The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
8 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.
Infrastructure
4Who 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.
Chains
2Where 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.