According to Woofun AI, Pantera Capital's 2026 mid-year report reveals the profound structural transformation the tokenization market is undergoing. Data as of June 30, 2026 shows that although it is no longer difficult for assets to go online, the core challenge for the next phase is to build a secondary market with compliance, high liquidity, and capital efficiency. Market participation and trading volume showed significant differentiation rather than uniform growth. The report combines operational developments in the third quarter, including Robinhood (HOOD.US) Chain's performance as of August 31 and key policy updates in September, pointing out that the agency must re-examine its infrastructure construction path under the current regulatory framework.
This shift marks a shift in the industry from simple technology deployment to deep exploration of actual economic utility and market depth. Compliance and liquidity have become two key variables that determine the true value of assets. The report emphasizes that although the total value of tokenized assets continues to expand, trading activity has not spread at the same time, and different asset classes and entry conditions have led to very different market performance, which requires investors and issuers to more carefully evaluate the degree of compatibility between the intended use of the product and infrastructure.
This structural differentiation not only reflects the increase in market maturity, but also reveals the deep gap between traditional financial needs and on-chain technical capabilities in the current tokenization ecosystem, which indicates that future competition will focus on who can provide more efficient and compliant market access solutions.
It is worth noting that this conclusion is not based on a single macro indicator, but is based on microdata analysis of hundreds of assets, multiple trading sites, and loan agreements, and has a high degree of empirical support. The market is moving from the technical verification stage of 'whether it can go on the chain' to the economic verification stage of 'how to effectively trade and finance'. The pain and opportunity of this transition period coexist, providing participants with a critical window for repositioning strategies. The report's five main findings cover a comprehensive analysis from derivatives demand, retail distribution, impact of entry conditions, and differences in turnover rates to regulatory paths, providing a clear framework for understanding the current market pattern. Together, these findings point to a central idea: the real potential of tokenization is not to copy assets onto the blockchain, but to change the functional properties of these assets so that they can be distributed globally, have tradable liquidity, be used as collateral, and connected to programmable markets, thereby fundamentally improving the utility of financial assets. For banks, asset managers, and wealth management platforms, this means developing new types of trading, investment, and financing products to meet the diverse needs of customers in an on-chain environment while ensuring compliance with increasingly complex regulatory requirements.
This process involves not only technology integration, but also a complete restructuring of legal structures, operational processes, and risk management. Using a combination of quantitative data and qualitative analysis, the report explores in depth where these changes are occurring and the infrastructure elements needed to support these activities. For example, the high trading volume of on-chain stock derivatives revealed strong market demand for price exposure, while Robinhood Chain's early performance showed the potential of retail distribution channels, although its position concentration is still high.
At the same time, the decisive influence of entry conditions on the liquidity of the secondary market shows that open transfer is a prerequisite for forming an open market, but it is not a sufficient condition. Product design and investor needs are also critical. Furthermore, differences in turnover rates between asset classes further explain that trading activity is not a common indicator for measuring the success of tokenization. Yield assets may rely more on reliable redemption mechanisms, while transactional assets require deep market support. Finally, the interaction between regulatory progress and institutional infrastructure construction shows that although comprehensive legislation has yet to be settled, specific exemption policies and industry practices are providing a viable path for market participants. Together, these findings paint a complex yet opportunitive picture of a market where compliance, liquidity, and capital efficiency will be critical factors in deciding whether to win or lose. Institutions need flexibility to respond to regulatory changes while investing in infrastructure that enhances product availability and customer engagement to gain an advantage in the upcoming market consolidation.
This structural transformation is not only an evolution of technology, but also a reshaping of financial infrastructure. Its profound impact will gradually become apparent over the next few years, reshaping the pattern of global asset management. The final section of the report also looks at future trends, including the participation of AI agents, the development of privacy infrastructure, and interoperability with traditional finance. These emerging fields are expected to further expand the application boundaries of tokenized assets and inject new vitality into the market. Overall, Pantera Capital's interim report provides a comprehensive and in-depth view of the industry, helps participants better understand the complexity of the current market, and provides data support and direction guidance for future strategic decisions. As the market continues to mature, institutions that can take the lead in solving compliance and liquidity challenges are expected to take the lead in the next phase of the tokenization revolution.
This process requires interdisciplinary collaboration and innovation, involving various fields such as technology, law, finance, and operations. Its success will depend on the ability of all parties to effectively collaborate to build an efficient, transparent, and inclusive tokenized ecosystem. The publication of the report coincides with key market milestones, and its insights are an important reference for understanding current dynamics and predicting future trends. Through detailed analysis of various data and market performance, the report revealed the transition characteristics of the tokenized market from barbaric growth to standardized development, and emphasized the importance of infrastructure construction and compliance.
This transformation not only affects native crypto players, but also profoundly affects the strategic layout of traditional financial institutions. As more asset classes are tokenized and more application scenarios are explored, the market will become more diversified and competition will become more intense. Institutions need to pay close attention to regulatory developments and adjust strategies in a timely manner to ensure that market opportunities are maximized under the premise of compliance.
Meanwhile, technological innovation will continue to drive market development, such as multi-chain deployment, privacy protection, and AI integration. These technologies will further enhance the utility and appeal of tokenized assets. The report's data and analysis provided strong evidence of this process, helping participants to more accurately grasp the pulse of the market. In short, the structural transformation of the tokenized market is a complex but inevitable process, the core of which is to achieve a balance of compliance, liquidity, and capital efficiency. Only institutions that can deeply understand this balance and execute it effectively can stand out in future markets. The publication of the report is not only an industry summary, but also a strategic warning, reminding all participants to pay attention to fundamentals and avoid being misled by short-term market fluctuations. Through in-depth analysis of various indicators and market performance, the report provides a clear roadmap for the industry to guide participants to a more mature and sustainable stage of development.
This phase is characterized by a greater focus on quality over quantity, more emphasis on effectiveness than concept, and more emphasis on compliance rather than speculation. This transformation will help enhance the credibility and stability of the entire industry and attract more traditional capital to enter, thereby driving the tokenized market into the mainstream. The final section of the report also highlights the importance of cross-agency collaboration, arguing that only through joint efforts can a truly efficient and inclusive tokenized ecosystem be built.
This view is particularly important in the current market environment, where it is difficult for a single agency to solve all technical, legal, and operational challenges on its own. Cooperation not only helps reduce risk, but also accelerates innovation and enhances overall market competitiveness. Therefore, the report calls on industry participants to strengthen communication and cooperation to jointly promote the healthy development of the tokenized market.
This appeal has received widespread response, and many agencies have begun exploring cooperation models, such as joint infrastructure development and sharing compliance resources. These early attempts show good prospects and are expected to lay the foundation for future large-scale collaborations. Overall, Pantera Capital's interim report is an invaluable industry document, the depth and breadth of which provides an important reference for market participants. Through detailed analysis of various data and market performance, the report revealed the transition characteristics of the tokenized market from barbaric growth to standardized development, and emphasized the importance of infrastructure construction and compliance.
This appeal has received widespread response, and many agencies have begun exploring cooperation models, such as joint infrastructure development and sharing compliance resources. These early attempts show good prospects and are expected to lay the foundation for future large-scale collaborations. Overall, Pantera Capital's interim report is an invaluable industry document, the depth and breadth of which provides an important reference for market participants. In terms of market size, the total number of assets tracked reached 671, with a total market capitalization of $331.8 billion. Among them, non-stablecoin assets grew 13.3% from the first quarter to the second quarter, showing strong growth momentum.
This increase is mainly due to the expansion of tokenization of assets other than stablecoins, such as treasury bonds, stocks, credit, and commodities. Despite a slight decline in the size of stablecoins, they still account for most of the total market value, showing their fundamental position in the tokenization ecosystem. The growth of non-stablecoin assets indicates that the market is expanding from a single payment instrument to a wider range of asset classes, providing investors with more diverse options.
At the same time, it also reflects the issuer's progress in product design and technology implementation, enabling more types of assets to be successfully added to the chain and tested by the market. This trend is expected to continue in the future. As the regulatory environment improves and infrastructure improves, more traditional assets will be tokenized to further enrich market supply.
However, growth is also accompanied by differentiation, and there are significant differences in the performance of different asset classes, which requires investors to be more careful in choosing investment targets. Through detailed data analysis, the report revealed the reasons behind this differentiation, including factors such as entry conditions, product design, and market demand. These factors work together to determine the market performance and liquidity status of various assets. Therefore, understanding these drivers is critical to developing an effective investment strategy. The report also pointed out that although the size of the market is expanding, market depth and liquidity have not increased at the same time, which limits the efficiency of the market to a certain extent. In particular, among licensed products, the lack of liquidity is particularly prominent, which poses a greater risk of withdrawal for investors. Therefore, how to improve market liquidity has become one of the main challenges facing the industry today. The report suggests some possible solutions, such as introducing market makers and optimizing product design, but implementing these measures requires time and resource investment.
At the same time, uncertainty in regulatory policies also poses additional risks to the market, and institutions need to explore innovation paths under the premise of compliance. Overall, the growth in market size has brought new opportunities to the industry, but it also puts forward higher requirements, requiring all parties to work together to build a healthier and more sustainable market ecosystem. In this context, demand for on-chain stock derivatives is extremely strong and has become the focus of market attention. Data shows that in June alone, stock perpetual contract trading volume on Hyperliquid and Lighter reached $67.8 billion, which is about 16 times the spot volume of tokenized stocks on the observable chain.
This huge contrast reveals the strong demand for price exposure in the market, and investors prefer to establish positions through derivatives rather than directly holding underlying tokenized assets. This preference may stem from the highly leveraged nature of derivatives, which allows investors to obtain greater market exposure with less capital, while also avoiding the liquidity and transfer restrictions that may be faced by directly holding tokens.
Furthermore, perpetual contracts have no expiration date, providing a more flexible trading experience, attracting a large number of speculators and hedgers to participate. However, high trading volume is not the same as high liquidity or high participation. Leverage and frequent position adjustments can amplify the nominal transaction amount, but the actual investment may be far less. Therefore, when evaluating market activity, it is necessary to distinguish between nominal transaction volume and actual capital size.
Despite this, this data still shows that tokenized stocks have an important position in the derivatives market, and their price discovery function is being used. This trend is likely to strengthen further as more derivatives platforms and products are launched, driving the further development of the tokenized stock market.
At the same time, it also poses a challenge to the spot market. How to improve spot liquidity to match the needs of the derivatives market has become a key issue for issuers and trading places to solve. The report points out that the development of the derivatives market can provide liquidity support to the spot market, but it may also increase price fluctuations, requiring careful risk management. In short, the high demand for on-chain stock derivatives reflects the market's recognition of tokenized assets, but it also reveals the limitations of the current market structure, requiring all parties to work together to improve overall market efficiency. The launch of Robinhood Chain provided a new channel for retail distribution of tokenized assets, and its early performance showed some potential.
The chain publicly launched its main network on July 1, and selected shares of well-known companies including Nvidia (NVDA.US), Apple (AAPL.US), and Tesla (TSLA.US), and tokenized versions of ETFs such as SPY and QQQ. In the first month after launch, the value of tracked tokenized assets increased almost fivefold from $5.6 million to $28.4 million. Trading volume also increased significantly. RWA's weekly trading volume rose from $5 million in the first week to $887.5 million in the last week of August, accounting for 0.1% to 12.9% of the chain's DEX trading volume. These data suggest that product launches are translating into actual holdings and growing interest in trading, and retail users are showing strong interest in tokenized stocks and ETFs.
However, early results show that the actual capital size, liquidity, and holdings of stock tokens are still quite concentrated. As of August 3, out of 202 tracked RWA contracts, only 96 had been funded, and the median transfer amount was only $0.0014, indicating that a large number of small transactions may have come from bots or testing activities rather than real financial participation.
Furthermore, holdings are highly concentrated. The top ten transfer addresses contributed 89.4% of the number of transfers, and about 1% of holders' addresses controlled 95.1% of the tracked asset value. This shows that despite the wide coverage of the platform, most of the actual capital value is still concentrated in a few products and addresses. Transforming platform coverage into ongoing engagement requires more than just increasing the number of products; it also requires improving product appeal, mobility, and user experience. The Robinhood Chain case shows that retail distribution channels have huge potential, but it takes time to nurture the market, build trust, and regulate trading behavior. As more products are launched and functions are improved, its market performance is expected to further improve, becoming an important force in tokenized asset distribution.
This case also provides a reference for other platforms, showing how to attract retail users to participate in the tokenized market through technology integration and user interface optimization. At the same time, issuers and trading venues are also reminded that they need to pay attention to the concentration of positions and the authenticity of transactions to avoid market manipulation and risk accumulation. In short, the early performance of Robinhood Chain provided valuable experience for the retailing of tokenized assets, which heralds the emergence of more similar platforms in the future, which will further expand the user base of the tokenized market. The decisive influence of entry conditions on the liquidity of the secondary market was fully confirmed in the report. Of the 110 individual non-stablecoin products worth at least $10 million, open access products accounted for 41% of the total value, yet contributed 99.8% of the month's observable spot trading volume. In contrast, licensed products account for 59% of the total value and only contribute 0.2% of transaction volume.
This huge contrast shows that open transfers are a prerequisite for the formation of an open market. Licensed products usually set identity or address restrictions on token recipients, so that tokens can only be transferred between approved addresses and cannot enter ordinary public funds pools, thereby seriously limiting trading opportunities and liquidity.
However, the product composition also influenced this comparison result to a certain extent. Permissioned assets are mainly concentrated in funds for the purpose of obtaining profits, such as interest rate assets. Such assets themselves are not designed for frequent transactions, but are mainly used for holding and redemption. As a result, the low trading volume partly reflects the original intention of the product design, rather than just the restrictions on entry conditions.
Despite this, the dominant position of open access products in tradable assets such as stocks and commodities still proves the importance of freedom of transfer to market vitality. The report indicates that transfer restrictions may narrow the range of eligible buyers and trading venues, leading to insufficient market depth. For issuers who wish to establish an active secondary market, transfer restrictions should be relaxed as much as possible under the premise of compliance, and market makers and trading venues should be introduced to enhance liquidity.
At the same time, it is also necessary to consider product characteristics and target investor groups to avoid blindly pursuing high liquidity while ignoring risk and compliance requirements. In short, entry conditions are a key factor in determining the liquidity of the secondary market, but they are not the only factor; they require comprehensive consideration in combination with product design and market demand. Differences in turnover rates between asset classes further reveal the liquidity paradox. According to the data, the monthly spot turnover rate for stock tokens is as high as 204.6%, while interest rates are only 0.1%, commodities are 16.7%, credit is 9.5%, and private equity funds are 9.4%.
This difference indicates that trading activity is not a general measure of the success of tokenization. For stock tokens, the high turnover rate reflects their characteristics as transactional assets, and market depth and transaction quality are the focus of the evaluation. However, for interest-rate assets, a low turnover rate is in line with their position as a yield-based asset. Investors pay more attention to reliable redemption and income stability rather than frequent transactions. Similarly, when credit assets are used as collateral, their value lies in borrowing activities and settlement arrangements rather than the frequency of spot transactions. Therefore, when evaluating tokenized products, it is necessary to match the metrics to their intended use. The report also visualizes the differences in liquidity between categories by estimating the number of days required to sell $10 million in assets. When controlling the daily trading volume to 15% of the observable average daily spot trading volume, interest rate products take about 126.5 days, stocks take about 0.5 days, private equity funds take 11.2 days, credit 4.9 days, and commodities 2.8 days.
This estimate does not include issuer redemption channels, nor does it take into account the price impact of large transactions, but it is sufficient to explain the huge difference in liquidity in the spot market. For low turnover instruments, the design of the trading venue is critical. The automated market maker model may not be suitable, while inquiry transactions, market making incentives, and issuer-supported redemptions may be more effective. In short, differences in turnover rates reflect the diversity of asset characteristics and market structures, and require investors and issuers to adopt differentiated strategies to optimize capital efficiency and risk control. Analysis of the progress of multi-chain deployment and concentration of holdings shows that asset distribution is becoming more scattered, but wallet holdings are still uneven.
The non-stablecoin assets tracked were spread from January 2023 on only 3 chains to 23 chains in June 2026. Over the same period, the share of the largest chain (Ethereum) fell from 87.8% to 53.8%, a decrease of 34 percentage points; the Huffindahl-Hirschman Index, which measures market concentration, fell from 0.8 to 0.3. The lower the value, the more scattered the distribution. This shows that multi-chain deployment has changed from a few situations to a basic characteristic of the market. Other chains such as Solana have recorded more holder addresses, although the asset value of other chains is still lower than Ethereum, showing the expansion of their user base.
However, the number of holders needs to be interpreted in conjunction with balance concentration. A high-value address may represent a single investor, issuer, or fund management wallet, and the concentration of on-chain balances may not be the same as the distribution of actual beneficial ownership. Among interest rate assets, the ratio of largest holdings to the value of this category fell from 89.3% to 18.6%, and private equity funds fell from 74.9% to 27.0%, showing a certain degree of diversification. However, product-level examples show why it is necessary to test the number and concentration of holders at the same time: Syrup USDT has 1,105 holder addresses, but the top ten addresses hold 93.0% of the supply; PAX Gold has 91,775 holder addresses, accounting for 32.5% of the top ten addresses.
Therefore, according to the report, positions are only considered fragmented if a product has at least 1,000 holder addresses and the top ten addresses hold less than 90% of the supply. According to this standard, out of 110 products, only 29 passed both screenings at the same time, accounting for about a quarter, and all were open access products. Another 18 products reached the turnover threshold, but positions were concentrated; 6 products had scattered positions but did not meet the turnover threshold. The largest group included 57 products with low turnover and limited position coverage, with a total value of US$15.2 billion, accounting for 54.1% of the total sample value, but only generated an observable spot trading volume of around US$100,000 in total.
This shows that market size, active trading, and extensive holding will not naturally occur at the same time; all parties are required to work together to promote the collaborative development of the three. In terms of regulatory progress and institutional infrastructure construction paths, the CLARITY Act failed to advance in the September 15 Senate process, and more comprehensive US market structure legislation has yet to be settled.
However, the US Securities and Exchange Commission (SEC)'s conditional exemptions for some tokenized stock exchanges and liquidity providers on September 17 provide a specific path for further development. These changes require institutions to develop separate plans for each product: first determine a viable regulatory path, and then build infrastructure to serve qualified investors within this scope. For transactional assets, this means introducing qualified market makers and trading venues that can meet product transfer requirements; for yield funds, reliable redemption may be more worthy of priority. In the process of gradually improving the overall framework, organizations can improve customer participation channels and product usability through these specific measures.
Although limited in scope, this exemption policy provides clear compliance guidelines for market participants, helping to reduce uncertainty and promote investment. Institutions need to pay close attention to regulatory developments and adjust strategies in a timely manner to ensure that market opportunities are maximized under the premise of compliance.
At the same time, it is also necessary to strengthen communication with regulators, promote a more comprehensive legislative process, and create a favorable environment for the long-term development of the market. In short, regulatory progress and institutional infrastructure construction complement each other, and require all parties to work together to build a compliant, efficient, and inclusive market ecosystem. Market developments in RWA collateral financing and Morpho lending show that the application of tokenized assets in the lending sector is expanding. On the Morpho platform, 129 vault and strategy addresses that provided funds at some point in the first half of the year were identified in the lending market using direct RWA or RWA-supported packaged products as collateral.
These include 79 MetaMorpho V1 vaults and 50 Vault V2 strategies that connect to the market through on-chain adapters. At the end of the quarter, 54 addresses had positive net reconstruction deposits, of which V1 had 26 and V2 had 28. The trend in the first half of the year was far from linear growth. The Vault and Strategy identified a net rebuilding deposit of $124 million on January 1, falling to a low of around $49 million in late April, then rebounding in May and June, peaking at $208 million on June 23, and closing at $187 million at the end of the quarter.
The structure driving this rebound changed markedly, with net funding provided through MetaMorpho V1 continuing to shrink in the first half of the year, while Vault V2 rose from almost zero at the beginning of the year to around 92% of the identified Vault funding supply at the end of the quarter. The expansion of V2 has outpaced the contraction of V1, showing the appeal of the new technology architecture. Credit dominated Morpho's RWA collateralized Vault funding at the end of the first half of the year. At the end of the quarter, net funding secured by private credit and consumer credit was approximately $120 million, followed by reinsurance of about $44 million, US Treasury bonds of about $12 million, stocks and preferred stocks of about $9 million, and commodities of about $3 million.
This data shows that credit assets have an important position in the lending market, and their stability and profitability attract a large amount of capital. The assets are used as collateral, which does not mean that liquidity is no longer needed. If the borrower defaults, the lender needs a reliable way to sell or redeem the collateral. For assets with a long redemption period, the liquidity provider can advance stablecoins and then wait for the fund to redeem them. The provider provides financing for this waiting period and bears the corresponding risks, so its financial capacity and reliability are important to the lending market.
This model provides a new way to achieve value for tokenized assets, but it also places higher demands on liquidity and risk management. In summary, Morpho's case shows that the application of tokenized assets in the field of lending is deepening, providing market participants with new investment opportunities and risk mitigation tools. Looking ahead, agent participation, privacy infrastructure, and traditional financial interoperability will be key trends. Virtuals announced that its AI agents can access 430 Ondo tokenized stocks through Treasures on Ethereum and Solana, subject to jurisdiction restrictions.
This announcement is proof of accessibility and doesn't indicate how many agents have invested money or completed transactions. The more important signal is architecture: financial assets are being opened to software in a machine-readable form, and software can discover these assets and execute transactions. The payments layer was also being formed simultaneously with the asset layer. The internet payment protocol x402 processed $24.2 million transactions in 30 days up to April 29, 2026, of which 99.8% of the amount was settled in USDC. Pay.sh provides another example: software can use stablecoins to pay for API access per request.
After the end of the first half of the year, Franklin Templeton (BEN.US) presented a broader institutional perspective on July 21, arguing that autonomous systems will require programmable payments, verifiable identity, contract execution, auditability, and digital assets. Blockchain can support autonomous contracts, verifiable agent identity, auditable activity, decentralized computing power and data access, and fast settlement, so it will play a key role in Agent AI's ability to unleash the potential of consumer transactions. The growth of Agent AI is likely to become a 'killer' application driving blockchain adoption.
Tokenization can be an infrastructure for software-led commercial activity, where capital, ownership, rights, collateral, and settlement are in the same programmable environment as the Agent's activities. The institutional market requires privacy and shared infrastructure. At the end of the first half of the year, Zama, Morpho, and Steakhouse Financial launched a confidential USDC Vault to import crypto deposits into existing Morpho lending strategies while protecting personal balance and position privacy. The underlying lending strategy uses crypto assets as collateral, so this is a case of privacy infrastructure rather than an RWA backed lending case. It shows how to keep personal positions private in an auditable lending system.
At the same time, DTCC is driving tokenization closer to existing market infrastructure. Its roadmap for the first half of the year includes a working group of more than 50 companies to prepare for small-scale formal environmental transactions and planned service launches, and clearly targets cross-chain interoperability. The reason why the subsequent official operational milestone achieved on July 15 is important is because multi-chain distribution isn't just about choosing which chain to deploy on. As assets move between traditional and blockchain marketplaces, ownership, custody, settlement, liquidity, and corporate actions must stay in sync. The computing power market points to a machine economy. Once software can hold funds and trade tokenized rights, the range of assets that can be covered will exceed financial securities. Computing power is an early example because it is both a scarce real resource and a factor of production that software can directly consume. After the quarter ended, Datavault AI announced plans to issue tokens representing access to and use of the proposed edge computing network.
This announcement doesn't prove that the market is working, but it shows a possible direction: software buys, allocates, and settles the resources it needs through a programmable marketplace. The same logic can be extended to energy, data access, and other measurable resources. Until tokenized usage rights can correspond to actual usable computing power and measurable consumption, the computing power market is still a cutting-edge field worth watching. Tokenized funds are connected to traditional distribution networks. Oasis Pro Markets, a subsidiary of Ondo, is a US registered brokerage dealer and tokenized investment product distributor. It has now joined DTCC's Fund/Serv, becoming the first tokenized platform connected to this network.
The network handles over 85% of mutual fund trading activity in the US. After joining Fund/Serv, Oasis Pro Markets was connected to the core operating infrastructure of the US fund industry, adding a key part of expanding the scale and mainstream application of tokenized funds. Instead of establishing customized connections for each fund, it can conduct transactions with fund companies, wealth management platforms, and service providers through a standardized interface, and interoperate with account-level data, transaction confirmation, reconciliation, fund allocation, tax reporting, and regulatory reporting.
This paved the way for Ondo tokenized funds to reach traditional fund distributors already connected to the network, and also promoted DTCC's strategy to support tokenized assets and promote interoperability between traditional and digital finance ecosystems. Investors are concerned about actual demand, liquidity, and usable infrastructure. At the tokenization webinar hosted by Pantera in June, participants repeatedly asked questions such as which assets have real demand, how to reach buyers for licensed products, and where the liquidity and utility infrastructure will come from. These issues correspond to actual gaps that tokenization still needs to address.
Issuing a token does not guarantee that it will be traded, have a broad base of holders, or find use in borrowing and settlement. Privacy, shared infrastructure, and programmable access only make sense if they help bridge these gaps. Evaluating an Agent's access to assets should look at transactions and reuse with actual financial support rather than the number of eligible Agents. Secrecy finance requires a continuous flow of deposits and credit. DTCC's work requires the transfer of assets in a formal environment and interoperability across sites. Hashrate tokens need to be used in connection with actual production capacity, rather than simply promoting issuance based on announcements.
If these systems can bring about continuous and repeated economic activity, blockchain can become a coordination layer between institutions and autonomous software. If not, tokenization will remain mainly a new form of distribution, and the way the bottom of the market works has hardly changed. The next stage of opportunities for institutions is that tokenization can expand financial participation channels in a variety of ways: an active on-chain market provides price exposure, platforms for individual users distribute tokenized products, and the lending market provides financing for tokenized collateral. These uses also put forward different requirements for the agencies involved in the construction. Yield products require reliable redemption and efficient services; transactional assets require competitive transaction conditions and market maker support; and collateral require reliable valuation, financing, and settlement arrangements. Privacy and interoperability help organizations deliver these services across locations, while programmable access allows the service to be extended from people to software. The next stage of tokenization will be achieved by linking products to these practical uses. The opportunity for banks, asset managers, and wealth management platforms is to combine the distribution power and programmability of blockchain with the market infrastructure that customers are used to and expect.
This appeal has received widespread response, and many agencies have begun exploring cooperation models, such as joint infrastructure development and sharing compliance resources. These early attempts show good prospects and are expected to lay the foundation for future large-scale collaborations. Overall, Pantera Capital's interim report is an invaluable industry document, the depth and breadth of which provides an important reference for market participants.