According to NS3.AI, Pantera has reported that 77.6% of 542 tokenized assets continue to operate as off-chain wrappers rather than fully native on-chain instruments. The report highlights that stablecoins represent 91.6% of the tokenized asset market's $321 billion value, with 55% of stablecoins classified as wrappers. Furthermore, Pantera noted that 91% of tokenized assets still depend on gated issuance and redemption, a situation attributed to unclear regulatory frameworks.