6 Brutal Truths Pantera Capital Exposed About Tokenization’s $321 Billion Reality
Pantera Capital reported that the $321 billion tokenization market nonetheless averages 2.04 out of 5 on its on-chain maturity index, with 77.6% of 542 scored property functioning as digital wrappers round conventional monetary infrastructure.
The asset supervisor described the sector as caught in a “newspaper-on-a-website” part, the place putting property on a blockchain has not unlocked programmable options. New tokenized asset launches climbed 115% in 2025, but most replicated legacy constructions slightly than enabling steady settlement or composability.
Wrappers Dominate as Issuance Stays Gated
Pantera scored 542 stay tokenized assets throughout 11 classes utilizing its Tokenization Progress Index (TPI), which charges issuance, transferability, and composability on a five-point scale.
The composite common reached 2.04, with 11.1% qualifying as hybrid and solely 2.7% reaching native standing.
Issuance scored worst at 1.82 out of 5. The agency mentioned 91.1% of property nonetheless depend on gated minting and custodian-mediated exits, whereas solely 13 merchandise achieved autonomous mint-and-burn features.
Tracked worth grew roughly 60% to $320.6 billion from $200.6 billion in 2024. Pantera known as the pattern the market “getting wider, not deeper,” with new issuance arriving quicker than infrastructure depth.
Stablecoins Lead Scale, Private Credit Leads DeFi
Stablecoins accounted for $293 billion, or 91.6% of whole tracked worth, and posted a median TPI of two.67. According to Pantera, stablecoins stay the one class combining actual financial scale with measurable on-chain utility.
Private credit score emerged because the standout non-stablecoin category for DeFi penetration, with 21.4% of worth already lively on-chain, forward of actively-managed methods at 19.6%.
Tokenized U.S. Treasuries reached above $15 billion by merchandise from BlackRock, Franklin Templeton, and Fidelity Investments, but nonetheless depend upon off-chain ledger constructions.
Excluding stablecoins, the highest 5 platforms, together with Securitize, Maple Finance, and Ondo Finance, maintain roughly half of all scored property.
Public chains equivalent to Optimism and Base outscored permissioned (*6*), which averaged 1.75. Only 12% of scored property reached the edge for significant DeFi composability.
“The trade has efficiently confirmed that property could be represented on-chain, however it has not but confirmed that on-chain illustration basically modifications how these property operate,” Pantera Capital said within the report.
What Comes Next
Pantera argued the subsequent part will likely be judged by utility metrics slightly than property below administration figures, together with settlement velocity, switch prices, buying and selling exercise, and capital actively deployed in DeFi.
The issuers transferring past wrappers towards composable, on-chain native devices may outline the sector’s credibility by 2026.
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