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.
Verification
1Who verifies that tokenized assets are real
Chainlink owns the data layer. S&P rated JTRSY higher than any tokenized fund. Verification is the boring part of the stack, which is exactly why it's the part that unlocks everything else.
Tokenized Products
1The 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.