Pantera Capital: 81% of tokenized Treasury value is held, not traded

Tokenized US Treasuries have crossed the $12B mark. But if you were hoping for a vibrant secondary market where these digital bonds change hands like baseball cards, you’d be disappointed. According to Pantera Capital’s latest State of Tokenization report, 81% of tokenized Treasury value just sits there, held rather than actively traded. Pantera’s Q1 2026 report surveyed 593 tokenized assets across 11 categories. The total market value hit roughly $321B, up 60% from $201B in 2024. Of the 542 scored assets, 77.6% are classified as “wrappers,” meaning they’re essentially blockchain receipts for assets that still live off-chain. Only 2.7% of the assets qualified as truly native tokens. The rest exist somewhere in between, carrying a blockchain label but relying on traditional custodians, gated minting processes, and intermediary-dependent redemptions. Pantera created something called the Tokenization Progress Index, or TPI, to measure how far along each asset is in its journey toward full on-chain functionality. The average score across all scored assets landed at 2.04 out of 5. For issuance and redemption features specifically, that number dropped to 1.82, making it the weakest dimen...