Pantera Capital reported that the $321 billion tokenization market is still about 2.04 out of 5 on-chain maturity index, with 77.6% of the 542 scored assets working as digital wrappers around the world’s social infrastructure.
The financial manager explained that the sector was stuck in the “newspaper-on-a-website” sector, where putting assets on the blockchain did not open up new possibilities. New assets created by tokens increased 115% in 2025, but most of them were replaced by stable or stable assets.
Wrappers Monitor When the Release Remains in the Vehicle
Pantera got 542 life tokenized assets across 11 categories using the Tokenization Progress Index (TPI), which measures abstraction, transferability, and composability on a five-point scale.
The average of the groups reached 2.04, where 11.1% qualified as a hybrid and only 2.7% achieved their status.
Discharge has reached a very bad 1.82 out of 5. The company said that 91.1% of the products are still dependent on meetings and exits managed by management, while only 13 products have achieved independent work.
The projected value grew nearly 60% to $320.6 billion from $200.6 billion in 2024. Pantera called the market trend “widening, not deepening,” with new production coming faster than infrastructure depth.
Stablecoins Lead Scale, Private Credit Leads DeFi
Stablecoins took $293 billionor 91.6% of the total cost of compliance, and posted an average TPI of 2.67. According to Pantera, stablecoins remain the only category that combines real-world wealth with quantifiable on-chain assets.
Private debt appeared as standout non-stablecoin entry group DeFiwith 21.4% of the value that has been working on the chain, ahead of actively managed methods at 19.6%.
Tokenized US Treasuries reached over $15 billion through investments from BlackRock, Franklin Templeton, and Fidelity Investments, but still depends on what’s on the books.
Excluding stablecoins, the top five platforms, including Securitize, Maple Finance, and Ondo Finance, account for nearly half of all acquired assets.
Public chains such as Optimism and Base have passed approvals networks like Cantonwhich was about 1.75. Only 12% of the mined assets reached the threshold for DeFi compatibility.
“These companies have successfully proven that assets can be represented on the chain, but they have not proven that the representation on the chain changes the way the products work,” Pantera Capital. he said in the report.
What Will Follow
Pantera said that the next stage will be judged by important metrics instead of the economy under management, including the speed of money, exchange rate, trading activity, and money that will be used for DeFi.
Producers who go beyond the bonds to be able to integrate, chain-type devices can define the integrity of the sector until 2026.
A note 6 Brutal Truths Pantera Capital Reveals About $321 Billion Tokenization appeared for the first time BeInCrypto.
