Pantera Capital’s latest report argues that the $321 billion market for tokenized real-world assets remains at a very early stage. While the sector has grown quickly, the firm says most offerings still function as blockchain-based wrappers around traditional financial infrastructure rather than fully native onchain products.
The report reviewed 542 assets and gave the market an average tokenization progress score of just 2.04 out of 5. That suggests the industry is still far from realizing the full benefits of blockchain-based settlement, custody, programmability, and composability.
Wrappers Dominate the Current Market
According to Pantera, 77.6% of the evaluated assets fall into the “wrapper” category, meaning they mainly represent traditional products brought onto blockchain rails. By contrast, only 2.7% were classified as “native,” highlighting how limited truly onchain-first asset structures remain in the current RWA landscape.
The finding points to a market that is expanding in size faster than it is evolving in structure. In other words, many tokenization efforts are improving access and distribution, but not yet fundamentally replacing legacy systems with new blockchain-native frameworks.
Strong Growth Expected in 2025
Even so, Pantera remains optimistic about the market’s near-term growth. The report projects that 168 new assets will launch in 2025, representing a 115% increase from 2024. It also forecasts total market value to climb from about $200.6 billion to $320.6 billion, a gain of roughly 60%.
The broader takeaway is that tokenized assets are scaling rapidly, but the sector is still in a formative phase. For market participants, the next key milestone may not be size alone, but whether more products move beyond simple tokenized wrappers toward genuinely native onchain financial infrastructure.