The Onchain Distribution Stack. Tokenization alone does not create a financial market. The asset also needs financing, risk underwriting, liquidity, and distribution. This is why I now look at tokenized products through 5 layers: [1] Asset issuer This is the fund manager running the underlying strategy. Key players include Circle through Hashnote, Janus Henderson, Federated Hermes, @SuperstateInc, Apollo, @FasanaraDigital, and @vaneck_us. Their role has not changed much from traditional finance. They originate the asset and manage the portfolio. What changes is everything that happens after issuance. [2] Tokenization platform Platforms such as @centrifuge, @Securitize, Superstate, @MidasRWA, and Circle package the strategy into an onchain instrument. This is similar to how a bank structures a fund, ETF, or credit product for distribution. But an onchain asset can also be integrated into lending markets, used as collateral, and allocated through smart contracts. That composability is the real upgrade. [3] Lending protocol @aave Horizon, @Morpho, and @kamino provide the financing infra. They handle lending, borrowing, interest accrual, and liquidations automatically. I see them as the onchain version of prime brokerage infrastructure. But the protocol only enforces the rules. It does not decide whether the collateral is good enough. That responsibility belongs to the next layer. [4] Risk manager This is the layer I believe the market still underestimates. Risk managers such as @SteakhouseFi, @gauntlet_xyz, and @Bitwise decide: – Which assets qualify as collateral – How much can be borrowed against them – What concentration limits apply – Where stablecoin liquidity should be allocated In simple terms, protocols execute while risk managers underwrite. A tokenized asset without credible underwriting and meaningful liquidity may exist onchain, but it cannot be financed at scale. Bitwise launching an allocation vault on Morpho in Jan 2026 was important to me because it showed that traditional asset managers are beginning to participate directly in this layer. Aave Horizon follows a different model. Its collateral rules and allocations are managed at the protocol level by Aave Labs with support from firms such as Llama Risk. Morpho and Kamino allow independent managers to build allocation vaults. Aave keeps more of the risk function inside its own system. [5] Distribution platform This is where the model can reach scale. Coinbase already routes user USDC into Steakhouse-managed Morpho vaults on Base. The user sees a simple yield product, while the lending and collateral infrastructure operates underneath. Aave is taking a more vertically integrated approach. MetaMask and Bitget have integrated Aave into their yield products, while Aave also launched its own consumer savings app in November 2025. So I currently see two different distribution models: – Morpho and Kamino provide infrastructure that other platforms can package and distribute – Aave increasingly owns both the lending infrastructure and the consumer distribution The next phase of tokenized finance will not be won by issuance alone. The strongest products will connect the full stack: Asset manager → tokenization platform → lending protocol → risk manager → distribution platform I think the most valuable layer to watch is risk management. That is where a tokenized asset moves from being available onchain to becoming acceptable collateral with real liquidity behind it.