Pantera's latest report points out a harsh reality: although the tokenization market has grown 60% to $321 billion, 77.6% of assets are still just "packaged"—replicating traditional securities in token form without truly leveraging on-chain programmability, atomic settlement, or composability.

In other words, most RWA tokenization projects are essentially in the "web page" stage: putting PDFs online does not equal creating the internet.
Why is this important now? Because institutions like DTCC, Ondo, and Figure are accelerating the infrastructure build-out, but real structural changes—such as on-chain native clearing, automated compliance, and composable lending—are still far from realization.
Massive funds are flowing into tokenized government bonds and money market funds, but this is more about institutions chasing yields than a belief in on-chain finance.
Underlying signal: compliant capital is indeed entering, but with heavy path dependence. Wall Street prefers to optimize existing processes with crypto technology rather than reconstruct the underlying infrastructure.
This means short-term liquidity improvements are possible, but long-term innovation may be diluted by "compliance packaging."
Risk: if 77.6% of assets are just packaged, then once regulations tighten or traditional market liquidity reverses, these tokenized assets could be the first to come under pressure—they lack native on-chain users and decentralized resilience.
In one sentence: the tokenization trend is irreversible, but don’t mistake "packaging" for a revolution. Truly on-chain financial pipelines still require time.
$pdf #ondo