Dollars On Chain
Kedar K@kedar
−7.3%
since Oct 6
The idea
I believe the on-chain dollar economy, tokenized funds, stablecoins, and the infrastructure behind them is a real, lasting shift rather than hype. This basket spreads across the companies already earning from stablecoin volume, the chains where that activity settles, the traditional finance firms tokenizing funds, and the plumbing connecting it all, while holding some cash back to absorb volatility. I am avoiding single-name concentration on purpose and plan to hold for a year or two, revisiting if stablecoin and tokenization volumes stop growing.
What it owns
- Public companies earning real revenue from stablecoin issuance, trading, and settlement activity. · Circle Internet GroupIt earns interest income on every dollar backing USDC, making it the most direct way to own genuine stablecoin demand., CoinbaseIt captures stablecoin interest income and serves as the primary on-ramp where dollars enter blockchain networks., RobinhoodIt is building its own blockchain and pushing tokenized stocks to retail customers, directly participating in moving real assets on chain., Galaxy DigitalIt earns trading and asset management fees from institutional capital flows moving on chain, capturing value from market-making activity in digital assets., BullishIt operates an exchange where stablecoins settle a significant share of volume, so its revenue grows directly with on-chain dollar activity., PayPalIt has issued its own stablecoin and can distribute it to hundreds of millions of existing accounts, benefiting from expanding PYUSD adoption.32%
- The blockchains where tokenized dollars and treasuries are actively issued and moved today. · EthereumIt hosts the majority of tokenized dollar and treasury issuance, concentrating settlement fees and transaction volume on its network., SolanaLow-cost stablecoin transfers are growing fastest here, positioning it to capture settlement volume if issuers continue launching dollars across multiple chains., AvalancheIt has attracted institutional tokenization deals and asset listings, making it a beneficiary if those announcements turn into active on-chain assets., Stellar LumensIt is purpose-built for stablecoin payments and holds real tokenized assets, benefiting if settlement volume spreads beyond the largest blockchains.25%
- Asset managers and lenders moving real capital and credit onto blockchains for the first time. · BlackRockIts tokenized treasury fund is the largest proof that institutional demand for on-chain dollars is genuine and spreading., Figure TechnologyIt originates actual loans on chain with real borrowers, earning revenue on tokenized credit rather than building toward it., Franklin ResourcesIt was first to launch an on-chain money fund and continues expanding it across chains, showing traditional asset managers moving real capital on chain.16%
- Infrastructure providers that every stablecoin issuer and on-chain asset needs regardless of which chain they choose. · ChainlinkEvery issuer putting assets on chain needs its price feeds and cross-chain connectivity, making it essential infrastructure across all tokenization activity., VisaIt already settles transactions in stablecoins and connects card networks to on-chain dollars, positioning it to grow volume as stablecoin settlement spreads., HederaEnterprises choose it for tokenization when they want blockchain infrastructure with established corporate governance structures.15%
- Cash12%