Pantera's latest State of Tokenization report is out. We analyzed the $332bn tokenization market across 671 assets. Institutions entered in force this quarter. J.P. Morgan, HSBC and Fidelity launched onchain products. BlackRock's BUIDL moved $441mn onchain in June, runs a $1bn daily redemption facility, and is now accepted as collateral. On the consumer side, Robinhood Chain hit $888mn in weekly RWA volume in August, two months after launch. Collateral markets matured, with private credit putting 45% of its matched value to work in DeFi. The lack of a market-structure bill didn't stop tokenized stocks. A five-year SEC exemption lets the market keep developing under current rules. Full report: https://panteracapital.com/state-of-tokenization-september-2026-pdf/