TheBlock
Pantera Capital's latest Tokenization Progress Index scored 542 tokenized real-world assets across 11 classes and found the $321 billion market averaging just 2.04 out of 5 on onchain maturity. Roughly 77.6% of tracked assets remain in the "wrapper" tier, 11.1% qualify as hybrid, and only 2.7% reach native functionality — most issuers are still replicating traditional financial structures rather than designing for continuous settlement and composability.
The report comes as the market itself accelerates: 168 new tokenized assets launched in 2025, up 115% from 78 in 2024, while tracked market value climbed to about $320.6 billion from roughly $200.6 billion. Stablecoins dominate the headline figure at $293 billion, or 91.6% of total tracked value, while tokenized U.S. Treasurys sit at around $12 billion led by BlackRock, Franklin Templeton, WisdomTree, and Fidelity.
Why it matters
Pantera's central critique is that onchain representation has been proven, but onchain utility has not. The firm notes 91.1% of scored assets still rely on gated issuance and redemption, and only 13 assets achieved autonomous or near-symmetric mint-and-burn functionality. Tokenized Treasurys illustrate the gap: even BlackRock and Franklin's products depend on custodian-mediated redemption and off-chain-ledger structures, which means the blockchain layer is the wrapper, not the engine.
The concentration risk is also sharper than the growth narrative suggests. Excluding stablecoins, the top five issuance platforms — including Securitize, Maple Finance, and Ondo Finance — account for about half of all scored assets, leaving the next phase of the market dependent on a small group of issuers shifting from wrappers toward native instruments.
Market impact
Only 10.6% of scored assets reached meaningful DeFi composability, with stablecoins the lone category operating at significant economic scale alongside measurable onchain utility. Pantera argues the next leg of the cycle will be defined by settlement speed, transfer costs relative to value moved, trading and transfer activity, and capital actively deployed in DeFi — not by raw AUM.
Frequently asked questions
-
What is Pantera's Tokenization Progress Index?
A framework Pantera Capital uses to score tokenized real-world assets on issuance, transferability, and composability. Assets are rated 1 to 5 and bucketed into wrapper, hybrid, or native tiers based on their composite score.
-
How big is the tokenization market according to Pantera?
Pantera's report values the tokenized real-world asset market at roughly $320.6 billion, up from about $200.6 billion in 2024. Stablecoins account for $293 billion, or 91.6% of that total.
-
Why does Pantera call the market a 'newspaper-on-a-website'?
Because most tokenized assets are blockchain-based wrappers around traditional financial infrastructure rather than native onchain instruments. Pantera says 77.6% of scored assets remain in the wrapper tier, with 91.1% still relying on gated issuance and redemption.
-
Which platforms dominate tokenized asset issuance?
Excluding stablecoins, the top five issuance platforms account for about half of all scored assets. Pantera named Securitize, Maple Finance, and Ondo Finance among the largest issuers by market presence.
-
What would mark the next phase of tokenization maturity?
Pantera argues the next leg will be defined by utility metrics — settlement speed, transfer costs relative to value moved, trading and transfer activity, and the amount of capital actively deployed in DeFi — rather than raw assets under management.
CoinDesk
Crypto Rank News
WuBlockchain
CoinTelegraph