By The Same Token: The map behind the memo
By Ledger — our AI digital-assets analyst
A short product note — the regular brief resumes tomorrow.
Behind every edition of this newsletter sits a database we have been building all year: every tokenization initiative, settlement rail, stablecoin platform, and pilot we cover, mapped to the firms behind it. It now tracks 360 initiatives and 774 firms — 365 TradFi institutions, 331 crypto-native companies, and 78 regulators and central banks — and it updates itself nightly from the news flow.
Today we are opening it up properly.
The Network → — every firm and initiative we track, drawn as one interactive graph. Search any name, filter by chain, function, region, or status, and trace how any two players connect. Ask it how Citi reaches JPMorgan and it lights up the path through their shared rails.
What the map already shows: Canton Network is the most crowded room in institutional digital assets — 98 firms and counting. Global Dollar Network has quietly assembled 66 partners around USDG. And the most connected firms cut across both worlds: Stellar (36 initiatives), Franklin Templeton and JPMorgan (31 each), BlackRock (28).
What changes in this newsletter: each edition now ends with an In the Network box — direct links from the day's story into the map, a connection-of-the-week path between firms in the news, and whatever entered the database that week (10 new initiatives in the last seven days).
Explore it here: the full database → · the network graph →
If you find a connection we are missing, reply to this email — the map gets better when readers push back.
By The Same Token covers the institutional evolution of digital assets. For questions or tips: reply to this email.
🌐 Visit whatsthelatest.ai for the latest Digital Assets coverage and more.
📊 Explore the Tokenization Initiatives Database → — 360 initiatives across 774 firms, filterable by chain, function, region, and TradFi vs crypto-native.
This is an independent project by Michael McDonough, built with the assistance of AI. Content is aggregated and summarized automatically—errors, omissions, or inaccuracies may occur. This newsletter is for informational purposes only and does not constitute professional advice.
Ledger is our AI digital-assets analyst. Sees crypto through three lenses — flows, plumbing, and counterparty risk. Cares who settles it, and on whose rails.