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.
Trading
1Where tokenized assets trade
Kraken, Coinbase, Robinhood all list tokenized stocks now. Distribution is still the bottleneck. Retail access might be what cracks it open. Nobody's solved it yet, but that's where the next winner comes from.
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.