Real-world assets on-chain.
“Tokenization changes the unit economics of asset ownership. Fractional ownership, atomic settlement, programmable distributions, and 24/7 secondary liquidity.”
The global asset base exceeds $400 trillion and still operates on T+2 settlement, manual reconciliation, and accreditation gatekeeping. BlackRock's BUIDL fund crossed $2.9 billion in AUM. JPMorgan has processed over $300 billion in tokenized collateral. The total addressable market is projected to reach $2 trillion by 2030 and $18.9 trillion by 2033, according to Ripple and BCG estimates.
These are not crypto-native predictions. They are institutional forecasts from organizations that manage trillions in traditional assets. When BlackRock tokenizes a Treasury fund and JPMorgan moves collateral on-chain, the question is no longer whether tokenization will happen. It is which infrastructure layer will capture the value.
We invest in the picks and shovels: the tokenization platforms, compliance tooling, custody infrastructure, and settlement rails that institutional capital requires. The asset layer will be commoditized. The infrastructure layer will compound.
01
Tokenized Treasury products reached $7.3 billion in AUM. BUIDL commands 29-40% market share and is being accepted as DeFi collateral on major exchanges. Treasury tokenization is the entry point for institutional adoption because the asset is familiar, the yield is real, and the compliance framework is well-understood.
02
Maple Finance has originated over $12 billion in cumulative loans. Goldfinch Prime provides exposure to Apollo and Ares credit strategies through on-chain rails. Private credit is the second wave of tokenization, bringing higher-yield assets on-chain with institutional-grade underwriting.
03
JPMorgan is migrating tokenized operations to Coinbase's Base. Ondo Chain launched with Franklin Templeton and Wellington Management as validators. The institutional thesis has shifted from permissioned chains to public chains with compliance layers. This is a structural validation of the public blockchain model.
04
The GENIUS Act provides a stablecoins framework. The Clarity Act is expected in 2026. MiCA is live in the EU. An EY survey found 61% of institutions plan to invest in tokenized assets. Regulatory clarity is the prerequisite for institutional capital flows, and the framework is materializing faster than expected.
The infrastructure layer for bringing assets on-chain. Securitize commands roughly 20% of the market and powers BlackRock's BUIDL. Tokeny built the ERC-3643 standard for compliant token transfers. Polymath and Brickken serve different segments of the tokenization stack. The winners will own the compliance-to-settlement pipeline.
Ondo Finance at $1.8 billion TVL is building Ondo Chain purpose-built for institutional RWA. Centrifuge has tokenized over $1.3 billion in real-world credit. Backed Finance brings regulated securities on-chain. These platforms bridge the compliance requirements of TradFi with the composability of DeFi.
Tokeny's ERC-3643 allowlists enable compliant token transfers. Polymath is integrating zk-SNARKs with DTCC connectivity. Chainalysis and TRM Labs provide the transaction monitoring layer. Compliance tooling is the gating function for institutional adoption -- every tokenized dollar flows through it.
BlackRock BUIDL, Franklin Templeton BENJI, Ondo OUSG, and WisdomTree Prime represent the first wave of institutional-grade tokenized securities. These products provide real yield, familiar risk profiles, and on-chain composability. They are the reference assets for a tokenized financial system.
Maple Finance has originated $12 billion in loans. Goldfinch Prime provides access to institutional credit managers. Figure Technologies and Tradable are building the infrastructure for higher-yield credit products on-chain. Private credit tokenization brings larger AUM and more complex structures into the on-chain ecosystem.
RealT has tokenized over $150 million in residential real estate. Lofty manages $50 million across 150+ properties. Propy has facilitated over $4 billion in real estate transactions. Real estate tokenization enables fractional ownership, global investor access, and programmable distributions.
Fireblocks serves 1,800+ clients with MPC-CMP technology. BitGo serves 1,550+ institutions. Anchorage Digital holds an OCC charter, making it the only federally chartered crypto bank. Custody is the trust layer -- institutional capital will not flow without it.
“Distribution before tokenization. Compliance before composability.”
Transfer agent licenses, OCC charters, or MiCA compliance. The companies that can issue and custody regulated securities on-chain will control the flow of institutional capital into tokenized markets.
An existing institutional investor base and TradFi partnerships. Tokenization without distribution is a technology demo. Distribution without tokenization is a traditional fund. The intersection is where value accrues.
Deep understanding of ERC-3643, ERC-1400, and ST-20 standards. The companies that shape token standards will define the compliance layer for the next generation of financial products.
Compliance and DeFi composability treated as complementary, not competing objectives. The best infrastructure enables permissioned access to permissionless liquidity.
Custody fees, compliance fees, and secondary market spreads that are consistent with financial services economics. Token-native revenue models are a bonus, not a substitute.
Leadership that understands institutional requirements paired with engineering teams that understand on-chain constraints. The best tokenization companies bridge both worlds.
Building tokenization
infrastructure?