The on-chain finance map — the assets migrating onto blockchains, and the crypto-cycle beta that rides alongside. Two distinct mechanisms, kept deliberately apart.
Real-world assets migrating on-chain — value accruing to compliant issuance, regulated record-keeping, and the stablecoin settlement layer. Mechanism-clean only; crypto-price beta deliberately excluded.
The most material issuance names are still private — Securitize (BlackRock’s BUIDL partner, >$4.6B tokenized AUM), Ondo Finance, Superstate, Dinari, Centrifuge, and Tokeny. An IPO or incumbent acquisition of any would reshape the public surface.
Public-equity proxies for crypto-price and on-chain-activity beta — split between Bitcoin miners (increasingly pivoting to AI/HPC) and the non-miner exchanges and treasury vehicles. Cycle exposure, not a moat thesis.