Pantera Says $321B Tokenization Market Still in Early Stage
Pantera Capital's latest report reveals that the $321 billion tokenized real-world asset market is currently in a 'newspaper-on-a-website' phase, characterized by blockchain wrappers rather than native on-chain functionality. Using a Tokenization Progress Index, the firm evaluated 542 assets and found an average maturity score of only 2.04 out of 5. While the market grew significantly in 2025 with 168 new launches and a 60% increase in total value, 77.6% of these assets remain in the lowest maturity tier. Stablecoins continue to dominate the landscape, accounting for $293 billion or 91.6% of the total tracked market value. Tokenized U.S. Treasurys reached $12 billion, supported by major players like BlackRock, Franklin Templeton, WisdomTree, and Fidelity, yet these products still rely heavily on off-chain ledgers and custodian-mediated redemptions. Pantera argues that the market is expanding in breadth rather than depth, failing to leverage the true potential of blockchain infrastructure. Future maturation will require a shift toward utility-based metrics such as settlement speed, reduced transfer costs, and deeper integration into decentralized finance protocols.
- Pantera's Tokenization Progress Index shows 77.6% of assets are merely blockchain wrappers.
- Total tracked RWA market value grew 60% to $320.6 billion in 2025.
- Stablecoins represent 91.6% of total market value, totaling approximately $293 billion.
- Tokenized U.S. Treasurys reached $12 billion, led by BlackRock, Franklin Templeton, and others.
Pantera Capital is a prominent investment firm specializing in blockchain technology and digital assets. Their Tokenization Progress Index is a proprietary framework designed to assess the maturity of RWA projects by measuring issuance, transferability, and composability on a scale of 1 to 5.