Pantera analyzed 542 tokenized belongings with a complete worth of $320.6 billion.
77.6% belong to the “wrapped” class, a digital model of conventional belongings.
Funding agency Pantera Capital posits that the real-world asset (RWA) tokenization market remains to be in an early stage of improvement.
In its most up-to-date report, printed on Might 6, 2026, Pantera notes that a lot of the RWA trade continues to duplicate conventional monetary buildings, fairly than constructing really native devices for decentralized networks.
To assist his thesis, specialists in contrast the present second of tokenization with the early years of the Web. On this regard, they are saying:
The primary stage of web media consisted of newspapers copying and pasting articles onto web sites. Supply pace improved. Availability was expanded. However the format was similar.
Pantera Capital, funding firm.
For the agency, one thing related is at the moment occurring with a big a part of the tokenized belongings: The technological channel has modified, however the operational logic stays virtually the identical as in conventional finance.
Many of the belongings are nonetheless within the “wrapped” part
The corporate analyzes 542 tokenized belongings from 11 completely different classes, equal to about $320.6 billion in tracked market worth. The examine concluded that 77.6% of the merchandise evaluated nonetheless belong to the “wrapped” classthat’s, buildings the place a digital token exists, however the precise functioning of the asset continues to depend upon the underlying asset held by custodians, exterior registries and conventional monetary intermediaries.
An instance of this mannequin is a few tokenized US Treasury bond funds, comparable to BlackRock’s BUIDL, the place the token features extra as a digital proof of the actual asset than as a very autonomous instrument.
In that graph, the brown shade represents the “wrapped” belongings, that are 460 of the 593 surveyed. Grey corresponds to hybrid belongings, with 66 circumstances. Darkish inexperienced marks the native belongings, simply 16. Beige identifies 51 unqualified belongings, as a result of they correspond to pilots or ads that aren’t but lively. The principle studying is that 77.6% of the market stays concentrated within the “wrapped” part.
The report maintains that, in lots of circumstances, “the token provides a layer of information, however doesn’t change something about how the asset really works.”
Pantera additionally developed its personal index known as Tokenization Progress Index (TPI), designed to measure the precise diploma of tokenization maturity. The final common obtained by the belongings analyzed was 2.04 factors out of 5.
Pantera measures the maturity of every tokenized asset based mostly on three dimensions: issuance and redemption; transferability and settlement; and complexity and composability, that’s, the flexibility of an RWA to be built-in and used inside different digital monetary protocols. Within the graph, gentle inexperienced represents the primary dimension; the darkish inexperienced, the second; and yellow, the third.
Stablecoins seem as probably the most superior class, with higher mixed scores. On the reverse finish are actual property (actual property) and personal funding capital (non-public fairness)two classes that also current low operational maturity.
One of many central knowledge of the report signifies that 91.1% of the belongings evaluated nonetheless depend upon issuance and redemption mechanisms managed by directors or custodians. Solely 13 belongings reached fashions thought-about autonomous. This dependency explains why many merchandise proceed to operate as “wrapped”: The token might exist on the community, however its issuance, redemption, or validation remains to be tied to exterior infrastructure.
The corporate clarifies that this doesn’t indicate that the wrapped tokens are ineffective. In actual fact, it acknowledges that they will enhance distribution, entry and operational pace. Nonetheless, considers that they nonetheless signify an preliminary stage of the method.
For Pantera, the primary downside is evident: “The market is getting broader, not deeper.”
The market grows, however stays concentrated
Based on the examine, In 2025, 168 new tokenized belongings had been launched, a development of 115% in comparison with the 78 merchandise registered in 2024. Nonetheless, the vast majority of these launches proceed to duplicate fashions of low technological complexity.
The stacked bars present the variety of new tokenized belongings launched annually, divided by asset class. The gold line displays the worth on-chain whole of the market. Probably the most marked leap is noticed between 2024 and 2025, when the worth went from 200.6 billion {dollars} to 313.7 billion. On the 2026 lower, the market reached $321.1 billion.
The doc additionally reveals a powerful market focus. Stablecoins signify $293 billion, equal to 91.6% of the full worth tracked by Pantera.
On this graph, the bars point out the worth on-chain of every asset class, whereas the golden line marks the typical TPI of every class. The stablecoins focus 293.7 billion {dollars} and have the best common TPI, of two.67. They’re adopted by tokenized US Treasury bonds, with $12 billion and a TPI of two.15. The distinction reveals that the market just isn’t solely concentrated in a single asset class, but additionally within the class that achieved the best working revenue.
Based on the agency, stablecoins are at the moment the one class that It achieved important financial scale together with concrete utility inside the digital monetary ecosystem.
Pantera considers really “native” merchandise to be these designed on to function on decentralized infrastructure, with out counting on parallel registries or exterior guide processes.
Among the many most superior examples mentions sky greenback (USDS, previously DAI) from MakerDAO and GHO from Aave. In contrast to conventional wrapped belongings, these belongings had been created to operate totally inside automated protocols, with issuance, collateralization and operations managed by way of sensible contracts, as defined by CriptoNoticias.
The report argues that the following stage of tokenization won’t be outlined by merely “placing extra belongings on the community,” however fairly by constructing devices which might be unattainable to duplicate by way of conventional monetary infrastructure.
At this level, Pantera mentions future merchandise with steady settlement, computerized collateral administration, programmable technology of monetary efficiency and belongings whose money flows, dangers or possession rights will be separated and traded individually in actual time.
The report additionally highlighted that giant conventional establishments are already actively advancing tokenization. These embrace BlackRock, Franklin Templeton, Constancy, WisdomTree and JPMorgan, primarily by way of merchandise linked to tokenized US Treasury bonds.
Particularly, Franklin Templeton tasks a extra accelerated enlargement of the market and highlights that tokenization will find yourself integrating conventional monetary establishments and digital belongings into a typical infrastructure. In actual fact, it predicts that it may exceed $16 trillion in 2023.
Nonetheless, Pantera highlights that even a big a part of these institutional developments continues to function beneath “wrapped” fashions, the place core processes proceed to depend upon conventional monetary infrastructure and offline validations.
