Wall Street Moves Onchain: Tokenized Finance Enters its Breakout Era

The tokenization of real-world assets (RWAs) has entered a new phase in 2025—no longer a concept, but a confirmed trajectory.

According to Pantera Capital’s latest report, The Great Onchain Migration, over $24 billion in RWAs are now deployed on public blockchains, more than tripling since 2023.

This shift marks a fundamental transformation in capital markets infrastructure. Franklin Bi, General Partner at Pantera and former blockchain lead at J.P. Morgan, sees programmable blockchain rails not as a replacement for traditional finance but as its inevitable evolution. The growing wave of corporate issuers, from BlackRock and Franklin Templeton to Siemens and J.P. Morgan, is signaling that capital markets are migrating to onchain infrastructure—fast.

In a move emblematic of this shift, Robinhood recently unveiled Stock Tokens on Arbitrum, a leading Ethereum Layer 2 network. These tokens represent public stocks, ETFs, and even private shares, redefining what financial access looks like. CEO Vlad Tenev confirmed plans to launch Robinhood Chain, a 24/7 global trading ecosystem powered by Arbitrum, further signaling fintech’s pivot from serving legacy markets to building the rails of a new one.

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According to Pantera, this isn’t a passing trend. Instead, a “gravity well” is forming—early liquidity, price discovery, and issuance are increasingly taking place onchain. That gravitational pull is starting to re-center the financial system away from Wall Street’s batch-based, permissioned infrastructure and toward open, global, real-time markets.

What began as experimentation has matured into strategic migration. Pantera argues that investors, fintech platforms, and institutions are no longer just testing blockchain—they are staking their future on it. This is leading to an overhaul of how capital is formed, valued, and moved.

As regulation evolves and capital flows deepen, Pantera believes the onchain infrastructure will become the de facto layer for global asset markets—one where Wall Street meets Web3, and the rails of value become as programmable as the assets themselves.