6 Brutal Truths Pantera Capital Exposed About Tokenization’s $321 Billion Reality

Pantera Capital's analysis of the $321 billion tokenization market reveals a low on-chain maturity score of 2.04 out of 5. A significant 77.6% of evaluated assets are merely digital wrappers around traditional financial infrastructure, failing to leverage blockchain's programmable features. Despite a 115% increase in new tokenized asset launches in 2025, most replicate existing structures rather than enabling continuous settlement or composability. Issuance scored particularly low at 1.82, with 91.1% relying on gated minting and custodian-mediated exits. While stablecoins dominate the market value (91.6%), private credit shows strong DeFi penetration. The report suggests the next phase of tokenization will be defined by utility metrics like settlement speed and capital deployment in DeFi, rather than just assets under management.

(Source：BeInCrypto)