The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
7 matching players
Institutions
2Who deploys capital into tokenized assets
The biggest asset managers are already onchain. That part happened. The more interesting question is who's actually deploying capital vs. who launched a pilot, put out a press release, and went quiet.
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.
Trading
3Where tokenized assets trade
Kraken, Coinbase, Robinhood all list tokenized stocks now. Distribution is still the bottleneck. Retail access might be what cracks it open. Nobody's solved it yet, but that's where the next winner comes from.