The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
6 matching players
Issuance
2Who creates tokenized assets
Securitize and Ondo run most of the issuance. Everyone else is fighting for distribution. When the product is a wrapper, distribution is the only thing that differentiates you.
Chains
1Where tokenized assets settle
Every major tokenized money market fund settled on Ethereum. Solana is growing fast. Twenty-two other chains are competing for what's left, and the ones without real liquidity or issuer commitments will have a hard time staying relevant.
Verification
3Who verifies that tokenized assets are real
Chainlink owns the data layer. S&P rated JTRSY higher than any tokenized fund. Verification is the boring part of the stack, which is exactly why it's the part that unlocks everything else.