General Partner @PanteraCapital | Here for the builders | OG blockchain crypto navigator @JPMorgan
Joined April 2009
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May 7
the trillion-dollar tokenization migration is underway.
but most of today's $321B of tokenized assets are "dumb" wrappers, not products that will carry the next decade of capital markets
what comes next?
introducing our State of Tokenization report:
panteracapital.com/state-of-…
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Jun 11
a neat visualization of our Tokenization Progress Index (thanks @diegoxyz & @claudeai)
love the galaxy image because tokenization comes with its own laws of physics, gravity, chemistry.
new primitives, liquidity flows, and composability = new frontiers for capital markets.
Introducing "The Tokenization Galaxy"
The Tokenization Industry is becoming too big and complex to track manually.
So I built an interactive website to make it easier to visualize.
Starting from the @PanteraCapital Tokenization Report, I used @claudeai Fable 5 to turn the data into an interactive map of the industry.
What the map shows:
> The tokenization industry is now worth $320B
> Tokenization is divided into 11 sub-categories
> Stablecoins currently dominate this galaxy
> Treasuries, commodities, and bonds are the fastest-growing sectors
> Active management through vaults will become massive
Should I make it public?
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Introducing "The Tokenization Galaxy"
The Tokenization Industry is becoming too big and complex to track manually.
So I built an interactive website to make it easier to visualize.
Starting from the @PanteraCapital Tokenization Report, I used @claudeai Fable 5 to turn the data into an interactive map of the industry.
What the map shows:
> The tokenization industry is now worth $320B
> Tokenization is divided into 11 sub-categories
> Stablecoins currently dominate this galaxy
> Treasuries, commodities, and bonds are the fastest-growing sectors
> Active management through vaults will become massive
Should I make it public?
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Franklin Bi retweeted
Jun 10
Tokenization’s biggest opportunity is bringing access to the masses, and those users are already on public chains.
WisdomTree has deliberately built on public chains from the start and now operates across eight of them.
As institutions become more comfortable with the technology, advances in privacy and control are making regulated products fully viable on public infrastructure.
This is how tokenized markets will truly scale.
@FranklinBi @JeremyDSchwartz @WisdomTreePrime
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Franklin Bi retweeted
Jun 9
As we enter the trillion-dollar Pre-IPO season, sharing some of my thoughts on "tokenized startups", and how mechanisms such as tokenization, perps, SPVs, and Closed End Funds can rewrite access for the world's most exciting companies.
And in the process, how "reinventing the IPO" might just become the generational purpose for tokens.
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Franklin Bi retweeted
Why do you have any money in banks?
10 years ago, the answer was obvious, but in 2026 this is a real question – with how much tokenization has evolved in the past few years, it’s getting harder and harder to justify having cash in your bank account.
Personally, I have my paycheck automatically converted into WisdomTree’s tokenized Money Market Fund through the WisdomTree Prime app and pay my bills directly from it. There’s just no reason to hold idle cash when there are options like this available.
@MaredithH1 and I discussed this and more on a recent podcast with @FranklinBi from @PanteraCapital 👇
ETFs democratized access through the brokerage account. Tokenization democratizes access through the internet. WisdomTree has been building for this moment for years.
@JeremyDSchwartz and Maredith Hannon (@WisdomTreePrime) join our Stateful podcast, hosted by @FranklinBi.
In this episode, they discuss why tokenization is the next ETF:
- WisdomTree deployed onto five EVM chains in one day. Traditional finance can't do five integrations in a month.
- $700M AUM growing 6x year over year in their tokenized money market fund $WTGXX
- Use cases already live: corporate treasury sweeps, cross-border payroll, stablecoin reserve management
- WisdomTree rebalanced 3,000 model portfolios with JP Morgan and Apollo using smart contracts. Four years ago.
- Europe led the US on crypto ETPs by five years. The US is finally catching up.
01:14 WisdomTree's History and the ETF Revolution
03:43 Why Public Chains Beat Permissioned Chains
05:51 Deploying onto Five EVM Chains in One Day
09:15 Introducing WTGXX: The Tokenized Money Market Fund
13:30 Corporate Treasury, Payroll, and Real-World Use Cases
20:07 Moving Up the Risk Curve: Derivatives and Equity Betas
23:51 Onchain Rebalancing with JP Morgan and Apollo
29:09 WisdomTree's Two-Year Vision: $15B and Beyond
32:39 Rookie Mistakes: Trust in Crypto Is Everything
34:26 Pleasant Surprise: Europe Led the US on Crypto ETPs
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Franklin Bi retweeted
ETFs democratized access through the brokerage account. Tokenization democratizes access through the internet. WisdomTree has been building for this moment for years.
@JeremyDSchwartz and Maredith Hannon (@WisdomTreePrime) join our Stateful podcast, hosted by @FranklinBi.
In this episode, they discuss why tokenization is the next ETF:
- WisdomTree deployed onto five EVM chains in one day. Traditional finance can't do five integrations in a month.
- $700M AUM growing 6x year over year in their tokenized money market fund $WTGXX
- Use cases already live: corporate treasury sweeps, cross-border payroll, stablecoin reserve management
- WisdomTree rebalanced 3,000 model portfolios with JP Morgan and Apollo using smart contracts. Four years ago.
- Europe led the US on crypto ETPs by five years. The US is finally catching up.
01:14 WisdomTree's History and the ETF Revolution
03:43 Why Public Chains Beat Permissioned Chains
05:51 Deploying onto Five EVM Chains in One Day
09:15 Introducing WTGXX: The Tokenized Money Market Fund
13:30 Corporate Treasury, Payroll, and Real-World Use Cases
20:07 Moving Up the Risk Curve: Derivatives and Equity Betas
23:51 Onchain Rebalancing with JP Morgan and Apollo
29:09 WisdomTree's Two-Year Vision: $15B and Beyond
32:39 Rookie Mistakes: Trust in Crypto Is Everything
34:26 Pleasant Surprise: Europe Led the US on Crypto ETPs
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Franklin Bi retweeted
RWAs onchain are scaling and maturing together.
Our Tokenization Progress Index (TPI) scores how much of an asset's lifecycle has actually moved onchain.
Stablecoins sit furthest along both dimensions: large market value and higher TPI.
Tokenized Stocks show relatively high onchain maturity, while market size remains smaller.
Meanwhile, Treasuries, Commodities, and Private Credit have reached larger market sizes but still sit in lower-to-middle TPI bands.
The rest of the asset classes remain early and primitive.
For the full TPI methodology and a deeper look at the sector, read our Q1 2026 tokenization report: panteracapital.com/state-of-…
Beyond the Digital Copy: What's Next for Tokenization?
Our research team developed a new index of 593 assets across a $320B market that reveals how far onchain finance still has to go.
Access the full report here:
panteracapital.com/state-of-…
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Franklin Bi retweeted
Jun 1
Korea is the second-largest national crypto market in the world. KRW trading volume hit $663B by mid-2025, behind only the US dollar at $832B
Yet it’s still widely misunderstood by the West. Let’s dive in 🧵
x.com/PanteraCapital/status/…
Korea leads the world in the rate of AI adoption growth. Blockchain is next.
@Steve_4P and @xparadigms (Four Pillars @FourPillarsFP) join Stateful, hosted by @JonathanGieg and @FranklinBi.
In this episode, they discuss why Korea is blockchain's most important emerging market:
- Blockchain allows Korean fintech its first real shot at competing globally
- Korean pension funds now view Bitcoin as a portfolio diversification asset
- Agentic payment rails in Korea: Kakao Pay joins x402 Foundation
- STO legislation passed in January. The bridge between crypto and TradFi is being built
- Four Pillars is expanding across Japan, Hong Kong, and Southeast Asia
04:30 AI Adoption and Agentic Commerce in Korea
8:30 Korean Crypto Regulation Before and After
12:10 STO Legislation and the Institutional Wave
16:20 Top Crypto Verticals in the Korean Market
32:00 What Western Companies Should Know Before Coming to Korea
36:40 The Terra Collapse and the Builder Economy
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Franklin Bi retweeted
Korea leads the world in the rate of AI adoption growth. Blockchain is next.
@Steve_4P and @xparadigms (Four Pillars @FourPillarsFP) join Stateful, hosted by @JonathanGieg and @FranklinBi.
In this episode, they discuss why Korea is blockchain's most important emerging market:
- Blockchain allows Korean fintech its first real shot at competing globally
- Korean pension funds now view Bitcoin as a portfolio diversification asset
- Agentic payment rails in Korea: Kakao Pay joins x402 Foundation
- STO legislation passed in January. The bridge between crypto and TradFi is being built
- Four Pillars is expanding across Japan, Hong Kong, and Southeast Asia
04:30 AI Adoption and Agentic Commerce in Korea
8:30 Korean Crypto Regulation Before and After
12:10 STO Legislation and the Institutional Wave
16:20 Top Crypto Verticals in the Korean Market
32:00 What Western Companies Should Know Before Coming to Korea
36:40 The Terra Collapse and the Builder Economy
We're excited to lead the Series A round for @FourPillarsFP, an independent institutional-grade crypto research firm bridging Asia and the global markets.
panteracapital.com/investing…
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Franklin Bi retweeted
We're excited to lead the Series A round for @FourPillarsFP, an independent institutional-grade crypto research firm bridging Asia and the global markets.
panteracapital.com/investing…
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Franklin Bi retweeted
May 30
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Franklin Bi retweeted
May 14
crypto is no longer one industry —
it's at least 4:
1. stablecoins payments
2. Bitcoin, crypto asset class
3. tokenization onchain financial services (defi)
4. blockchain infrastructure
they are of course inter-related. but increasingly divergent in context
which is part of the mixed vibe right now
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May 9
“great institutions are wrappers around a kind of person.
Many compete on cash, which is the least interesting form of talent competition. Cash can close people, but it rarely converts them.
The best people are most loyal when the company can offer something more specific than money: a path to becoming the version of themselves they already wanted to be, or did not yet know they wanted to be.”
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Franklin Bi retweeted
If you wanna read one thing this week, you must go for this beautiful report by @PanteraCapital!
Don’t have AI make a copy, read it fully :)
Beyond the Digital Copy: What's Next for Tokenization?
Our research team developed a new index of 593 assets across a $320B market that reveals how far onchain finance still has to go.
Access the full report here:
panteracapital.com/state-of-…
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Franklin Bi retweeted
These guys built an IFTTT / Zapier type of automation platform for prediction markets that lets you deploy my Nothing Ever Happens bot, or copy trade, or whatever strategy you want, without knowing anything about how to code or deploy apps.
Full disclosure, prediction markets are high risk and the total loss of your funds is more likely than profit so be warned. And they're apparently routing fees to me, so I do have some motivation to share this. Although this isn't a sponsored post, I wasn't aware of them until just now, and I imagine any routed fees will probably be minuscule.
The whole 'workflow that thinks' approach is probably safer and more reliable than pointing Claude at something like this and praying that it doesn't make a mistake. I'm sure these guys are taking a % for their service but that's the tradeoff
73.4% of non-sports markets on @Polymarket resolve No.
@sterlingcrispin built a bot to bet on that and open-sourced it on GitHub.
We rebuilt his strategy as a B3OS template anyone can run in 3 clicks.
Try it yourself:
b3os.org/templates/tmpl_d7t0…
Any revenue this template generates routes to a wallet Sterling can claim at any time. Send us a DM :)
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Franklin Bi retweeted
May 7
Pantera Capital has dropped a 37 page State of Tokenization report.
Inside of it, they released the Tokenization Progress Index (TPI) tracking 593 assets across a $320.6 Billion market based on 3 dimensions of onchain maturity.
Here is a summary of Pantera's report🧵
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May 7
great coverage and commentary on the report by @FortuneMagazine & @whosknave here!
fortune.com/2026/05/06/token…
May 7
the trillion-dollar tokenization migration is underway.
but most of today's $321B of tokenized assets are "dumb" wrappers, not products that will carry the next decade of capital markets
what comes next?
introducing our State of Tokenization report:
panteracapital.com/state-of-…
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Franklin Bi retweeted
May 7
🚨NEW EP ALERT: The State of Tokenization in 2026🚨
In today’s episode, we’re diving into the state of tokenization, unpacking what “real usage” actually looks like beyond headlines. Plus, the TradFi onchain vibe shift happening at conferences.
We discuss:
- The suits takeover and the Agora side-event
- TradFi players moving onchain (Bloomberg, S&P, and more)
- “Crypto is fintech now” and the industry narrative split
- State of Tokenization dashboard
- Transferability vs composability: what actually makes assets useful
- Permissioned wrappers, regulatory constraints, and 24/7 markets
- How DeFi can learn from curated collateral standards (Morpho)
- Why real estate is uniquely hard to tokenize
- Better tokenization metrics: wallets, velocity, volume, DeFi deployment
- Perp rails and Hyperliquid catching TradFi attention
- What’s next: how much TradFi volume moves onchain
And more—enjoy
—
Timestamps:
(00:00) Intro
(03:21) TradFi moves onchain
(04:35) Crypto becomes fintech
(15:57) State of tokenization dashboard
(20:55) Redemption frictions and heatmap
(27:21) Morpho collateral rating lessons
(30:35) Wrappers vs composability limits
(36:55) Real estate tokenization problems
(41:35) Metrics beyond tokenized value
(44:22) Perps and Hyperliquid draw
(52:27) Outro
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May 7
the trillion-dollar tokenization migration is underway.
but most of today's $321B of tokenized assets are "dumb" wrappers, not products that will carry the next decade of capital markets
what comes next?
introducing our State of Tokenization report:
panteracapital.com/state-of-…
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25
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123,511
May 7
for a preview of our State of Tokenization data portal, check out the video walkthroughs from the architect @0xallyzach:
x.com/0xallyzach/status/2052…
May 6
Tokenization has moved past the first wave of digital copies, but the market is still far from fully native onchain finance.
So we built a way to track where assets sit in between.
Today we’re introducing @PanteraCapital’s State of Tokenization:
A quarterly report and data portal tracking 593 assets across a $320B market
A look inside the portal 👇
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May 7
we're excited to continue tracking tokenization's progress on a quarterly & real-time basis through our State of Tokenization report & data portal and our Tokenization Progress Index (TPI).
big thank you to: @RWA_xyz & @DefiLlama for your industry-leading data @cmoyall @apolloglobal, @nathanlallman @iandebode @OndoFinance, @LucaProsperi @m0, @jerallaire @circle, @mcagney @Figure, @olijhw @jpmorgan, @PaulFrambot @Morpho, @HHorsley @Matt_Hougan @Bitwise, Sandy Kaul @FTDA_US, Cynthia Lo Bessette @Fidelity, Maxwell Stein @BlackRock, for all your insights & pioneering work.
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