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
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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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Content links:
Tokenization Report: https://panteracapital.com/state-of-tokenization-q1-2026-pdf/
State of Tokenization Data Portal: http://tokenization.panteracapital.com/
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The Indexed Podcast discusses hot topics, trendy metrics and chart crimes in the crypto industry, with a new episode every 1st and 3rd Thursday of the month, brought to you by wizards @hildobby @0xBoxer @sui414.
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DISCLAIMER: All information presented here should not be relied upon as legal, financial, investment, tax or even life advice. The views expressed in the podcast are not representative of hosts' employers views. We are acting independently of our respective professional roles.
