Only 10 percent of RWA liquidity active in DeFi

Research by analyst Tanaka finds that only about 10% of tokenized real-world asset (RWA) liquidity is actively used in DeFi, limiting the market impact of on-chain tokenization. Tokenized gold and commodities total nearly $7.0 billion on-chain but only $184 million is circulating in DeFi; tokenized equities sit at $2.2 billion on-chain with roughly $78 million active in DeFi. Compliance constraints (KYC, transfer restrictions, whitelisting) keep many offerings—especially tokenized T-bills and large products like BUIDL/OUSG—out of permissionless protocols, reducing available collateral for lending/derivatives platforms. DeFi-native RWA products (e.g., Ondo’s USDY with >$1bn TVL, Maple’s Syrup, Centrifuge) and possible US regulatory changes (Clarity Act, SEC exemptions) could materially increase DeFi integration in 2025–26. Market implication: current RWA tokenization has yet to deliver broad DeFi liquidity, constraining collateral availability and yield dynamics, though forthcoming product design and regulatory shifts may boost on-chain DeFi usage.