The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
4 matching players
Issuance
1Who 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
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.