Funding agency Pantera Capital claims that the true world asset (RWA) tokenization market remains to be in its early phases of growth.
In its newest report revealed on Could 6, 2026, Pantera notes that a lot of the RWA business continues to duplicate conventional monetary constructions quite than constructing actually native automobiles for decentralized networks.
To help his thesis, Consultants in contrast the present second of tokenization to the early days of the web. Relating to this they are saying:
The primary part of Web media consisted of newspapers copying and pasting articles onto their web sites. Supply velocity has been improved. Availability has been expanded. Nonetheless, the format was the identical.
Pantera Capital, an funding firm.
The corporate is at the moment doing one thing related with nearly all of its tokenized property. Though the technological channels have modified, the operational logic stays largely the identical as in conventional finance.
Most property are nonetheless within the “wrap” part
The corporate analyzes 542 tokenized property from 11 totally different classes. This equates to roughly $320.6 billion in trailing market worth. The research concluded: 77.6% of rated merchandise nonetheless belong to the “pre-packaged” classThat’s, a construction by which digital tokens exist, however the precise performance of the property stays depending on the underlying property held by custodians, exterior registries, and conventional monetary intermediaries.
Examples of this mannequin embrace some tokenized US authorities bond funds, resembling BlackRock’s BUIDL. On this case, the token features as a digital proof of an actual asset, quite than as a totally autonomous instrument.
On this graph, brown represents “wrapped” property, 460 of the 593 surveyed. Grey corresponds to hybrid property, of which there are 66. Darkish inexperienced signifies native property (solely 16). Beige signifies 51 ineligible property that correspond to pilots or adverts that haven’t but been activated. The important thing studying is that 77.6% of the market remains to be concentrated within the “wrap” part.
The report claims that in lots of circumstances, “tokens add a layer of information however don’t change something about how the asset really works.”
Pantera has additionally developed its personal index referred to as . Tokenization Progress Index (TPI), designed to measure precise tokenization maturity.. The general common obtained from the property analyzed was 2.04 out of 5.
Pantera measures the maturity of every tokenized asset primarily based on three features: Issuance and redemption. Transferability and Settlement. Complexity and composability, the power of RWA to be built-in and used inside different digital monetary protocols. Within the graph, gentle inexperienced represents the primary dimension. Darkish inexperienced, second. And the third yellow.
Stablecoins have a greater total rating and seem as essentially the most superior class. On the different finish of the spectrum, actual property (actual property) and personal funding capital (non-public fairness)two classes that also have low operational maturity.
One of many report's core knowledge reveals that 91.1% of valued property nonetheless depend on issuance and redemption mechanisms managed by custodians or custodians. Solely 13 property reached a mannequin that will be thought-about autonomous. This dependency explains why many merchandise proceed to operate in a “wrapped” state. A token might exist on a community, however its issuance, redemption, or validation remains to be tied to exterior infrastructure.
The corporate clarifies that this doesn’t imply wrapped tokens are ineffective. In actual fact, we acknowledge that it will probably enhance distribution, entry, and operation velocity. however, We imagine they’re nonetheless within the early phases of the method.
For Pantera, the primary drawback is evident. “The market is getting wider, not deeper.”
Market is rising however stays concentrated
In response to analysis, In 2025, 168 new tokenized property had been launched, a rise of 115% in comparison with 78 merchandise registered in 2024.. Nonetheless, nearly all of these launches proceed to duplicate fashions with low technical complexity.
The stacked bars present the variety of new tokenized property launched annually by asset class. Golden line displays worth On-chain complete market. Probably the most important improve will probably be noticed between 2024 and 2025. When the worth went from $200.6 billion to $313.7 billion. As of the 2026 drawdown, the market reached $321.1 billion.
The doc additionally reveals the robust focus of the market. Stablecoins are value $293 billion, or 91.6% of the whole worth tracked by Pantera.
On this graph, the bars point out the values On-chain The gold line reveals the common TPI for every class. steady coin 293.7 billion was concentrated, and the common TPI was the best at 2.67.. That is adopted by tokenized US Treasuries with $12 billion and TPI of two.15. This distinction reveals that the market isn’t solely concentrated in a single asset class, but additionally within the classes that achieved the best working earnings.
In response to the corporate, at the moment stablecoins are This has achieved important financial scale, together with tangible utility throughout the digital monetary ecosystem.
At Pantera, we imagine {that a} actually “native” product is one that’s designed to work immediately on a distributed infrastructure, with out counting on parallel registries or exterior handbook processes.
Among the many most superior examples MakerDAO's Sky Doll (USDS, previously DAI) and Aave's GHO are talked about.. In contrast to conventional wrapped property, CriptoNoticias explains that these property are created to work inside a totally automated protocol, with issuance, collateralization, and operations managed by sensible contracts.
The report argues that the subsequent part of tokenization won’t be outlined just by “placing extra property on the community,” however by constructing devices that can not be replicated by conventional monetary infrastructure.
For now, Pantera is speaking about future merchandise with steady settlement, automated collateral administration, programmable monetary efficiency era, and property that may be traded individually in real-time with separation of money stream, threat, and possession.
The report additionally highlighted that enormous conventional establishments are already actively tokenizing. These embrace BlackRock, Franklin Templeton, Constancy, WisdomTree and JP Morgan, primarily by merchandise linked to tokenized US authorities bonds.
Particularly, Franklin Templeton predicts additional acceleration in market enlargement, highlighting: Tokenization will in the end unify conventional monetary establishments and digital property onto a typical infrastructure. In actual fact, we predict it might exceed $16 trillion by 2023.
Nonetheless, Pantera emphasizes that even nearly all of these institutional developments proceed to function underneath a “wrapped” mannequin, with core processes persevering with to depend on conventional monetary infrastructure and offline verification.
