These are selected materially relevant cases, not a ranking or an exhaustive institutional activity total.
Live scaled production · Evidence date: through 25 September 2026
Ethereum hosts meaningful live BlackRock/Securitize tokenized-fund capital, and BlackRock launched Ethereum-specific onchain share classes in 2026.
Not proven: BlackRock's tokenized-fund strategy is multichain; Ethereum is not guaranteed exclusive issuance.
ETH-BLACKROCK-TOKENIZED-FUNDS-01Accepted token thesis and primary bypass
Token thesis
The rollup-and-capacity strategy lets Ethereum scale while weakening the activity → congestion → burn → scarcity loop. ETH can benefit through security capital and monetary/reserve preference; the missing guarantee is that financial-system growth causes proportionate persistent ETH ownership.
Primary bypass
Ethereum succeeds as capital and settlement infrastructure while L2s retain execution economics, data capacity stays cheap, paymasters hide ETH and stablecoins remain user-facing money. High-value low-frequency funds can add enormous principal with little gas. If collateral/security balances and external ownership do not keep pace, network importance outruns token demand.
- Canonical Economic Capture / Market Transmission
- 4.25 / 5 · 4.50 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.
Live scaled production · Evidence date: September 2026
Solana carried roughly two-thirds of xStocks distributed value in the cited snapshot and significant tokenized-equity activity.
Dated research scope / source limitation · September 2026 Roughly two-thirds of xStocks distributed value is the historical research snapshot. Its dated numerator/denominator and chain scope were not recovered. Current charts cannot certify it, and distributed value is not recurring turnover, beneficial ownership breadth or SOL capture. Canonical Stage, Tier and Lifecycle are research classifications retained from the accepted Ledger; this notice is not new source verification.
Not proven: U.S. regulated tokenized-stock market standardization on Solana; SEC TSV rules are chain-neutral.
SOL-TOKENIZED-EQUITIES-01Accepted token thesis and primary bypass
Token thesis
SOL is mandatory for backend fees and stake-weighted security. Its stronger balance channels are staking and voluntary fund/treasury ownership, reinforced by liquid network-proxy demand. Current burn is weak relative to positive issuance; fee-light sponsored finance can scale without proportional end-user SOL holdings.
Primary bypass
Useful low-cost Solana finance can grow while direct burn remains small, sponsors recycle fee balances, and issuance offsets scarcity. Institutional activity may choose competing or multichain rails; app/operator economics are not token-holder rights.
- Canonical Economic Capture / Market Transmission
- 4.00 / 5 · 4.75 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.
Live production · Evidence date: 2026
BUIDL is supported on Avalanche C-Chain as live tokenized-fund production.
Not proven: High transfer intensity, exclusive chain use or proportional AVAX demand.
AVAX-BUIDL-01Accepted token thesis and primary bypass
Token thesis
AVAX retains mandatory C-Chain gas/burn, Primary Network staking/security and sovereign-L1 validator PAYG burn. Post-Etna L1s can use custom gas and sovereign validator economics without the old Primary Network stake. The small mandatory control-plane fee is real; a much larger token path depends on repeated AVAX-linked liquidity, collateral, reserves or execution, supplemented by investment/proxy demand.
Primary bypass
Institutions can choose Avalanche technology and private/sovereign execution while using their own gas, validators and outside liquidity. They still pay a small AVAX control-plane fee, but valuable transaction notional need not translate into proportional token consumption.
- Canonical Economic Capture / Market Transmission
- 2.75 / 5 · 3.75 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.
Scheduled / committed deployment · Evidence date: 2026
DTCC obtained a three-year SEC no-action framework and conducted production tokenization workflows; commercial expansion was targeted for October 2026.
Not proven: future Canton market share or CC burn from scaled DTCC activity.
CAN-DTCC-TOKENIZATION-PATH-01Accepted token thesis and primary bypass
Token thesis
CC has a real paid-traffic burn mechanism, large observed locks and demonstrated outside-funded strategic purchases. The unresolved bridge is the share of institutional activity using ordinary paid public-GS traffic, the sourcing of burned CC, and whether traffic growth can outrun reward minting and seller-capable inventory.
Primary bypass
Canton technology can succeed on private synchronizers while CC economics remain weak. Even public-GS activity may be free, SV-exempt or paid from reward/legacy inventories rather than fresh outside purchases.
- Canonical Economic Capture / Market Transmission
- 3.75 / 5 · 3.00 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.
Live scaled production · Evidence date: 2026
BUIDL and ACRED maintain real Aptos-specific distributed balances; BUIDL represented roughly $161M and ACRED roughly $16M around the audited snapshot.
Not proven: exclusive Aptos use, broad holder diversity or proportional APT demand.
APT-SECURITIZE-BUIDL-ACRED-01Dynamic source — claim reflects the Evidence date; current values may differ.
Accepted token thesis and primary bypass
Token thesis
APT’s mechanics improved: lower staking rewards, higher gas pricing and ordinary fee burn. At cutoff, 164,631 APT burned over 30 days versus roughly 1.6M monthly staking issuance, leaving approximately 1.4M net issuance. Large temporary stake and market/reflexive demand matter more than current burn.
Primary bypass
Stablecoin, fund and PACT capital can sit on Aptos with inexpensive/sponsored transactions while yield and application value stay elsewhere. Decibel’s application fees materially exceed base-layer fees and DCBL introduces separate value capture. More represented capital alone therefore need not solve weak burn.
- Canonical Economic Capture / Market Transmission
- 2.50 / 5 · 3.25 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.
Live production · Evidence date: 6 May 2026
21X went live on Stellar under the EU DLT Pilot Regime with onchain order matching and atomic DvP capability.
Not proven: Stellar-specific securities balances, trading volume or participant activity.
XLM-21X-REGULATED-DISTRIBUTION-01Accepted token thesis and primary bypass
Token thesis
XLM fees, rent and account/subentry reserves are mandatory but small and linked to ledger complexity rather than asset dollars. Sponsorship shifts the reserve bearer. There is no proof-of-stake sink; large voluntary XLM supply in lending mostly demonstrates holder inventory, not borrower-driven scarcity. Important catalysts can still reach XLM through a separate, conditionally supported market-proxy path.
Primary bypass
Regulated assets and payments can grow with small recycled/sponsored XLM costs while principal stays in issued assets. Major counterparties including MoneyGram and DTCC are multichain; important network selection is not exclusive token capture. RWA reuse remains emerging and not proportional to asset issuance.
- Canonical Economic Capture / Market Transmission
- 2.00 / 5 · 2.75 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.
Live production · Evidence date: 2026
21X independently states its CRE-powered Chainlink integration is live in production for real-time regulated-market data.
Not proven: commercial terms.
LINK-CRE-21X-01Accepted token thesis and primary bypass
Token thesis
Payment Abstraction can convert qualifying non-LINK assets into LINK. The Strategic Reserve retains LINK, and Chainlink states that business revenue funds recurring open-market purchases; SEC-filed product disclosures repeat that model without independently auditing underlying offchain invoices. The transmission coefficient—how much commercial success becomes fresh, durable LINK demand—is not publicly established.
Primary bypass
Chainlink services and Chainlink Labs can succeed while a small/private share of economics reaches retained LINK, service providers sell compensation and circulating inventory expands. Institution-built workflows, competing data providers and issuer-native transfer can capture specific functions without eliminating the whole middleware opportunity.
- Canonical Economic Capture / Market Transmission
- 3.50 / 5 · 4.25 / 5
Registry 2026-09-30; two separate asset components, not a function-specific score.