Pantera's September 2026 State of Tokenization report shows that building the market around is not around issuing tokenisation.

Pantera's September 2026 State of Tokenization report shows that building the market around is not around issuing tokenisation. https://lnkd.in/eiTUahmk The baseline: 671 tracked assets, $331.8bn. Stablecoins are $295.5bn of that, or 89.1%. Between late March and 30 June, stablecoins fell 2.3% while non-stablecoin value rose 13.3%. What I took from the data: 1. Access decides where trading happens. Among 110 non-stablecoin products worth $10mn or more, open-access tokens held 41% of value and generated 99.8% of June spot trading. Permissioned tokens held 59% and generated 0.2%. Of the 48 whitelist-only products, 46 fell below 1% monthly turnover. The report notes that product mix skews this, since 81% of Rates value is permissioned. 2. Liquidity depends on what the product is for. June turnover was 0.1% for Rates and 204.6% for Equities. Only 29 of 110 products cleared both the liquidity and distribution tests. A Treasury fund needs dependable redemption. An equity token needs execution. Collateral needs financing and a workable exit. 3. Demand for exposure is running ahead of ownership. Equity perps on Hyperliquid and Lighter traded $67.8bn in June against $4.2bn of onchain tokenized-equity spot volume, roughly 16x. That is not a comparison of invested capital. 4. Distribution is not participation. On Robinhood Chain, tracked value went from $5.6mn to $28.4mn in July. By 7 August, 669 addresses (1.0% of holders) held 95.1% of value. 5. Policy. The CLARITY Act did not advance in the Senate on 15 September. Two days later the SEC issued a five-year conditional exemption for certain tokenized-stock venues and liquidity providers. Source: Pantera Capital, The State of Tokenization, September 2026. #Tokenisation #Payments #Regulations

• Pantera's report highlights that market growth in tokenization is driven by factors beyond just issuance, with access and liquidity being key determinants of trading activity.
• While stablecoins dominate the current market, non-stablecoin assets are showing significant growth, though liquidity varies greatly by asset type and access model (open vs. permissioned).
• The report also touches on the demand for exposure outpacing ownership, the concentration of wealth among holders, and recent policy developments including SEC exemptions for tokenized stocks.

Topics: Scalability, Institutional adoption, Legal regulatory, Market depth liquidity, Asset manager initiatives, Securities law classification

Tags: #panteracapital #stateoftokenization #stablecoins #tokenizedassets #liquidity #access #distribution #policy #secexemption #onchaintrading

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