The Tokenization Stack
How capital flows through tokenization. From institutional allocators to productive yield.
16 matching players
Institutions
3Who 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.
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.
Tokenized Products
11The 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.