Methodology

Players are included when they are materially relevant to tokenized capital markets. Relationships are added when there is a real product dependency, capital flow, or infrastructure integration worth mapping. Every relationship is sourced from public announcements, not inferred.

This is not a neutral directory of every company touching crypto. It is a selective map. The goal is signal, not completeness for its own sake.

The 9 categories follow a value chain: capital originators (institutions) tokenize through issuance platforms, which deploy on chains, depend on infrastructure and verification, get distributed through trading venues, composed through yield protocols, and produce stablecoins and tokenized products.

Stablecoins and their issuers live together because they are nearly synonymous. Tether is USDT. Circle is USDC. Everywhere else, issuers and products are separated. Securitize is in issuance. BUIDL is in tokenized products.

Yield-bearing wrappers like sUSDS, sUSDe, and syrupUSDC are tokenized products, not stablecoins. Their value appreciates over time rather than pegging to $1. They are yield instruments built on top of stablecoins.

Every connection on the graph is one of seven types: funds, distributes, integrates, builds-on, custodies, rates, and competes. These map to three visual categories. Green lines with moving particles represent capital or product flow (funds, distributes). Gray lines represent structural dependencies (integrates, builds-on, custodies, rates). Orange dashed lines with no particles represent competition.

Particles flow source to target. Direction is semantic: capital flows from funder to product, dependencies point from dependent to infrastructure. Every relationship is verified from public sources before being added.

The asset class filter (treasuries, credit, equities, commodities, real estate) shows how each asset class flows through the stack. When activated, it highlights the players and relationships that carry that flow, with directional particles showing where capital moves. The editorial panel shows how much of each market is actually tokenized today. Figures are sourced from rwa.xyz with conservative floor values.

The search bar (Cmd+K or /) finds players by name or tag. Matched players highlight on the graph. Press ? to see every keyboard shortcut, including g g, g s, and g t to switch between map, stack, and timeline views.

1. i.Players are included if they have shipped a product, protocol, or platform that directly enables tokenized capital markets activity.
2. ii.Status: Active means production deployment with real usage. Emerging means product shipped but limited traction or scale. Node size reflects editorial judgment of structural importance to the stack, not market cap or AUM.
3. iii.Acquired players are marked or removed depending on whether the product still operates independently.
4. iv.Every relationship is verified from public sources. Investor relationships are not the same as product integrations.
5. v.This map is updated as the space evolves.

See something wrong? Suggest a fix or addition.

The map is machine-readable through its public pages, metadata, and node-specific OG cards. Raw internal dataset endpoints are not part of the public surface.

1. i./ · Public graph surface with node-specific deep links and share states.
2. ii./llms.txt · Plain-text summary for LLM context. Categories, taxonomy, asset class stats.