Tokenization Landscape · Apr 2026

The tokenization stack, mapped.

Every issuer, chain, and protocol moving real-world assets onchain. Who they are, how they connect, and where capital is actually concentrating. One opinionated map.

Explore the Map

0players/0categories/1,200+relationships

3 views: Graph · List · Timeline

Who’s on the map

BlackRock

JPMorgan

Franklin Templeton

Securitize

Ondo Finance

Citadel Securities

DTCC

Nasdaq

ICE / NYSE

Grayscale

Maple Finance

Coinbase

BlackRock

JPMorgan

Franklin Templeton

Securitize

Ondo Finance

Citadel Securities

DTCC

Nasdaq

ICE / NYSE

Grayscale

Maple Finance

Coinbase

Kraken

Fireblocks

Chainlink

Wintermute

Morpho

Aave

Curve

Gauntlet

Steakhouse Financial

Robinhood

Hyperliquid

Provenance Blockchain

Kraken

Fireblocks

Chainlink

Wintermute

Morpho

Aave

Curve

Gauntlet

Steakhouse Financial

Robinhood

Hyperliquid

Provenance Blockchain

Kinexys

Canton Network

Ethereum

Solana

Circle

Tether

Paxos

Ethena

Sky

Ripple

Kinexys

Canton Network

Ethereum

Solana

Circle

Tether

Paxos

Ethena

Sky

Ripple

The Opportunity

Tokenization has barely started.

Global asset markets measure in the hundreds of trillions. The tokenized share is still a rounding error. Every bar below is a gap between where we are and where this is going.

Treasuries

$27T market

$12.3B tokenized0.045% penetration

Commodities

$5.4T market

$5.2B tokenized0.096% penetration

Private Credit

$1.7T market

$1.2B tokenized0.07% penetration

Equities

$115T market

<$100M tokenized<0.001% penetration

Real Estate

$330T market

$45M tokenized<0.001% penetration

The Stack

242 players across 9 categories

37InstitutionsWall Street is here. The banks, exchanges, and asset managers putting real capital behind tokenization.28IssuanceThe firms actually minting tokenized assets and putting them into circulation.20InfrastructureCustody, settlement, and the plumbing. Nothing moves without this layer.18VerificationOracles, identity, and the trust infrastructure that makes onchain assets legible to institutions.34YieldWhere tokenized collateral goes to work. Lending protocols and vaults competing for RWA deposits.18TradingThe liquidity layer. Where tokenized assets actually trade, both onchain and off.30ChainsSettlement rails. Some built for institutions, some adapted from DeFi, all competing for RWA flow.26StablecoinsThe unit of account for everything else. Fiat-backed, yield-bearing, and increasingly political.31ProductsThe assets themselves. Treasuries, credit, commodities, equity — the things the rest of the stack exists to move.

Go Deeper

Talks

56 curated talks from 5 conferences

Stage talks and panels from RWA Summit, EthCC, DAS NYC, and more. Summaries, key takeaways, and the players who keep showing up.

56

talks

Regulation

Regulatory signals across 4 jurisdictions

15 frameworks tracked across the US, EU, UK, and APAC. Which rules are enacted, which are proposed, and who they affect on the map.

15

frameworks

Curated By

Juan Esquivel

@0xCadena

Most tokenization resources are lists. This is a graph. I'm tracking who builds on who, who competes with who, and where the gaps are. 240 players across 9 categories, all connected. The editorial calls are mine. If something looks wrong, tell me.