasuries we measure, about 55% sits in accumulating funds and 45% in flat-dollar ones, and the leaderboard alternates between the two. That divide sharpens as these funds move from something institutions hold to something they borrow against — where a token whose price drifts upward and one pinned to a dollar are not interchangeable collateral, even when they hold identical Treasuries.$1.134USYC’s token price — a fund that keeps its yield instead of paying it out→
Fri, Aug 14, 20261 report
09:21 PM UTCMarket StructureGold Rallied 7%. The Largest Regulated Tokenized Gold Got More Valuable — While Its Holders Were Redeeming.Gold rallied about 7% from late July into August 2026. PAXG — Paxos's token and the largest US-regulated tokenized gold, at roughly US$1.9 billion — saw its dollar value climb about 5% alongside it. Read off a market-cap tracker, that looks like money arriving. Onchain, it wasn't: the amount of gold the token actually holds fell from 444,865 ounces to 436,618, down 1.85%, over the same window. The dollar figure rose because each ounce got more valuable, not because more ounces came in — in fact holders net-redeemed into the rally. The two numbers reconcile precisely: an ounce count down 1.85% times a gold price up 7.3% produces roughly the 5% dollar gain we measure. It is a clean, small illustration of a claim that matters as tokenized real-world assets scale: dollar AUM blends price and flow, and only one of those is demand.−8,247 ozredeemed as gold rallied→
Thu, Aug 13, 20261 report
05:52 PM UTCTokenized EquitiesTokenized Stocks Just Reached U.S. Investors. Almost the Entire Market They're Joining Was Built Offshore — for Everyone but Them.On August 4, Dinari began selling tokenized U.S. stocks to eligible American investors — 724 names, including every company in the S&P 500, bought and sold with USDC from a self-custody wallet, after its subsidiary secured a broker-dealer registration in June 2025. It was reported as a milestone, and it is one. But the market it is entering was built somewhere else. Classified independently by regulatory standing, the tokenized-stock universe OnChain Benchmark measures is overwhelmingly offshore: of 813 classified tokenized equities, 781 — about 96% — sit under a major foreign regulator and are structured for non-U.S. persons (the xStocks and bStocks tokens, Ondo's offshore line). Only 32 reach the top U.S. tier — an SEC-registered vehicle with a PCAOB-registered auditor — and Dinari alone holds 31 of them. The synthetic, offshore model that carries almost all of today's tokenized-stock activity was designed for buyers outside the United States. The question the Dinari launch raises is not whether Americans can hold tokenized stocks, but whether U.S.-regulated issuance stays a one- or two-name lane while the rest of the market re-domiciles onshore behind it.96%of tokenized stocks are offshore-regulated→
Wed, Aug 12, 20261 report
04:50 PM UTCTokenized TreasuriesTokenized Treasuries Are Sold as One Institutional-Grade Asset. Only a Third of the Money Sits on the Top Regulatory Rung — and the Two Biggest Funds Aren't On It.Tokenized U.S. Treasuries crossed $16 billion this year and are routinely described as the institutional-grade, regulated corner of the onchain market. Classified independently by regulatory standing, the category is not uniform — it is tiered. Of the $16.66 billion OnChain Benchmark measures across 30 funds, $5.46 billion (about a third) sits in the seven funds that hold the maximum standing: an SEC-registered structure with a PCAOB-registered auditor and a recent attestation — BlackRock's BUIDL, JPMorgan's, WisdomTree's, Franklin's BENJI, Ondo's OUSG, Fidelity's, and Dinari's. The two largest funds by capital, Circle's USYC ($3.01B) and Ondo's USDY ($2.12B), are highly regulated but sit one tier below that maximum. The rest of the market spans foreign regulators down to standing that is not fully documented. The label 'institutional-grade' is doing more work than the ledger yet supports — and as tokenized Treasuries move into bank and corporate cash management, which tier the next wave of capital actually requires is the open question.1 in 3 dollarson the top regulatory rung→
Tue, Aug 11, 20261 report
05:07 PM UTCStablecoinsThe Day $1.75 Billion of USDT Left Ethereum — and Most of It Reappeared on TronThe market narrative is a stablecoin supply war — USDC gaining, USDT shrinking. Measured chain by chain, day by day, a large part of what reads as 'USDT shrinking on Ethereum' is not demand leaving; it is plumbing. On August 10, 2026, USDT's supply on Ethereum fell $1.75 billion in a single intra-day step, while its supply on Tron rose about $1.0 billion in the same window and every other chain we measure stayed flat to the dollar. That is the onchain fingerprint of a chain swap — Tether's own documented mechanism for moving inventory between networks — not a run on the token. The two sides do not fully net: total USDT supply fell about $750 million, consistent with a swap in which some authorized-but-unissued inventory is retired. The point is that a supply figure alone cannot tell demand from mechanics; only a cross-chain, same-day, same-yardstick view can.$1.75BUSDT off Ethereum in one intra-day step→
Mon, Aug 10, 20261 report
05:03 PM UTCStablecoinsThey're All Called Stablecoins. They All Hold a Dollar. We Classified What's Actually Behind It: Five Different Backing Models, From Circle's Cash to Ethena's Futures Hedge to a Dollar Backed by Tokenized Treasuries.Every stablecoin makes the same promise — one token, one dollar — and the market treats them as one thing. Classify what actually sits behind each dollar and it splits into five: cash-and-Treasuries, over-collateralized crypto, a futures hedge with no reserves at all (Ethena's USDe), backing by another tokenized asset (Usual's USD0), and disclosure only in aggregate (Tether's USDT). Scored on a common rubric, the backing model barely predicts trust — the cash-backed cohort alone runs from 86 down to 28. The line that does the work is verification: only 6 of the 29 scored have reserves checked by an outside party; most are self-published on the issuer's word.5 modelsbehind one shared dollar→
Fri, Aug 7, 20261 report
02:42 PM UTCTokenized TreasuriesWall Street Is Putting Its Safest Funds Onchain. That Makes Them Faster and More Flexible — and Quietly Changes One Thing Investors Have Always Taken for Granted: Whether the Rules Can Change.Some of the largest names in finance now issue their Treasury funds as tokens on public blockchains. The format is genuinely faster and more flexible than the funds it modernizes — and that flexibility comes from the same place as a property most holders never consider: the rules of a tokenized fund are software, and in nearly all of them the issuer can rewrite that software, effective immediately. It isn't a flaw; it's what programmable ownership means. The category is already maturing toward the middle ground — a handful of funds now add a delay, or cannot be changed at all — and that restraint is becoming the mark of an institutional-grade product.1 of 28Built-in delay before a change goes live→
Wed, Aug 5, 20261 report
06:52 PM UTCTokenized TreasuriesSix of Wall Street's Biggest Managers Are Building Stablecoin Reserves. Two Have Actually Put the Money Onchain: BlackRock's US$2.7B and JPMorgan's US$899M.Six of the world's biggest asset managers — BlackRock, JPMorgan, State Street, Invesco, Goldman Sachs and BNY — are racing to supply the reserves behind regulated stablecoins, and BlackRock added two more funds to its effort this week. On a public blockchain, where the cash can actually be counted, the race has narrowed to two: BlackRock's BUIDL fund holds about US$2.69 billion and JPMorgan about US$899 million — together roughly US$3.6 billion, nearly all the reserve cash onchain today. State Street is in but small. Goldman Sachs and BNY tokenized their funds on a private ledger no outsider can verify; Invesco has filed but not launched. The gap between the six that entered and the two that arrived is the story the announcements obscure — and it points somewhere sharper: the two that arrived, BlackRock above all, are the same firms that already control the reserves off-chain, so the layer that backs the dollar's fastest-growing digital form is consolidating around the incumbents rather than dispersing away from them.US$3.6Bof onchain reserve cash — and two firms hold nearly all of it→
Mon, Aug 3, 20261 report
08:24 PM UTCTokenized TreasuriesIs a Tokenized Treasury an Investment or a Dollar? The $12.9B Market Just Split in Two — Funds You Own, and Dollars You Spend — and BlackRock Picked a Side.The tokenized-Treasury market has grown to about $12.9 billion, and it has split into two instruments that share a name. Roughly $8.5 billion across ten funds is built to be owned: the token price climbs as yield accrues — Circle's USYC at $1.13, Ondo's USDY at $1.14, Invesco's USTB at $11.16 — so you hold it like a fund share and realize the gain when you sell. About $4.4 billion across four funds is built to be spent: the price is pinned at exactly $1.00 and the yield arrives as new tokens, so the unit can trade at par, settle, and post as collateral like cash — BlackRock's BUIDL, WisdomTree's WTGXX, Franklin Templeton's BENJI, VanEck's VBILL. On August 3rd BlackRock filed two more funds squarely in the second camp, built to back stablecoins under the GENIUS Act — joining State Street, Invesco and JPMorgan in a race to supply tokenized dollars. The money-shaped design is still only about a third of the market. The open question is which way the next wave of issuance leans.$4.4BTokenized Treasuries built to behave like dollars, not fund shares→
Fri, Jul 31, 20261 report
10:10 PM UTCTokenized TreasuriesSome Tokenized Treasury Funds Let Their Price Climb; Others Pin It at $1 and Mint You More Tokens. The Choice Reveals Whether an Issuer Is Building a Fund or Building Money.Tokenized Treasury funds hold nearly the same assets — short-dated US government debt — and pay a similar yield, around 3.4% annualized right now. What differs is how the yield reaches the holder, and that choice splits the market roughly two to one. Accumulating funds let the token's price climb as interest accrues; the gain is unrealized until you sell — about US$8.5 billion across ten funds, including Circle's USYC, Ondo's USDY and Invesco's USTB. Rebasing funds hold the token at exactly $1.00 and pay yield by minting new tokens — about US$4.4 billion across four: BlackRock's BUIDL, WisdomTree's WTGXX, Franklin Templeton's BENJI and VanEck's VBILL. It is the same accumulating-versus-distributing choice European fund investors have made for decades, but onchain it decides more than tax treatment: only the $1.00 design can trade at par and post as collateral without an oracle, which is why the settlement-minded issuers have chosen it. The mechanism, in other words, signals whether a fund is being built as a fund share or as onchain money.2Opposite designs for how a tokenized Treasury pays you→
Wed, Jul 29, 20261 report
07:25 PM UTCMarket StructureBlackRock’s BUIDL ‘Doubled on Avalanche’ — Mostly by Moving Off Solana, and It’s Already Unwinding.In mid-July 2026, BlackRock’s tokenized Treasury fund BUIDL roughly doubled its supply on Avalanche, to about US$907 million, and the jump was reported as Avalanche gaining ground in institutional tokenization. Reading every chain the fund lives on, day by day, tells a fuller story: on the same days Avalanche rose by about US$500 million, BUIDL’s supply on Solana fell by about US$269 million — and within two weeks much of the Avalanche jump had reversed, with Solana recovering. The fund’s total across all chains grew over the period. What looked like one chain winning was largely BlackRock moving its own supply between chains. It is a reminder that a blockchain’s tokenized-asset ranking can swing by hundreds of millions of dollars on a single issuer’s routing decision, not a change in real demand.$500MSwing in one chain's share, in three weeks, from routing→
Tue, Jul 28, 20261 report
05:35 PM UTCMarket Structurebnb chainstellarsolanaEthereum Has a Range of Tokenized Treasury Funds. Every Other Blockchain Is Dominated by a Single One. So Does a High Ranking Mean a Chain Is Gaining Ground — or Just Landed One Fund?Ethereum has many tokenized Treasury and money-market funds, from many issuers, and no single one is more than about a fifth of the total. Every other blockchain is different: one fund makes up most of its tokenized-Treasury-fund total. BNB Chain is 90% a single Circle fund (USYC). Solana is 77% BlackRock's BUIDL. Avalanche is 78% the same BUIDL. So when a chain ranks high for tokenized Treasuries, it usually means one large fund launched there, not that many did. That matters for anyone reading these rankings to judge where tokenization is heading, and for issuers deciding where to build.1Chains with a broad base of tokenized Treasury funds→
Mon, Jul 27, 20261 report
10:10 PM UTCStablecoinsThe World Has Largely Agreed on What a Trustworthy Stablecoin Looks Like. Five Already Meet the Bar. The Biggest One Keeps Choosing Not To.Over the past two years, the major financial jurisdictions — the EU with MiCA, Hong Kong, and now the US with the GENIUS Act — have each converged on roughly the same definition of a trustworthy stablecoin: fully backed, independently audited, openly disclosed. Five dollar stablecoins from five different issuers already meet the stricter version of it, landing on nearly identical marks (reserve quality 23 of 25). The exception is USDT, the largest and most-used stablecoin in the world. Its lower marks aren't about whether it can pay out — by liquidity it is the deepest of them all — but about disclosure: its reserves are attested in aggregate, not independently audited. What's striking is that this is a choice. Full disclosure would be straightforward for Tether, and would be the surest way to cement the trust that comes with being number one. Instead, as regulators everywhere moved toward transparency, Tether relocated from the British Virgin Islands to El Salvador, one of the few places without those requirements. The story isn't that USDT breaks a rule; it's the paradox that the market leader, with the most to gain from trust, remains the least verified — on purpose.5Stablecoins that meet the standard before the rules exist→
Fri, Jul 24, 20261 report
09:04 PM UTCMarket StructureethereumTwo Tokenized Golds, Nearly the Same Size — but One Trades a Fixed Block and the Other You Mint and Redeem Like a Fund.The two largest tokenized gold tokens are built on opposite issuance models, and it only shows onchain. Tether Gold's Ethereum supply has been fixed at 612,824 ounces for two months — no mints, no redemptions — while its tokens trade actively; roughly US$384M of its minted gold sits in a non-circulating reserve. PAX Gold, by contrast, mints and redeems on demand — its supply fell about 4% over the same weeks. One is a fixed block you trade; the other is closer to a fund you subscribe to and redeem from. No AUM figure tells you which is which — but it changes how each responds to demand and what 'supply' even measures.0Mints or redemptions in Tether Gold's fixed block→
Wed, Jul 22, 20261 report
09:45 PM UTCTokenized TreasuriesethereumstellarTokenized Treasuries Are Getting a Trading Venue. The Assets Are Held So Tightly There's Barely Anyone to Trade With.DTCC has begun clearing tokenized U.S. Treasuries for regulated trading — a secondary market for assets that until now mostly minted and redeemed with their issuers. Onchain measurement shows what that market would start from: BlackRock's BUIDL keeps roughly US$963M of supply on Ethereum in five wallets, and across the largest funds the top ten wallets hold 92–100% of the float. A market becomes liquid when many owners trade with each other — the honest starting line is that these funds don't yet have them. That's the normal shape of a young institutional market, and the ledger is the first place you can see it, fund by fund.5Wallets hold BUIDL on Ethereum→
Mon, Jul 20, 20261 report
08:04 PM UTCMarket StructureethereumUS$1.8 Billion of Tokenized Gold Sits on One Contract While the Big Treasury Funds Sprawl Across Chains — and the Reason Isn't Gold.PAXG keeps about US$1.8 billion on one Ethereum contract with under a quarter in its ten largest wallets — single-chain and broadly distributed. The Treasury funds we track are the opposite: spread across chains, concentrated 65% to 100% in ten holders. But it isn't a gold-vs-Treasuries story — newer gold (XAUM) is spread across four chains. The likeliest divider is age: PAXG is what a tokenized asset looks like once it consolidates.24%In the top 10 wallets→
Fri, Jul 17, 20261 report
09:54 PM UTCTokenized Treasuriesbnb chainethereumUS$2.6 Billion of a Circle Treasury Fund Sits on One Exchange's Chain — and That's How the Category Is Now WonAbout US$2.5 billion of Circle's USYC — roughly 97% of the fund's onchain supply — sits on BNB Chain, held as off-exchange collateral for Binance's institutional clients. The concentration is the onchain signature of how the tokenized-Treasury market is now competing: through distribution into trading venues rather than the strength of the fund itself.~97%Held as collateral on BNB→
Wed, Jul 15, 20261 report
04:38 PM UTCTokenized TreasuriesstellararbitrumpolygonSpiko's EU T-Bill Fund Is Registered on Ethereum. US$18M of Its US$994M Lives There.A MiCA-regulated EU T-bill fund keeps 1.8% of the ~US$994M we measure on the Ethereum contract it's registered under — 49% sits on Stellar, 41% on Arbitrum.98.2%Off registered chain→
Tue, Jul 14, 20261 report
06:21 PM UTCTokenized TreasuriesethereumstellaravalancheUS$3.8 Billion of Tokenized-Treasury Capital Has Left the Chain It Was Issued OnIt is not one fund. Across seven multi-chain tokenized-Treasury funds measured across every chain they live on, most of the capital — US$3.80B of US$7.30B — has left the chain it was issued on. Issuance clusters on Ethereum; residence spreads across a dozen networks.52%Off issuance chain→
Mon, Jul 13, 20261 report
03:50 PM UTCTokenized TreasuriesethereumavalanchesolanaUS$1.86 Billion of BlackRock's Flagship Tokenized Fund Sits off Ethereum — the Chain It's Supposed to ProveThe fund cited as proof Wall Street chose Ethereum keeps nearly two-thirds of its US$2.88B on seven other chains — Avalanche and Solana together hold more than Ethereum, across the full 8-chain footprint.64.5%Off Ethereum→
Sun, Jul 12, 20261 report
02:34 AM UTCTokenized TreasuriesethereumOne Afternoon, One Wallet, a Quarter of a Chain's Supply: What Onchain Measurement Shows About Tokenized Treasuries.A single wallet moved about a quarter of OUSG's Ethereum supply in an afternoon — the kind of move a concentrated, institutional holder base makes possible. And OUSG is one of the LESS concentrated funds in its category: against a tokenized-Treasury median near 99% in the top-ten wallets, its 65% sits at the diversified end. The story isn't one fund; it's a young category whose real structure is, for the first time, legible onchain.25%Moved in one motion→
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Aug 2509:03 PM UTCStablecoins
Ripple's Dollar Crossed US$2 Billion — Most of It on Ethereum, Not the XRP Ledger
Aug 2507:10 AM UTCTokenized Treasuries
The Entire Onchain US Treasury Rail Is US$15 Billion. The Stablecoin Backing the New Rules Would Push Out Is US$18 Billion.
Aug 2103:26 AM UTCTokenized Equities
You Can Buy 880 Tokenized Stocks Onchain. You Can Redeem 31 of Them at the Issuer.
Aug 2102:36 AM UTCStablecoins
The New Stablecoin Rulebook Would Exclude US$18 Billion in Backing. Nearly 1 in 5 Dollars Outside Tether.
Aug 1903:49 PM UTCStablecoins
Only 30% of the Stablecoin Market Discloses Its Reserves in Full. Here's What the Other US$200 Billion Actually Holds.
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