Only 11% of the $28.3B onchain RWA market cap is actively deployed in DeFi, signaling a gap between tokenization and practical utility as corporate credit and private equity cross $1B milestones.
DeFi & Yields ·
The onchain real-world assets market has reached $28.3B in total market capitalization, yet only $3.23B—roughly 11%—is actively deployed within DeFi protocols. This disparity underscores a fundamental gap between the ability to tokenize assets and their practical utility in decentralized finance strategies. Despite several major RWA products commanding billions in onchain value, their integration into DeFi remains limited.
The maturation of specific RWA categories signals potential inflection points. Tokenized corporate credit and tokenized private equity have each surpassed $1B in distributed value across multiple blockchains. These milestones suggest the market may be transitioning beyond proof-of-concept into a phase where institutional-grade credit instruments become accessible onchain.
The open question remains whether these nascent categories will evolve into active financial primitives—serving as collateral, yield-generating assets, or liquidity sources within DeFi—or remain primarily as tokenized holdings with limited onchain utility. The trajectory of corporate credit and private equity tokenization will likely determine whether the broader RWA ecosystem moves beyond a store-of-value function toward meaningful financial integration.