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- Tokenized assets hit $321B, but most still rely on traditional finance systems.
- Stablecoins dominate the market, while DeFi use remains limited across assets.
- Institutional demand rises as tokenized Treasury products approach $12B.
The global market for tokenized assets has reached $321 billion, yet Pantera Capital says most products still mirror traditional finance systems. Its latest report found limited use of automated blockchain processes and continued reliance on centralized structures across asset categories.
As per a report, Pantera reviewed 593 tokenized assets across 11 categories. The firm said progress toward fully onchain finance remains slow. Most products still depend on restricted access and offchain settlement systems.
The Tokenization Progress Index placed the market at 2.04 out of 5 for maturity. That score reflects limited development of blockchain-native features. A large portion of assets still operate under older financial models.
Tokenized Assets Remain Stuck in Wrapper Stage
According to the report, 77.6% of assets remain in the “wrapper” stage. In this phase, blockchain acts as a digital layer rather than core infrastructure. Only 2.7% reached the “native” category with automated and continuous operations.
Stablecoins dominate the sector by a wide margin. Pantera tracked more than $293 billion in stablecoin value. That figure equals about 92% of the total accountable market size of $322 billion.
The firm said stablecoins are the only assets operating at meaningful scale. They also show clear real-world blockchain use. Other categories have not reached similar levels of adoption or utility.
DeFi integration remains limited across most tokenized assets. Only 10.6% of reviewed assets showed meaningful composability. This feature allows assets to interact across blockchain applications.
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Most projects still rely on controlled issuance systems. The report said 91.1% use restricted minting and redemption processes managed by intermediaries. Only 13 assets supported near-automated mint-and-burn mechanisms.
That figure represents just 2.4% of the reviewed sample. It demonstrates the small number of projects that have little manual supervision. This reduces efficiency and scalability across the industry, Pantera said.
Institutional Demand Rises Despite Limited Onchain Progress
The report said that tokenization is a way to demonstrate that assets can be enabled onchain. However, it does not yet change how those assets function. The financial processes are overall still the same.
Despite these gaps, the interest in the institutions is still on the rise. In 2025, Pantera launched 168 new tokenized assets. This number is more than double the 78 launches seen in 2024.
The total value of tokenized U.S. Treasury products grew to nearly $12 billion. This growth was fueled by companies like BlackRock, Franklin Templeton, WisdomTree, and Fidelity. Their participation demonstrates increasing institutional demand.
Blockchain networks are also witnessing increased activity. Solana showed impressive growth in real-world asset utilization at Consensus Miami 2026. The network activity has increased by almost 1000% since the beginning of last year.
Solana’s Chief Product Officer Vibhu Norby highlighted growing payment use. He referred to the stablecoin payments that were tied to the Colombian and Philippine Meta programs. These trends highlight growth in use cases and minor structural change.
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