PANews reported on May 7th that, according to The Block, a recent report from Pantera Capital states that the current global market capitalization of tokenized real-world assets (RWAs) is approximately $321 billion, covering 542 asset classes. However, the overall on-chain maturity score averages only 2.04/5, with approximately 77.6% still at a low maturity stage, merely "packaging" traditional assets on-chain, and only 2.7% reaching a native on-chain form. The report points out that 168 new tokenized assets were launched in 2025, a 115% increase compared to 2024, and the overall market capitalization increased by approximately 60% from approximately $200.6 billion, showing that "quantity expansion is faster than depth improvement." Stablecoins account for approximately 91.6% of the total market value (approximately $293 billion), remaining the only category with significant size in both scale and on-chain usability. Pantera believes that truly mature tokenization should be characterized by 24/7 settlement, cross-border circulation, reduced intermediary costs, and deep integration with DeFi.