Pantera Capital Report: Liquidity Remains the Primary Bottleneck for Tokenized Assets

A report by Pantera Capital on the state of the tokenization industry as of September 2026 identifies 671 tokenized assets with a total market value of $331.8 billion. While issuance has matured, the report highlights that high-liquidity secondary markets remain a significant challenge. Data shows that open-access products account for 99.8% of spot trading volume despite representing only 41% of the market cap. Furthermore, the report notes that on-chain perpetual futures for stocks, such as those on Hyperliquid and Lighter, have significantly outperformed spot tokenized stock trading volumes, and the launch of the Robinhood Chain has served as a critical distribution channel for tokenized equities like NVDA, AAPL, and TSLA.