The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
4 matching players
Infrastructure
1Who keeps tokenized assets safe and moving
Fireblocks is the default custodian. Hidden Road sold for $1.25B. The margins in tokenization are in plumbing, not products, and the plumbing layer is consolidating.
Tokenized Products
2The assets the stack exists to serve
$31B+ across BUIDL, USYC, JTRSY, PAXG, and accelerating. These are the actual assets that connect the stack. Issuers on one end, yield protocols on the other, chains underneath.
Yield
1Where tokenized assets become productive
Morpho, Aave, Spark, Pendle. This is where tokenized assets stop sitting in a wallet and start earning. A lot of the DeFi primitives needed to make this work at scale haven't been built yet. The yield layer is the reason institutions care about any of this.