01 / Layer 1 Protocols
Consensus & Scaling
Mechanism design, throughput economics, and the trade-offs that determine which networks settle institutional flow.
Read Series →Institutional ResearchDigital Assets
Research for
a decentralized
future.
Strategic frameworks for navigating blockchain, treasury optimization, and Web 3.0 — built for the institutions deciding how the next financial system gets adopted.
Real-world asset market coverage
$185B
Stablecoins
Reserve · Payments
$12B
Tokenized Treasury
T-bills · Money market
$8B
Private Credit
Direct lending · Funds
$3B
Real Estate
Equity · Debt rails
I · Capabilities
Research
capabilities.
Four practice areas for institutions building, allocating, and integrating digital-asset strategies — designed to be defensible at the boardroom and the desk.
01
Asset Tokenization
Framework design for treasury bills, private credit, and alternative assets — covering structuring, custody, and secondary-market mechanics.
02
Blockchain Infrastructure
Best practices for institutional custody, settlement, and operational controls — written for risk, ops, and compliance, not for crypto-native readers.
03
Digital Asset Analysis
Quantitative models for portfolio construction and risk management across liquid tokens, restaked yield, and emerging RWA categories.
04
Strategic Advisory
Web 3.0 integration roadmaps aligned with institutional requirements — phased delivery, vendor selection, and stakeholder communication.
Tokenization
From the desk · Tokenization
Public companies won't tokenize real-world assets to follow a trend — they'll do it because capital markets will increasingly reward assets that are transparent, liquid, programmable, and ready to move at the speed of software.
Pando Research · Tokenization Series, vol. III
II · Coverage
Thematic
investment research.
Six standing coverage areas — refreshed quarterly with new reports, primers, and data appendices for institutional subscribers.
02 / Stablecoins
Reserves & Rails
Reserve architectures, redemption mechanics, and the payment-rail thesis behind a $185B float.
Read Series →03 / DeFi
Liquidity & Derivatives
How AMMs, perpetuals, and on-chain credit are quietly reorganizing market microstructure.
Read Series →04 / Enterprise
Adoption Frameworks
Case studies and implementation playbooks from banks, asset managers, and corporate treasuries.
Read Series →05 / Regulation
Global Compliance
Jurisdictional read-throughs on securities law, banking guidance, and stablecoin frameworks.
Read Series →06 / Market Structure
Venues & Discovery
Trading-venue evolution, price-formation research, and the institutional liquidity map.
Read Series →Field note · Infrastructure
Custody, settlement, and operational control aren't features of digital-asset infrastructure. They are the infrastructure.
Pando Research · Infrastructure Primer, 2026
Infrastructure
III · The DAT Impact EngineTool
Quantify the valuation impact of a digital-asset treasury strategy.
Model the multiple expansion, balance-sheet effect, and signaling premium of moving treasury into tokenized and digital assets — with assumptions you can defend to the board.
Launch Calculator
7
Input Categories
12
Valuation Drivers
2-min
To First Output
IV · Featured Report
The 2026 Global
Digital Asset
Infrastructure Report.
A detailed institutional read on the structural inflection underway across tokenization, real-world assets, stablecoins, and the AI–quantum frontier — with the data, frameworks, and risk matrices CFOs and investment committees actually need.
$3.01T
Tokenization market
projection 2026
projection 2026
$23.6B
RWAs on-chain,
+66% YTD
+66% YTD
86%
Institutions w/ digital
asset exposure
asset exposure