Competitive & adoption intelligence
Who is issuing, who is gaining, how quickly the field is filling, and where the market’s structural dependencies concentrate. Share and concentration are measured within funds and securities, folding a stablecoin float into an AUM league table would make one issuer look like the entire market.
16 issuing
first-time entrants
Unconcentrated
of 16 issuers
Highly concentrated
13 services
Issuer league table
Issuers ranked by their share of tokenized fund and securities assets, and how far their rank has moved over the last 17 days of on-chain readings.
| 1 | BlackRock | asset manager | $1.85B | 23.3% | +7bp | - | -5.8% | 1 | 20 Mar 2024 |
| 2 | Ondo Finance | issuer | $1.71B | 21.5% | +194bp | - | +3.2% | 2 | 30 Jan 2023 |
| 3 | WisdomTree, Inc. | asset manager | $1.21B | 15.2% | +96bp | - | +0.3% | 2 | 02 Oct 2023 |
| 4 | Franklin Templeton | asset manager | $682.6M | 8.6% | +32bp | ▲1 | -2.5% | 3 | 14 Apr 2021 |
| 5 | Exodus | corporate | $612.0M | 7.7% | +47bp | ▲1 | 0.0% | 1 | 08 Apr 2021 |
| 6 | Superstate | asset manager | $570.4M | 7.2% | +49bp | ▲1 | +0.8% | 1 | 27 Feb 2024 |
| 7 | Spiko | asset manager | $494.2M | 6.2% | -33bp | ▲1 | -10.9% | 2 | 10 Sept 2024 |
| 8 | Siemens AG | corporate | $324.0M | 4.1% | +25bp | ▲1 | 0.0% | 1 | 16 Sept 2025 |
| 9 | Janus Henderson Investors | asset manager | $323.3M | 4.1% | -426bp | ▼5 | -54.1% | 1 | 21 Feb 2024 |
| 10 | Libeara | tokenization platform | $75.6M | 1.0% | +6bp | - | 0.0% | 2 | 05 Mar 2024 |
| 11 | VanEck | asset manager | $35.5M | 0.4% | +2bp | - | -2.7% | 1 | 13 May 2025 |
| 12 | Matrixdock | issuer | $23.6M | 0.3% | +1bp | - | -3.5% | 1 | 25 Apr 2023 |
| 13 | OpenEden | issuer | $19.5M | 0.2% | 0bp | - | -6.1% | 1 | 11 Apr 2023 |
| 14 | abrdn plc | asset manager | $17.4M | 0.2% | +1bp | - | +0.2% | 1 | 14 Nov 2023 |
| 15 | UBS Group AG | bank | $115.1K | 0.0% | 0bp | - | +17.5% | 1 | 01 Nov 2024 |
| 16 | Apollo | asset manager | $61.4K | 0.0% | 0bp | - | 0.0% | 1 | 30 Jan 2025 |
Who owns this market
How much of the market is issued by established financial institutions rather than by crypto-native firms.
Launches and first-time issuers by quarter
New products and new issuers per period. If products are rising while issuers stay flat, existing firms are launching more rather than new firms arriving.
Where the dependencies concentrate
How concentrated each service layer is, scored on the index competition regulators use. Above 2,500 counts as highly concentrated.
The competitive field itself.
Who maintains the official share register.
Where the backing assets actually sit.
An allocator holding six products from six issuers may, on look-through, depend on one transfer agent and one custody stack. That is the exposure these indices are for.
Where capital moved, 17 days
Ranked by money added rather than percentage growth, so a large gain on a small base does not outrank a small gain on a large one.
Network adoption by breadth, not value
Ranked by how many different issuers have deployed on each network, not by total value. This shows how broadly a network has been adopted rather than whether it won one large fund.
| Network | Issuers | Products | Services | Categories | Breadth |
|---|---|---|---|---|---|
| Ethereum | 15 | 22 | 13 | 6 | |
| Solana | 9 | 12 | 11 | 4 | |
| Arbitrum One | 7 | 9 | 8 | 3 | |
| Polygon PoS | 6 | 7 | 11 | 4 | |
| Base | 6 | 8 | 10 | 4 | |
| Avalanche C-Chain | 4 | 5 | 10 | 3 | |
| Aptos | 4 | 4 | 8 | 3 | |
| OP Mainnet | 2 | 2 | 6 | 2 |
