Pantera says the tokenization market has grown to $321 billion, but remains structurally immature.
Its Tokenization Progress Index found most tokenized assets still operate as wrappers around traditional financial products.
Pantera says tokenization is growing fast, but not yet becoming the financial redesign many in crypto expected.
Most tokenized assets are still wrappers
The crypto asset manager analyzed 542 tokenized assets across 11 asset classes using its Tokenization Progress Index, a framework that scores issuance, transferability and composability from 1 to 5.
The average score was just 2.04. That matters. According to Pantera, roughly 77.6% of tracked assets sit in the “wrapper” tier, meaning they mostly reproduce traditional financial products onchain without fundamentally changing how those products work. Another 11.1% qualify as hybrid, while only 2.7% reach the native tier.
Pantera described the current phase as similar to putting a newspaper on a website. The con
