Pantera Report Scores 542 Tokenized Assets on Spectrum From Wrapper to Native

Roughly 78 percent of tokenized assets remain only as wrappers, according to a new report from crypto asset manager Pantera that scored 542 tokenized assets on a scale from wrapper to native. 6 percent of assets fell into the category of wrapper. A wrapper is a token that represents a claim on an offchain asset held by a custodian while native means issuance, redemption, and custody all happen fully onchain.

Finance leaders from BlackRock’s Larry Fink to Robinhood’s Vlad Tenev have displayed enthusiasm for tokenization. Major financial institutions including BlackRock, Franklin Templeton, and JPMorgan have made plays in tokenization. For many institutions, wrappers are a practical first step because they fit familiar compliance and operating models while improving distribution and access, the report’s authors Franklin Bi, Ally Zach, and Danning Sui wrote.

But they do not fully unlock what makes blockchains distinct. The report likened the current state of tokenization to the early 2000s when media companies posted PDFs online lacking links, search or other web features. “Tokenization is in its newspaper-on-a-website phase,” the Pantera report stated.

The $321 billion market has proven that assets can be distributed on-chain. It has not yet produced the native financial instruments that will define what tokenization actually becomes: programmable compliance, autonomous collateral management, real-time yield optimization, embedded governance, unbundling of assets into risks and revenue streams.

Those products cannot be wrapped from off-chain originals.

They have to be originated on-chain, the report stated. Despite the growth of the tokenization sector, Pantera counted 168 new tokenized assets launched in 2025. 6 percent of the total market value for tokenized assets.

The report only labeled 55 percent of stablecoins as wrappers, showing more maturity for the sector compared to other kinds of tokenized assets. Among all tokenized asset classes, 91 percent of tokenized assets require gated issuance and redemption.

“We consistently hear from the world’s leading banks and asset managers that tokenization is their primary focus for the next five years,” Pantera general partner Franklin Bi told Fortune.

“There’s a shared realization that the global financial system is migrating toward blockchain rails or infrastructure that is inherently global, programmable, and open,” Franklin Bi added. Recent progress on the CLARITY Act, which would create a regulatory regime for crypto, may offer firms the legal cover to make more ambitious experiments in tokenization, Fortune reported.