The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
6 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.
Stablecoins
1What everything settles in
USDT, USDC, PYUSD. The settlement layer. Increasingly backed by tokenized treasuries themselves, which means the base layer is starting to eat what it settles. That loop is worth watching.
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.