Treasuries
BNB Chain now holds more tokenized Treasuries than Ethereum, by our count
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.
Short answer
In The Migration by Concrete's count, BNB Chain holds $4.39 billion of tokenized U.S. Treasury funds and Ethereum holds $3.94 billion, as of October 28, 2026. Circle's USYC ($2.33 billion) and Franklin Templeton's iBENJI ($1.53 billion) account for almost 90% of the BNB Chain total.
Key facts
- BNB Chain: $4.39 billion in tokenized Treasuries
- Ethereum: $3.94 billion
- Solana is third at $1.79 billion, Stellar fourth at $1.07 billion
- USYC and iBENJI together are $3.86 billion on BNB Chain
Ethereum is usually described as the home of tokenized finance. For tokenized U.S. Treasuries, that is no longer true in our count.
As of October 28, 2026, $4.39 billion of the tokenized Treasury funds we count sits on BNB Chain, compared with $3.94 billion on Ethereum. Solana is third at $1.79 billion, and Stellar fourth at $1.07 billion.
Two funds explain most of it
| Fund on BNB Chain | Issuer | Value |
|---|---|---|
| USYC | Circle | $2.33B |
| iBENJI | Franklin Templeton | $1.53B |
| TBILL | OpenEden | $253M |
| BUIDL | BlackRock (via Securitize) | $170M |
| USDY | Ondo Finance | $105M |
Circle's USYC and Franklin Templeton's iBENJI together account for $3.86 billion, almost 90% of the BNB Chain total. Nearly all of USYC we count sits on BNB Chain, and most of iBENJI does too.
Ethereum's total is spread across more funds. The largest are Ondo's USDY at $1.28 billion, WisdomTree's WTGXX at $743 million and Superstate's USTB at $471 million.
By chain
| Blockchain | Tokenized Treasuries |
|---|---|
| BNB Chain | $4.39B |
| Ethereum | $3.94B |
| Solana | $1.79B |
| Stellar | $1.07B |
| Avalanche | $516M |
| Sei | $260M |
| XRP Ledger | $185M |
| Aptos | $157M |
What could change the order
This ranking covers the funds we can confirm. A few funds that don't yet publish their token addresses are not in our total. When their issuers confirm addresses, we will add them, and depending on which chains they are issued on, the gap between BNB Chain and Ethereum may narrow or reverse. We update the live count every 6 hours and will report it when the order changes.
Every address in this count comes from the issuer's own published address page, linked in the sources below.
Questions and answers
Which blockchain has the most tokenized Treasuries?
BNB Chain, with $4.39 billion as of October 28, 2026, ahead of Ethereum at $3.94 billion, in The Migration by Concrete's on-chain count.
Why does BNB Chain have so many tokenized Treasuries?
Two funds: Circle's USYC has $2.33 billion on BNB Chain and Franklin Templeton's iBENJI has $1.53 billion.
Could Ethereum move back ahead?
Yes. Funds that don't yet publish token addresses are not in the count. When their issuers confirm them, the gap may narrow or reverse depending on which chains they use.
Sources
Citing this article: "The Migration by Concrete, BNB Chain now holds more tokenized Treasuries than Ethereum, by our count, Oct 28, 2026," with a link to this page and to Concrete. Questions or corrections: [email protected].
The Migration by Concrete tracks traditional finance moving on-chain, reading every token directly from public blockchains. See all our counts.
For information only. Not investment advice.
More from The Migration
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- 1.2 million ounces of gold now sit on public blockchains
- The $313.8 million that can be counted twice in tokenized Treasuries
- $262.8 billion in cash-backed dollar stablecoins, read from 18 blockchains
- How we count traditional finance moving on-chain
- DTCC tokenization service goes live with 34 securities, ~$30T eligible