Market Overview & Low Maturity
The tokenized real-world assets (RWA) market has reached $321 billion, but it remains in the “newspaper-on-a-website” phase. According to Pantera Capital’s latest report, the average maturity score of 542 tokenized assets is only 2.04 out of 5.
77.6% of assets are still basic “wrappers” that simply copy traditional finance on blockchain. Only 2.7% qualify as truly native onchain instruments. Most products still use gated issuance and off-chain processes, limiting blockchain’s real benefits.
Strong Growth in 2025
The tokenization market showed impressive growth in 2025. 168 new tokenized assets were launched — a 115% increase from 78 launches in 2024. Total market value jumped 60%, rising from $200.6 billion to $320.6 billion.
However, Pantera described this growth as “getting wider, not deeper,” meaning more assets but very little improvement in quality and onchain functionality.
Stablecoins Dominate the Market
Stablecoins remain the clear leader, holding $293 billion — which is 91.6% of the entire tokenized market. They are the only category with large scale and meaningful onchain utility.
Tokenized U.S. Treasuries reached around $12 billion, led by big names like BlackRock, Franklin Templeton, WisdomTree, and Fidelity. Yet even these products mostly rely on traditional custodian models and off-chain structures.
Future Outlook & Challenges
Pantera Capital believes the industry has proven assets can be placed onchain, but it has not yet proven that tokenization truly improves how assets work.
True success will come from faster settlement, lower costs, better composability, and real DeFi usage. The next phase of tokenization will be judged by actual utility and demand rather than just market size.
