# The Tokenization Map
# https://www.tokenizationmap.com
# Built by Juan Esquivel (@0xCadena)

## What this is

A curated interactive map of the tokenization / real-world asset (RWA) ecosystem.
215+ players across 9 categories with 985+ relationships mapped.
Covers who is pushing finance onchain: institutions, issuance platforms,
infrastructure, verification, trading, yield protocols, chains, stablecoins,
and tokenized products.

## Categories

- Institutions (33): Banks, asset managers, market institutions with active tokenization programs. BlackRock, JPMorgan, Goldman Sachs, Fidelity, etc.
- Issuance (24): Platforms that tokenize and issue assets onchain. Securitize, Ondo Finance, Franklin Templeton, Centrifuge, Maple Finance, etc.
- Infrastructure (20): Custody, prime brokerage, market making, settlement. Fireblocks, Hidden Road, Coinbase Prime, BitGo, etc.
- Verification (16): Oracles, price feeds, ratings, risk, compliance. Chainlink, S&P Global, Gauntlet, Llama Risk, etc.
- Trading (15): Exchanges, DEXs, venues for tokenized assets. Coinbase, Kraken, Robinhood, Uniswap, etc.
- Yield (34): Lending protocols, vault curators, yield strategies. Morpho, Aave, Spark, Pendle, Maple, etc.
- Chains (27): Settlement rails and base networks. Ethereum, Solana, Avalanche, Stellar, Base, Arbitrum, etc.
- Stablecoins (23): Settlement tokens and their issuers. Tether/USDT, Circle/USDC, Ethena/USDe, Sky/USDS, etc.
- Tokenized Products (23): Tokenized funds, treasuries, commodities, real estate. BUIDL, USYC, BENJI, PAXG, XAUT, etc.

## Taxonomy rules

- Stablecoins: dollar-pegged settlement tokens + their issuers live together.
- Tokenized products: everything that wraps, transforms, or yields on top of base assets.
- Test: pegs to $1 and used for settlement = stablecoin. Appreciates in value and held for yield = tokenized product.
- Issuers of tokenized products go in issuance, not in tokenized products.

## Relationship types

- funds: capital or product flow (green lines with particles)
- distributes: distribution partnerships (green lines with particles)
- integrates: structural dependency, integration (gray lines)
- builds-on: chain/infrastructure dependency (gray lines)
- custodies: custody relationship (gray lines)
- rates: rating or risk assessment (gray lines)
- competes: competition (orange dashed lines)

## Asset classes tracked

- Treasuries: $11B tokenized / $26T total market (0.043%)
- Private Credit: $12B tokenized / $3.5T total market (0.34%)
- Equities: $1B tokenized / $150T total market (<0.001%)
- Commodities: $7.6B tokenized / $130T total market (0.006%)
- Real Estate: $400M tokenized / $393T total market (<0.001%)

## Machine-readable data

- Full dataset: https://www.tokenizationmap.com/api/data
- This file: https://www.tokenizationmap.com/llms.txt

## How to cite

The Tokenization Map by Juan Esquivel (@0xCadena)
https://www.tokenizationmap.com