Tokenized Fund Market Landscape
Issuers, market share, launch activity and service providers in tokenized funds and securities. Built for firms evaluating the market or planning a product launch.
78 institutions tracked
First-time issuers
Of fund AUM
Unconcentrated
Highly concentrated
By at least one issuer
Competitive landscape
Issuers ranked by share of tokenized fund AUM. Changes over the last 23 days.
| 1 | BlackRock | asset manager | $1.85B | 21.3% | -38bp | - | -5.8% | 1 | 20 Mar 2024 |
| 2 | Ondo Finance | issuer | $1.73B | 19.9% | +167bp | - | +4.6% | 2 | 30 Jan 2023 |
| 3 | WisdomTree, Inc. | asset manager | $1.21B | 13.9% | +64bp | - | +0.5% | 2 | 02 Oct 2023 |
| 4 | Franklin Templeton | asset manager | $831.4M | 9.5% | +129bp | - | +10.8% | 4 | 14 Apr 2021 |
| 5 | Exodus | corporate | $612.0M | 7.0% | +29bp | ▲1 | 0.0% | 1 | 08 Apr 2021 |
| 6 | Superstate | asset manager | $607.4M | 7.0% | +75bp | ▲2 | +7.4% | 1 | 27 Feb 2024 |
| 7 | Spiko | asset manager | $512.4M | 5.9% | -66bp | - | -13.8% | 4 | 01 May 2024 |
| 8 | Siemens AG | corporate | $324.0M | 3.7% | +15bp | ▲1 | 0.0% | 1 | 16 Sept 2025 |
| 9 | Janus Henderson Investors | asset manager | $323.3M | 3.7% | -404bp | ▼4 | -54.1% | 1 | 21 Feb 2024 |
| 10 | Mountain Protocol | stablecoin issuer | $150.0M | 1.7% | +7bp | - | 0.0% | 1 | 01 Sept 2023 |
| 11 | OpenEden | issuer | $129.8M | 1.5% | +5bp | - | -0.7% | 2 | 01 Apr 2023 |
| 12 | Backed | issuer | $94.0M | 1.1% | +4bp | - | 0.0% | 9 | 01 Jan 2023 |
| 13 | Libeara | tokenization platform | $75.6M | 0.9% | +4bp | - | 0.0% | 2 | 05 Mar 2024 |
| 14 | Centrifuge | tokenization platform | $60.0M | 0.7% | +3bp | - | 0.0% | 1 | 01 Dec 2023 |
| 15 | Maple | issuer | $45.0M | 0.5% | +2bp | - | 0.0% | 1 | 15 Apr 2023 |
| 16 | VanEck | asset manager | $37.5M | 0.4% | +3bp | ▲1 | +2.8% | 1 | 13 May 2025 |
| 17 | Hashnote | asset manager | $34.3M | 0.4% | -1bp | ▼1 | -6.7% | 1 | 01 Nov 2023 |
| 18 | TrueFi | protocol | $25.0M | 0.3% | +1bp | - | 0.0% | 1 | 01 Jan 2023 |
| 19 | Matrixdock | issuer | $23.6M | 0.3% | 0bp | - | -3.4% | 1 | 25 Apr 2023 |
| 20 | abrdn plc | asset manager | $17.1M | 0.2% | +1bp | - | -1.4% | 1 | 14 Nov 2023 |
| 21 | Swarm | issuer | $11.2M | 0.1% | +1bp | - | 0.0% | 4 | 01 Jan 2023 |
| 22 | UBS Group AG | bank | $112.2K | 0.0% | 0bp | - | +14.5% | 1 | 01 Nov 2024 |
| 23 | Apollo | asset manager | $61.4K | 0.0% | 0bp | - | 0.0% | 1 | 30 Jan 2025 |
Who is issuing
Market share by issuer type. Traditional asset managers hold 62% of AUM.
Launch activity by quarter
New products per quarter, split between first-time and existing issuers.
Service-provider concentration
How many providers you can realistically choose from at each layer. HHI above 2,500 is highly concentrated.
The competitive field itself.
Who maintains the official share register.
Where the backing assets actually sit.
Most launches use one of a small number of transfer agents and custodians, so provider choice is narrow and terms are set by a few firms.
Net flows, last 23 days
Largest inflows and outflows by dollar amount.
Blockchain adoption by issuers
Number of issuers, products and service providers on each network.
| Network | Issuers | Products | Services | Categories | Breadth |
|---|---|---|---|---|---|
| Ethereum | 39 | 64 | 13 | 9 | |
| Polygon PoS | 15 | 22 | 11 | 6 | |
| Arbitrum One | 15 | 18 | 8 | 4 | |
| Solana | 14 | 17 | 11 | 5 | |
| Base | 11 | 15 | 10 | 5 | |
| Avalanche C-Chain | 9 | 11 | 10 | 5 | |
| OP Mainnet | 7 | 7 | 6 | 2 | |
| Aptos | 4 | 4 | 8 | 3 |
