Tokenized US Treasuries have exceeded $12 billion, but Pantera Capital’s latest State of Tokenization report finds that 81% of their value is held rather than actively traded. The Q1 2026 study covered 593 tokenized assets across 11 categories and measured 542 using the Tokenization Progress Index, or TPI (a score for on-chain development). The market reached about $321 billion, up 60% from $201 billion in 2024. Wrappers (blockchain receipts for assets held off-chain) represented 77.6% of scored assets, while only 2.7% were fully native tokens. The average TPI score was 2.04 out of 5, falling to 1.82 for issuance and redemption because most products still rely on custodians for exits. Stablecoins accounted for about $293 billion, or 91.6% of the market, and recorded the highest average TPI at 2.67. Pantera also identified 168 new tokenized assets launched in 2025, a 115% increase from the previous year. Private-credit products recorded DeFi (decentralized finance) penetration rates of 21.4% to 64.3%, higher than Treasuries and most other asset classes.