Method
The $313.8 million that can be counted twice in tokenized Treasuries
Ondo's USDY holds $313.8 million of SHVon, a tokenized Treasury ETF. Any total that counts both funds counts the same dollars twice. Here is how we handle it.
Short answer
Ondo Finance reports that USDY's portfolio held $313.8 million of SHVon, a tokenized iShares 0-1 Year Treasury Bond ETF, as of October 27, 2026. A total that counts both SHVon and USDY counts those dollars twice. The Migration by Concrete counts USDY in full and lists SHVon as seen, but not added.
Key facts
- SHVon made up 13.03% of USDY's portfolio, $313.8 million, as of October 27, 2026
- U.S. Treasuries made up 86.95%, $2.09 billion
- We count the money once, in the fund people hold
Tokenized funds are starting to hold other tokenized funds. That is a sign the market is maturing. It also creates a counting problem.
What USDY holds
Ondo Finance publishes the portfolio behind USDY, its tokenized note backed by short-term U.S. Treasuries. As of October 27, 2026, Ondo reports:
| USDY portfolio position | Share | Value |
|---|---|---|
| U.S. Treasuries | 86.95% | $2.09B |
| SHVon, iShares 0-1 Year Treasury Bond ETF (Ondo Tokenized) | 13.03% | $313.8M |
| Bank deposits and other cash | 0.02% | $0.6M |
SHVon is itself a token: a tokenized version of BlackRock's iShares 0-1 Year Treasury Bond ETF, issued by Ondo.
Why that matters for a total
Suppose a tracker lists SHVon as its own product and also counts USDY in full. The $313.8 million of SHVon inside USDY's reserves appears twice: once as SHVon, and again as part of USDY's value.
How we count it
We count the money once, in the fund people actually hold. USDY is in our Treasury count at its full on-chain value. SHVon is listed on the page as "seen, but not added," with Ondo's figure and a link to Ondo's disclosure.
If SHVon's holders broaden beyond USDY, we will add the portion held outside it. Until then, adding it would inflate the total without adding any new money on-chain.
A rule, not a one-off
This is the same rule we apply to stablecoins and gold. Bridged copies of a token, and tokens an issuer holds in its own reserve, are left out so that every dollar and every ounce is counted once. As more funds hold other funds, this rule will matter more, and we will note each case on the relevant count page.
Questions and answers
What is SHVon?
A tokenized version of BlackRock's iShares 0-1 Year Treasury Bond ETF, issued by Ondo.
How much SHVon does USDY hold?
$313.8 million, 13.03% of USDY's portfolio, as of October 27, 2026, according to Ondo Finance.
Why isn't SHVon in The Migration's Treasury count?
Because it sits inside USDY's reserves. Counting both would count the same dollars twice.
Sources
Citing this article: "The Migration by Concrete, The $313.8 million that can be counted twice in tokenized Treasuries, 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.
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