PANTERA BLOCKCHAIN LETTER: JULY 2025

Summary from the TLDR Crypto newsletter

Tokenization has shifted from concept to inevitability this year, with over $24B in RWAs sitting on public chains with ~200 issuers including BlackRock, Franklin Templeton, Siemens, and J.P. Morgan. Liquidity is migrating to programmable rails – Figure has processed $13B onchain, Ondo issued $1B in tokenized Treasuries and is adding equities, Robinhood's Stock Tokens were added on Arbitrum, and Coinbase's Base show fintechs racing to own sequencers and infrastructure. Most assets still grant transferability but not full shareholder rights, setting up a fight over governance and ownership. The tipping point will be when daily onchain equity volume tops $1B or tokenized equity AUM hits $100B. Regulatory clarity, app-specific chains, UX/compliance abstraction, and portable KYC layers are the catalysts for onchain becoming the default venue for capital formation, price discovery, and settlement.