78% of $321.1B Tokenized Asset Market Remains Immature: Pantera Capital Report Released May 20

According to Pantera Capital's 'State of Tokenization' report released on May 20, the tokenized asset market has grown to $321.1 billion, but the vast majority of assets lack true blockchain functionality. Analyzing 593 tokenized assets across 11 asset classes, Pantera found the average Tokenization Progress Index (TPI) score was only 2.04 out of 5.

Of the 542 evaluated assets, 77.6% remain at the 'Wrapper' stage—the lowest maturity level where assets function as digital receipts with core operations still managed off-chain. Only 11.1% reached 'Hybrid' stage, while just 2.7% qualified as true native on-chain assets. Pantera noted that most tokenized products mirror traditional finance digitally rather than leveraging blockchain's unique capabilities for autonomous issuance, settlement, and DeFi composability.