Tokenized Market Hit $331.8 Billion: Growth Moved Beyond Stablecoins — Pantera Capital

Published: September 30, 2026 – 09:29 UTC

Pantera Capital valued the RWA market at nearly $332 billion.
Despite a 2.3% decline in stablecoin value, the segment of other tokenized assets grew by 13.3%.
BlackRock, J.P. Morgan, and Robinhood strengthened their presence in the market.

Investment firm Pantera Capital published its State of Tokenization report, which analyzed the tokenization market based on 671 assets with a total value of $331.8 billion as of June 30, 2026.

Pantera's latest State of Tokenization report is out.

We analyzed the $332bn tokenization market across 671 assets.

Institutions entered in force this quarter. J.P. Morgan, HSBC and Fidelity launched onchain products.

BlackRock's BUIDL moved $441mn onchain in June, runs a…
— Pantera Capital (@PanteraCapital) September 29, 2026

The study showed that institutional players — including J.P. Morgan, HSBC, and Fidelity — stepped up the launch of onchain products, while consumer platforms like Robinhood are expanding access to tokenized stocks and ETFs.

According to Pantera Capital, the key shift in the market is that issuing tokens onchain has become relatively easy, while the main challenge remains building liquid, regulated, and efficient secondary markets.

Tokenization Moved Beyond Stablecoins

In the first half of 2026, the total value of assets in Pantera Capital’s sample fell by about 0.8% — from $334.5 billion on March 25 to $331.8 billion on June 30. At the same time, this dynamic masks significant growth in the segment of assets other than stablecoins.

Over the same period:

Stablecoin value fell by 2.3% — from $302.4 billion to $295.5 billion
Non-stablecoin assets grew by 13.3% — from $32 billion to $36.3 billion
The share of stablecoins in the total volume declined from 90.4% to 89.1%

Growth is occurring across several categories at once. In Pantera Capital’s benchmark data, about $3 billion of the increase came from tokenized US Treasuries, another roughly $1.1 billion from tokenized equities, and $1.1 billion from corporate credit.

Meanwhile, in the Pantera Capital catalog of represented assets, the biggest increase was recorded in tokenized U.S. Treasuries — up $3.5 billion versus the first quarter, while private credit added another $965 million. At the same time, the volume of tokenized equities in this snapshot fell by $28 million, and commodities — by $2.6 billion.

*Value of tokenized assets by class and quarter-over-quarter change. Source:* *Pantera Capital*.

Institutional activity is also picking up. BlackRock’s BUIDL moved $441 million onchain in June, has a $1 billion daily redemption mechanism, and is already being accepted as collateral. J.P. Morgan, HSBC, and Fidelity launched their own onchain products over the quarter.

At the same time, the mere existence of a token does not mean there is an active public market. In June, BUIDL recorded $441 million in wallet-to-wallet transfers, USTB — $339 million, and the European Spiko fund — $353 million. Pantera Capital noted that such transactions may be related to subscriptions, redemptions, custody, using assets as collateral, or other operational processes.

Robinhood and Derivatives Create New Access Channels

A separate example of expanding consumer access is Robinhood Chain, whose public launch took place on July 1, 2026. The platform offered tokenized shares of NVIDIA, Apple, Tesla, and ETFs, including SPY and QQQ.

As a reminder, StoneX managing director and senior analyst Mark Palmer highlighted four growth factors for Robinhood Chain.

According to Pantera Capital, the tracked value of tokenized assets rose from $5.6 million at the end of June to $28.4 million by the end of July. In August, weekly RWA trading volume reached $887.5 million versus $5 million in the first week after launch. On August 31, daily RWA trading volume totaled $244.7 million.

Derivatives are creating another demand channel. In June, trading volume in perpetual stock contracts on Hyperliquid and Lighter totaled $67.8 billion — roughly 16 times more than $4.2 billion in onchain spot trading of tokenized equities.

Pantera Capital stressed that these metrics should not be interpreted directly as a difference in invested capital: derivatives use leverage and allow positions to be opened and closed frequently without owning the underlying asset.

Separately, the firm highlighted regulatory changes in the US. On September 15, the Senate did not advance the CLARITY Act, leaving the broader question of digital asset market structure legislation unresolved.

In addition, on September 17, the SEC introduced a five-year conditional exemption for certain venues and liquidity providers that facilitate trading in tokenized US stocks under specified conditions.

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Source: Incrypted