The $321 billion market for tokenized real-world assets remains in what Pantera Capital calls its "newspaper-on-a-website" phase, with most products still functioning as blockchain-based wrappers around traditional infrastructure rather than fully native onchain instruments.
Pantera scored 542 tokenized assets across 11 classes using its Tokenization Progress Index, a framework that evaluates issuance, transferability, and composability on a scale of 1 to 5. The average composite TPI across the market is 2.04 out of 5. Roughly 77.6% of tracked assets fall into the "wrapper" tier, while 11.1% qualify as hybrid, and just 2.7% reach the native tier, the crypto asset manager said in a Wednesday report.
According to the report, most issuers are still replicating traditional financial structures rather than designing products around continuous settlement, composability, and onchain governance, limiting the emergence of what Pantera called “native financial instruments.”
Among the report’s key findings, Pantera said 91.1% of scored assets still relied on gated issuance and redemption models, while only 13 assets achieved autonomous or near-symmetric mint-and-burn functionality.
The report also found that only 10.6% of assets reached the threshold for meaningful DeFi composability, with stablecoins remaining the only category operating at significant economic scale alongside measurable onchain utility.
Asset launches accelerate amid maturity gap
Pantera said 168 new tokenized assets launched in 2025, up 115% from 78 launches in 2024, while tracked market value increased to about $320.6 billion from roughly $200.6 billion in 2024. The report said the expansion reflected broader institutional participation, though most new products remained concentrated in the lowest maturity tier.
Stablecoins accounted for more than $293 billion, or about 91.6%, of the market’s total tracked value, making them the dominant tokenized asset class by scale and utility, according to the report.
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Tokenized U.S. Treasurys grew to around $12 billion, led by products from institutions including BlackRock, Franklin Templeton, WisdomTree, and Fidelity Investments, though Pantera said most Treasury products still relied on custodian-mediated redemption and off-chain-ledger structures.
The report also said the market was more concentrated than headline figures implied. Excluding stablecoins, the top five issuance platforms accounted for about half of all scored assets. Pantera identified platforms, including Securitize, Maple Finance, and Ondo Finance, among the largest issuers by market presence.
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"The industry has successfully proven that assets can be represented onchain, but it has not yet proven that onchain representation fundamentally changes how those assets function," Pantera wrote in the report. "The gap between tokenization announcements and true tokenization maturity remains wide."
Per the report, tokenization should be measured not by whether an asset has been placed on a blockchain, but by whether it delivers the benefits blockchain infrastructure was designed to provide, including 24/7 settlement, cross-border transferability, lower operational friction, reduced intermediation costs, and broader investor access.
Pantera said the next phase of market maturation will be defined by utility metrics and real demand, including settlement speed, transfer costs relative to value moved, trading and transfer activity, and the amount of capital actively deployed in DeFi.