The state of tokenization

2026

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AI-generated summary

1) This report analyzes the current state of tokenization, revealing that while the market has grown significantly, most assets remain in an early "wrapper" phase, indicating a gap between hype and true on-chain functionality.
2) * An in-depth analysis of 593 tokenized assets across 11 classes, valued at $320.6 billion, using the Tokenization Progress Index (TPI) to measure on-chain maturity.
* Key findings highlight that 77.6% of assets are "wrappers," with only 2.7% reaching the "native" tier, and identifies stablecoins as the most advanced category.
* A playbook outlining four phases of tokenization—Wrap, Connect, Compose, and Originate—to guide institutions in building for growth rather than just cost reduction.
3) tokenization, RWA, blockchain, digital assets, TPI

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