Pantera Capital Highlights Tokenization Market Challenges

Pantera Capital has revealed that the $321 billion tokenization market remains immature, with an average score of 2.04 out of 5 on its Tokenization Progress Index (TPI), according to BeInCrypto. The report indicates that 77.6% of 542 scored assets function as digital wrappers around traditional financial infrastructure, failing to unlock programmable features. Despite a 115% increase in new tokenized asset launches in 2025, most assets replicate legacy structures. Stablecoins lead the market with $293 billion in tracked value, while private credit shows significant DeFi penetration. Pantera emphasizes the need for utility metrics to drive future growth.