Jonathan

Growth @PanteraCapital

[Jonathan @JonathanGieg]

Korea is the second-largest national crypto market in the world. KRW trading volume hit $663B by mid-2025, behind only the US dollar at $832B

Yet it’s still widely misunderstood by the West. Let’s dive in 🧵

https://t.co/EzgT7sz1Vx

[Pantera Capital @PanteraCapital]

Korea leads the world in the rate of AI adoption growth. Blockchain is next.

@Steve_4P and @xparadigms (Four Pillars @FourPillarsFP) join Stateful, hosted by @JonathanGieg and @FranklinBi.

In this episode, they discuss why Korea is blockchain's most important emerging market:

- Blockchain allows Korean fintech its first real shot at competing globally

- Korean pension funds now view Bitcoin as a portfolio diversification asset

- Agentic payment rails in Korea: Kakao Pay joins x402 Foundation

- STO legislation passed in January. The bridge between crypto and TradFi is being built

- Four Pillars is expanding across Japan, Hong Kong, and Southeast Asia

04:30 AI Adoption and Agentic Commerce in Korea
8:30 Korean Crypto Regulation Before and After
12:10 STO Legislation and the Institutional Wave
16:20 Top Crypto Verticals in the Korean Market
32:00 What Western Companies Should Know Before Coming to Korea
36:40 The Terra Collapse and the Builder Economy

[Dustin Kamali @DustinKamali]

Poker night at the new @Meow HQ is full.

June 10 in SoHo with @PanteraCapital, @Novig, and @CoinflowLabs. Open bar, top builders in the city, Knicks game on.

Waitlist only now. Link below.

[Pantera Capital @PanteraCapital]

RWAs onchain are scaling and maturing together.

Our Tokenization Progress Index (TPI) scores how much of an asset's lifecycle has actually moved onchain.

Stablecoins sit furthest along both dimensions: large market value and higher TPI.

Tokenized Stocks show relatively high onchain maturity, while market size remains smaller.

Meanwhile, Treasuries, Commodities, and Private Credit have reached larger market sizes but still sit in lower-to-middle TPI bands.

The rest of the asset classes remain early and primitive.

For the full TPI methodology and a deeper look at the sector, read our Q1 2026 tokenization report: https://t.co/eNKDSylULP

[Pantera Capital @PanteraCapital]

Korea leads the world in the rate of AI adoption growth. Blockchain is next.

@Steve_4P and @xparadigms (Four Pillars @FourPillarsFP) join Stateful, hosted by @JonathanGieg and @FranklinBi.

In this episode, they discuss why Korea is blockchain's most important emerging market:

- Blockchain allows Korean fintech its first real shot at competing globally

- Korean pension funds now view Bitcoin as a portfolio diversification asset

- Agentic payment rails in Korea: Kakao Pay joins x402 Foundation

- STO legislation passed in January. The bridge between crypto and TradFi is being built

- Four Pillars is expanding across Japan, Hong Kong, and Southeast Asia

04:30 AI Adoption and Agentic Commerce in Korea
8:30 Korean Crypto Regulation Before and After
12:10 STO Legislation and the Institutional Wave
16:20 Top Crypto Verticals in the Korean Market
32:00 What Western Companies Should Know Before Coming to Korea
36:40 The Terra Collapse and the Builder Economy

[Four Pillars @FourPillarsFP]

Korea is no longer an edge case in crypto. It is one of the markets shaping what comes next.

With @PanteraCapital's support, we will keep connecting Asian builders, capital, and institutions with the global crypto economy.

[Four Pillars KR @FourPillarsKR]

한국은 AI 도입 성장률에서 전 세계를 선도하고 있습니다. 그 다음은 블록체인입니다.

포필러스의 @Steve_4P와 @xparadigms가 @JonathanGieg와 @FranklinBi가 진행하는 Stateful 팟캐스트에 출연했습니다.

이번 에피소드에서는 왜 한국이 블록체인에서 가장 중요한 시장 중 하나인지에 대해 이야기합니다.

👇

[Jonathan @JonathanGieg]

To close, Korea is not catching up, they are building something different. We're proud to lead the Series A round for Four Pillars.

If you are a founder serious about Asia, or an Asian team building toward global liquidity, reach out to @FourPillarsFP at [email protected] or to Pantera directly.

[Jonathan @JonathanGieg]

Korea is the second-largest national crypto market in the world. KRW trading volume hit $663B by mid-2025, behind only the US dollar at $832B

Yet it’s still widely misunderstood by the West. Let’s dive in 🧵

https://t.co/EzgT7sz1Vx

[Pantera Capital @PanteraCapital]

Korea leads the world in the rate of AI adoption growth. Blockchain is next.

@Steve_4P and @xparadigms (Four Pillars @FourPillarsFP) join Stateful, hosted by @JonathanGieg and @FranklinBi.

In this episode, they discuss why Korea is blockchain's most important emerging market:

- Blockchain allows Korean fintech its first real shot at competing globally

- Korean pension funds now view Bitcoin as a portfolio diversification asset

- Agentic payment rails in Korea: Kakao Pay joins x402 Foundation

- STO legislation passed in January. The bridge between crypto and TradFi is being built

- Four Pillars is expanding across Japan, Hong Kong, and Southeast Asia

04:30 AI Adoption and Agentic Commerce in Korea
8:30 Korean Crypto Regulation Before and After
12:10 STO Legislation and the Institutional Wave
16:20 Top Crypto Verticals in the Korean Market
32:00 What Western Companies Should Know Before Coming to Korea
36:40 The Terra Collapse and the Builder Economy

[Jonathan @JonathanGieg]

For @PanteraCapital, this focus is a continuation of one of our longest held theses.

Asia is the largest geographic source of stablecoin volume globally. Singapore is our second-largest home for portfolio company founders outside the US. ~40% of our capital has gone to companies headquartered abroad.

This is where we've been pointed.

[Paul Frambot 🦋 @PaulFrambot]

I wrapped 3 weeks across Singapore, Hong Kong, Tokyo, and Seoul. 50+ in-person meetings with regulators, fintechs, allocators, and major institutions.

A few things stood out:
→ Asia sits on both ends of the risk curve at once: some of the most aggressive, risk-tolerant players in crypto on one side, and highly institutional actors waiting for regulatory clarity on the other.
→ Demand for US financial products is real and growing.
→ Recent hacks rattled some players, but the appetite for onchain finance hasn't gone away. It's maturing.
→ There's no substitute for being in the room. Asia is the deepest onchain liquidity hub in the world right now, and we've been seriously under-investing here. That changes now.

[paul.nft @veradittakit]

Condolences to all of Nathan Allman’s friends, family, and colleagues.

@PanteraCapital is the largest outside shareholder of @OndoFinance , so I had the privilege of seeing Nate’s entrepreneurial journey from the very beginning and serving on the board alongside him.

When @joeykrug and I first heard the pitch, we immediately knew we had to invest. Nate had a rare ability to see where markets were going before others did, and we believed he would figure out how to bridge TradFi and DeFi in a meaningful way. When Ondo later pivoted toward RWAs and tokenization, we doubled down in the Series A with even greater conviction.

Nate combined vision, strategic sequencing, and relentless execution at an exceptional level. He consistently identified opportunities early, understood how to create long-term value step-by-step, and moved with incredible speed and precision. He was also a ruthless negotiator, so I’m glad I was usually on his side :)

He recruited a world-class team that continues to execute incredibly well, helping lead the tokenization and institutionalization of crypto. Under the leadership of @iandebode, Nate’s vision for a more open financial system will continue to grow and succeed with the support of @dan_pantera, @FranklinBi, @cosmo_jiang, myself, and the broader Pantera team.

Rest in peace, Nate.

[CoinDesk @CoinDesk]

POLICY: South Korea's FSC plans to release detailed tokenized securities rules in July, covering tokenized stocks, bonds and money market funds, ahead of a full regulatory framework taking effect in February 2027.

[Franklin Bi @FranklinBi]

the trillion-dollar tokenization migration is underway.

but most of today's $321B of tokenized assets are "dumb" wrappers, not products that will carry the next decade of capital markets

what comes next?

introducing our State of Tokenization report:
https://t.co/bbhfSUDMBA

[Ally Zach @0xallyzach]

Tokenization has moved past the first wave of digital copies, but the market is still far from fully native onchain finance.

So we built a way to track where assets sit in between.

Today we’re introducing @PanteraCapital’s State of Tokenization:

A quarterly report and data portal tracking 593 assets across a $320B market

A look inside the portal 👇