Pantera Capital’s Q1 2026 report indicates that the tokenized asset market has reached a total value of $321 billion, marking a 60% increase from $201 billion in 2024. Despite this growth, 81% of tokenized US Treasuries, which total $12 billion, are held rather than traded.
The firm analyzed 593 assets across 11 categories. Findings show that 77.6% of these assets act as blockchain wrappers for off-chain holdings, while only 2.7% are native tokens. The average Tokenization Progress Index score across all assets is 2.04 out of 5, with issuance and redemption features scoring 1.82.
Stablecoins dominate the sector with a market value of approximately $293 billion, representing 91.6% of the total market and achieving the highest TPI score of 2.67. Institutional products from BlackRock and Franklin Templeton account for a significant portion of the tokenized Treasury volume.
Market expansion continues, with 168 new tokenized assets launched in 2025, a 115% increase compared to the previous year. Most new assets remain in the wrapper category. Meanwhile, private credit products demonstrate higher DeFi integration, with penetration rates ranging from 21.4% to 64.3%.
