Tokenized Asset Market Rose to $321 Billion in Q1 2026
A new Pantera Capital report shows that while tokenized assets grew, most US Treasuries remained held rather than traded.
Updated on Sept. 29, 2026 in Investing
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The total market value for tokenized assets grew 60% between 2024 and Q1 2026, reaching a total of $321 billion. Despite this expansion, Pantera Capital researchers found that 81% of tokenized US Treasuries are currently held by investors rather than traded.
Why it matters
The findings highlight a disconnect between rapid product launches and active on-chain liquidity. While the industry is scaling, many new offerings prioritize speed to market over fully integrating blockchain-native capabilities.
The tokenization market reached $321 billion in Q1 2026, with stablecoins representing $293 billion of that total. Tokenized US Treasuries accounted for $12 billion in value, while the average Tokenization Progress Index score sat at 2.04 out of 5.
The players
Pantera Capital
This investment firm specializes in digital assets and blockchain technology and conducted the study on market progress.
The details
Pantera Capital surveyed 593 assets across 11 categories, revealing that 77.6% are classified as wrappers that rely on traditional custodians and gated minting. Only 2.7% of the assets scored qualified as true native tokens, indicating a reliance on legacy financial infrastructure.
Timeline
The total market value of tokenized assets was $201 billion in 2024.
A total of 168 new tokenized assets were launched throughout 2025.
Pantera Capital published its findings regarding the tokenized market in Q1 2026.
Market Dynamics
The report utilizes the Pantera Capital Tokenization Progress Index to quantify the industry's reliance on traditional custodial wrappers. This reflects a broader trend of institutional players favoring bridge technologies over fully decentralized financial systems.
Investors should note that the vast majority of tokenized Treasuries are currently being held, suggesting low secondary market liquidity for these specific instruments. Those seeking native blockchain assets should remain aware that most available products currently function as traditional wrappers.
The takeaway
While the total market for tokenized assets is expanding rapidly, the low percentage of native tokens shows the sector is still in an early, transitionary phase. Investors should look beyond marketing labels to understand whether a product is truly blockchain-native or merely a wrapper.
Further reading
For more on market analysis, explore our guide to Investing.
Source note: This article includes information reported by Crypto Briefing.
Live Poll
Do you trust that tokenized assets offer genuine financial innovation over traditional investment methods?
