Tokenized Assets Market Remains Stunted in Early Stage

The $321 billion tokenized real-world asset market is still in its early stages, according to Pantera Capital. The firm describes the current state as a 'newspaper-on-a-website' phase, where most products function as blockchain-based wrappers around conventional systems rather than fully native instruments.

Pantera scored 542 tokenized assets across 11 asset classes using its Tokenization Progress Index. The average composite score across the market was 2.04 out of 5, with 77.6% of tracked assets falling into the wrapper tier and only 10.6% reaching meaningful DeFi composability.

The market expanded considerably in 2025, with 168 new tokenized assets launching during the year, up 115% from 78 launches in 2024. Total tracked market value climbed roughly 60% to $320.6 billion from $200.6 billion in 2024.