$321B Tokenized RWA Hits 2.04/5 Maturity Per Pantera Index

Key Points

• Pantera Capital reviewed 593 tokenized assets across 11 categories and found the $321 billion market averaged 2.04 out of 5 on its Tokenization Progress Index.
• 77.6% of tokenized assets remain in the “wrapper” stage where blockchain serves as a digital shell for traditional financial products, with only 2.7% reaching native onchain functionality.
• Stablecoins dominate at more than $293 billion (92% of accountable market size), while only 10.6% of reviewed assets show meaningful DeFi composability.

Pantera Capital said the $321 billion tokenized real-world asset market still operates like traditional finance with a blockchain layer added on top, with the firm’s Tokenization Progress Index report concluding that the industry “has not yet proven that on-chain representation fundamentally changes how those assets function.”

The $321B Tokenization Progress Index

Pantera Capital reviewed 593 tokenized assets across 11 categories and published the findings in its Tokenization Progress Index (TPI) report on Wednesday.

The market averaged just 2.04 out of 5 on the TPI maturity scale, with most products relying on centralized controls, restricted access, and offchain settlement instead of automated blockchain infrastructure.

77.6% of reviewed assets remained in the “wrapper” stage where blockchain mainly serves as a digital shell for traditional financial products.

Only 2.7% of assets reached the “native” category with features such as continuous settlement, composability, and automated onchain operations.

10.6% of the reviewed assets showed meaningful DeFi composability, the feature that lets tokens interact across blockchain applications without bespoke integration.

91.1% of projects still relied on restricted minting and redemption systems controlled by intermediaries rather than automated smart-contract logic.

Only 13 of the 593 assets, or 2.4%, supported near-automated mint-and-burn mechanisms without heavy manual oversight.

The Stablecoin Dominance Numbers

Stablecoins dominated the tokenized asset market at more than $293 billion of tracked value, roughly 92% of the total accountable market size of $320.6 billion.

Pantera said stablecoins remain the only tokenized assets operating at meaningful scale with clear real-world blockchain use across payments, settlement, and DeFi liquidity.

Tokenized U.S. Treasury products grew to nearly $12 billion, with BlackRock, Franklin Templeton, WisdomTree, and Fidelity driving much of the institutional demand-led expansion.

168 tokenized asset launches were recorded in 2025, more than double the 78 launches recorded in 2024.

The launch acceleration is genuine, but Pantera’s TPI scoring suggests most of those new products entered the wrapper stage rather than the native stage.

The reframe matters: the market is not failing to launch tokenized products, it is failing to ship the on-chain functionality that would make those products materially different from traditional finance.

Stablecoins are the exception that proves the rule, since they are the only segment where on-chain representation actually changes how the asset functions in payments and settlement.

The Solana Foundation Reaction

The Solana Foundation pointed to rising institutional activity during Consensus Miami 2026, framing its network as one of the venues where on-chain native functionality is shipping.

Chief Product Officer Vibhu Norby said real-world asset activity on Solana has climbed nearly 1,000% since early last year.

Norby also highlighted growing stablecoin payment use tied to Meta’s creator payout programs in Colombia and the Philippines, citing those flows as a leading indicator of native on-chain utility.

The Solana Foundation framing positions native-stage functionality as the differentiator that will separate the next round of issuers from the wrapper-stage cohort.

Whether the broader market follows that path depends on regulatory treatment of automated mint-and-burn mechanics, since the 91.1% of projects relying on intermediary control reflect both regulatory caution and incumbent inertia.

Pantera’s data implies that the next leg of category growth has to come from native-stage products, not from incremental wrapper-stage launches.

Issuers evaluating their own tokenized issuance roadmap can model the fee structure of a tokenized issuance against the maturity-stage benchmarks the TPI report establishes.

Whether 2026 produces the first wave of native-tier products at scale depends on issuers integrating automated settlement into the underlying token contracts rather than bolting compliance overlays onto existing wrappers.

For a deeper breakdown of how institutional treasury products are reshaping on-chain capital, read Commodara’s analysis of BlackRock BUIDL’s $2.63B DeFi reserve adoption.