Pantera: $321B tokenization market is growing fast but still stuck in 'newspaper-on-a-website' phase

The market for tokenized real-world assets has reached $321 billion across 542 scored assets, but Pantera Capital says the industry is still replicating traditional finance on a blockchain rather than reinventing it. Using its Tokenization Progress Index — a 1-to-5 scale measuring issuance, transferability, and composability — Pantera found the market averages just 2.04 out of 5. Some 77.6% of assets remain in the basic 'wrapper' tier, 11.1% qualify as hybrid, and only 2.7% reach the native tier.

Growth is accelerating in volume but not in depth. Some 168 new tokenized assets launched in 2025, up 115% from 78 in 2024, while total tracked value climbed roughly 60% from $200.6 billion — a trend Pantera described as 'getting wider, not deeper.' Stablecoins dominate the picture, accounting for $293 billion, or about 91.6% of total market value, and remain the only category operating at…

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