Infrastructure
NYSE picks Avalanche, which holds $358.5M in Treasuries
NYSE plans to use Avalanche as the core ledger for its tokenized stock platform. In our count, Avalanche holds $358.5 million of tokenized Treasuries.
Short answer
The New York Stock Exchange plans to use Avalanche as the core ledger for clearing and settling trades on its planned tokenized securities platform, subject to regulatory approval. By The Migration by Concrete's count, Avalanche held $358.5 million in tokenized U.S. Treasury funds as of November 10, 2026, or 3.0% of the total.
Key facts
- NYSE's planned tokenized securities platform will use Avalanche as its core clearing and settlement ledger, announced November 9, 2026.
- Avalanche holds $358.5 million of tokenized U.S. Treasury funds, 3.0% of the $12.10 billion total, as of November 10, 2026.
- BlackRock's BUIDL has $356.4 million on Avalanche, as of November 10, 2026.
- Circle's USDC has $223.5 million on Avalanche, as of November 10, 2026.
- Tokenized U.S. Treasuries sit on 20 blockchains in our count; BNB Chain leads with $4.38 billion as of November 10, 2026.
What did NYSE announce about Avalanche?
The New York Stock Exchange plans to use Avalanche as the core settlement ledger for its forthcoming tokenized securities platform. Ava Labs said on Monday, November 9, that Avalanche will provide the core ledger technology for the clearing firm behind the platform, per Disruption Banking.
The platform is being developed by an NYSE affiliate. It is designed to support 24/7 trading, clearing and settlement of tokenized securities, subject to regulatory approvals. It is not yet live.
This is the latest step in a plan NYSE first outlined in January 2026. Earlier steps are covered in NYSE's tokenized venue now has six transfer agents.
How will the platform split trading and settlement?
Per Disruption Banking, the platform will use the NYSE's existing matching technology for trades and Avalanche for the post-trade ledger and settlement. CoinDesk reports that the platform pairs the exchange's Pillar trading engine with blockchain-based clearing, settlement and custody.
Avalanche will not be the only chain involved. The platform is intended to support equities issued on multiple blockchains, while Avalanche serves as the dedicated ledger for clearing and settlement.
One detail matters for on-chain counting. John Nahas, chief business officer at Ava Labs, told CoinDesk the NYSE will run its own custom chain built on Avalanche technology. A custom chain built on Avalanche technology is not the same as the public Avalanche network.
How much tokenized finance is on Avalanche today?
The NYSE platform does not exist yet, so none of it appears in our numbers. What Avalanche carries today is on its public network. In our count, Avalanche is the fifth-largest chain for tokenized U.S. Treasuries.
By The Migration by Concrete's count, tokenized U.S. Treasury funds total $12.10 billion as of November 10, 2026. Avalanche holds $358.5 million of that, or 3.0%. The table shows what sits on Avalanche.
| Asset on Avalanche | Type | Amount on Avalanche, Nov. 10, 2026 |
|---|---|---|
| BlackRock's BUIDL | Tokenized Treasury fund | $356.4 million |
| Franklin Templeton's BENJI | Tokenized Treasury fund | $2.1 million |
| Circle's USDC | Cash-backed stablecoin | $223.5 million |
BUIDL is nearly all of Avalanche's Treasury total. Its total on-chain market cap is $1.66 billion across 9 blockchains. Avalanche is its second-largest chain, behind Solana at $490.8 million.
Our stablecoin count shows $255.10 billion in cash-backed dollar stablecoins as of November 10, 2026. Ethereum leads with $130.94 billion. USDC on Avalanche is the one Avalanche figure we can give from the chain-level data above.
Avalanche does not appear among the six blockchains in our tokenized gold count, which totals $4.95 billion as of November 10, 2026.
Does a settlement choice change what we count?
Not directly. We count tokens, not trading venues. We count only funds and tokens whose addresses the issuer publishes or confirms in writing, and we never count the same dollars twice. Updates run every 6 hours.
A settlement ledger records who owns what after a trade. If the NYSE platform settles on a custom chain, those records would sit outside the public chains we read. Tokenized stocks listed on public blockchains would be a separate matter. See how we count for the method.
Blockchain choice is already spread out in tokenized Treasuries. BNB Chain now holds more than Ethereum, and Avalanche is a smaller share of the total than either.
What to watch
- Regulatory approval. The platform needs it before 24/7 trading and settlement can start.
- Whether the settlement ledger runs on the public Avalanche network or a custom chain.
- Which blockchains tokenized stocks are issued on, since the platform is built to support several.
- Competing plans. DTCC launched its own tokenization service last month. See DTCC's service goes live.
- Our Avalanche figures, which we update every 6 hours on /treasuries.
Questions and answers
Why did NYSE pick Avalanche?
NYSE's Dennis Lee said the ledger needs to be fast and reliable, allow control over participants, keep costs predictable and have a large developer community, according to Disruption Banking. The platform is designed for 24/7 trading and settlement, subject to regulatory approval.
Will all NYSE tokenized stocks be issued on Avalanche?
No. The platform is designed to support stocks issued on multiple blockchains, while Avalanche serves as the dedicated ledger for clearing and settlement.
How much tokenized Treasury market cap is on Avalanche?
In our count, Avalanche held $358.5 million of tokenized U.S. Treasury funds as of November 10, 2026. That is 3.0% of the $12.10 billion total.
Which tokenized money market fund is largest on Avalanche?
BlackRock's BUIDL is the largest, with $356.4 million on Avalanche as of November 10, 2026. Franklin Templeton's BENJI adds $2.1 million.
Will the NYSE ledger show up in your counts?
Not necessarily. Ava Labs' chief business officer told CoinDesk that NYSE will run its own custom chain built on Avalanche technology. We count only tokens read from public blockchains, using addresses issuers publish or confirm in writing.
Sources
Citing this article: "The Migration by Concrete, NYSE picks Avalanche, which holds $358.5M in Treasuries, Nov 10, 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.
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