The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
37 matching players
Institutions
5Who 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.
Chains
3Where 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
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.
Stablecoins
26What 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.
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.