Pantera Report: Permissioned RWAs Hold 59% of Market Cap but Just 0.2% of Spot Volume
- —Permissioned products: 59% of RWA market cap, 0.2% of spot volume
- —BUIDL: $2.77 billion across 10 chains, 106 investors, 191 transfers in a month
- —BUIDL turnover is 0.12x monthly versus roughly 21x for stablecoins
- —Tokenized stocks turn over 204.6% monthly; rate products just 0.1%
Why it matters: Holder growth is not liquidity: without market makers and secondary venues, most tokenized assets remain static wrappers rather than tradable instruments.
Source: Finance Magnates Crypto