The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
14 matching players
Issuance
3Who 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.
Tokenized Products
8The 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
2Where 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.