Pantera Capital: Tokenization Market Hits $332B As JP Morgan, HSBC And Fidelity Go Onchain

by
Alisa Davidson

Printed: September 29, 2026 at 10:30 am Up to date: September 29, 2026 at 10:07 am

by Anastasiia O

Edited and fact-checked:
September 29, 2026 at 10:30 am

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Enterprise capital agency Pantera Capital has launched its newest State of Tokenization report, a complete evaluation of a market that has grown to roughly $332 billion throughout 671 tracked property. 

The September 2026 version combines a quantitative baseline by means of June 30 with chosen third-quarter developments, and its central discovering is that tokenization is present process a structural shift: issuing tokens onchain has develop into simple, whereas constructing compliant, liquid secondary markets is now the business’s primary frontier.

Institutional participation accelerated sharply within the second quarter. In response to Pantera, main monetary establishments together with J.P. Morgan, HSBC and Constancy launched onchain merchandise, whereas development broadened past stablecoins — non-stablecoin tokenized worth rose 13.3% between Q1 and Q2, with stablecoins ending the interval at $295.5 billion, or 89.1% of complete market worth. Tokenized Treasuries added $3.5 billion to achieve $16.5 billion, and personal credit score grew $1 billion to $5.1 billion.

BlackRock’s tokenized Treasury fund BUIDL illustrates how institutional merchandise have gotten economically practical onchain. In June alone, the fund recorded $441 million in wallet-to-wallet switch worth — the most important in its cohort — and now operates a $1 billion every day redemption facility whereas being accepted as collateral, demonstrating that tokenized funds are shifting from proof of idea to operational infrastructure.

Client Rails and Collateral Markets Take a look at the Subsequent Part

On the distribution aspect, Robinhood Chain’s public mainnet launch on July 1 supplied an early take a look at of client demand. Tracked tokenized worth grew roughly fivefold within the first month, and weekly RWA quantity climbed from $5 million within the first week to about $888 million by late August, lifting the chain’s share of DEX quantity from 0.1% to 12.9%. Pantera cautions, nonetheless, that early pockets balances remained concentrated and small-dollar transfers dominated exercise.

Collateral markets additionally matured. The report finds that personal credit score put roughly 45% of its matched worth to work as DeFi complete worth locked, and lending protocols similar to Morpho financed rising volumes in opposition to tokenized RWA collateral, with internet provided capital rebounding to $187 million by quarter-end.

Regulation stays unresolved however is now not a tough blocker. The Senate’s failure to advance the CLARITY Act on September 15 left broader U.S. market-structure laws unsure, but a five-year conditional SEC exemption for sure tokenized-stock venues and liquidity suppliers permits the market to maintain creating beneath present guidelines. Pantera’s conclusion for establishments is pragmatic: give attention to the infrastructure that may be constructed inside in the present day’s framework — certified market makers, compliant venues and reliable redemption — and measure every product by the promote it was designed to serve.

Alisa, a devoted journalist on the MPost, focuses on crypto, AI, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.

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