Pantera: Tokenized Non-Stablecoin Assets Rise 13.3% to $36.3B in Q2

The divergence matters more than the flat headline: non-stablecoin tokenization is compounding while stablecoins contract, which suggests the growth is coming from yield- and exposure-seeking capital rather than payment rails. The volume concentration is the sharper signal — open-access products are where trading actually happens, so permissioned or restricted structures are accumulating value without price discovery. With 671 assets spread across 23 chains, fragmentation remains the structural constraint. Whether the open-access share of volume keeps rising, or value and liquidity converge, is the open question.