Wu Blockchain has learned that Pantera Capital Research released its September report, *The State of Tokenization*. The report shows that the total market cap of the 671 tokenized assets it tracks has reached $331.8 billion, with the value of non-stablecoin assets growing by 13.3% in Q2. The report suggests that the next phase of competition will focus on compliance, liquidity, distribution, and capital efficiency. Data reveals that in June, the trading volume of perpetual stock contracts on Hyperliquid and Lighter was approximately $67.8 billion, about 16 times the $4.2 billion spot trading volume of on-chain tokenized stocks during the same period. As of the end of the first half of the year, the open interest of Hyperliquid’s perpetual stock contracts was around $2.5 billion, equivalent to 121.3% of the circulating market cap of tokenized stocks. The report also found that among 110 non-stablecoin products with a market cap of at least $10 million, open-access products account for 41% of the value but contribute 99.8% of June’s on-chain spot trading volume. Meanwhile, 46 out of 48 whitelisted products fall below the 1% monthly turnover threshold. https://www.(wublock123.com)/news/pantera-report-671-tokenized-assets-3318b-market-cap-69218