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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