According to Pantera Capital's latest report, the $321 billion tokenization market still averages 2.04 out of 5 on its on-chain maturity index, with 77.6% of 542 scored assets functioning as digital wrappers around traditional financial infrastructure. The asset manager described the sector as stuck in a "newspaper-on-a-website" phase, where placing assets on a blockchain has not unlocked programmable features. New tokenized asset launches climbed 115% in 2025, yet most replicated legacy structures rather than enabling continuous settlement or composability. The Tokenization Progress Index scored issuance particularly low at 1.82 out of 5, with 91.1% of assets still relying on gated minting and custodian-mediated exits. Only 13 products achieved autonomous mint-and-burn functions, highlighting a severe deficiency in automated issuance.
According to Pantera's analysis, stablecoins accounted for $293 billion, or 91.6% of total tracked value, and posted an average TPI of 2.67. The firm noted that stablecoins remain the only category combining real economic scale with measurable on-chain utility. Private credit emerged as the standout non-stablecoin category for DeFi penetration, with 21.4% of value already active on-chain, ahead of actively-managed strategies at 19.6%. Tokenized U.S. Treasuries reached above $15 billion through products from BlackRock, Franklin Templeton, and Fidelity Investments, yet still depend on off-chain ledger structures. Ninety-four percent of tokenized equity spot volume has settled on Solana, validating its position as a liquidity platform, with the company expecting privacy layers to be built on top if demand arises.
As reported by Pantera, the composite average reached 2.04 out of 5, with 11.1% qualifying as hybrid and only 2.7% achieving native status. The market's reliance on custodian-mediated exits further restricts utility, as investors cannot fully access blockchain benefits when traditional gatekeepers control transfers. This dependency undermines the core promise of decentralization in financial markets. Excluding stablecoins, the top five platforms including Securitize, Maple Finance, and Ondo Finance hold roughly half of all scored assets. Public chains such as Optimism and Base outscored permissioned networks like Canton, which averaged 1.75. Only 12% of scored assets reached the threshold for meaningful DeFi composability, indicating that interoperability remains a significant hurdle for the industry.
According to Pantera's report, the next phase will be judged by utility metrics rather than assets under management figures, including settlement speed, transfer costs, trading activity, and capital actively deployed in DeFi. The issuers moving beyond wrappers toward composable, on-chain native instruments could define the sector's credibility through 2026. The firm argued that the industry must prove that on-chain representation fundamentally changes asset functionality beyond simple representation on blockchain infrastructure. DeFi Development, a B2B fintech marketplace, is leveraging Solana for commercial real estate lending, targeting a long-term leverage ratio of approximately 30% to avoid forced rebalancing cycles, citing Solana's superior user experience and upcoming Alpenglow upgrade as key advantages.
