The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
4 matching players
Issuance
2Who 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.
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.