Odaily Planet Daily reports that Electric Capital analyzed 501 real-world yield assets and cross-referenced them with tokenized assets exhibiting significant on-chain activity. The report found that only 34 yield assets have on-chain sizes exceeding $50 million, primarily concentrated in U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign bonds; the remaining 93% of yield sources are still hindered by seven categories of barriers, including legal structures, challenges with asset-backed securities, and real-world integration issues related to commodities and computing infrastructure.
Research indicates that distribution is the primary bottleneck: among 35 non-stablecoin on-chain yield assets, only two have more than 2,000 holders. Part of this is due to design constraints, such as BlackRock’s BUIDL requiring a minimum investment of $5 million, but data shows that most tokenized assets still rely heavily on a small number of large deployers and treasury managers. The top ten BUIDL holders control 98% of the supply, mostly other protocols.
Electric Capital believes five key factors will drive more assets onto the blockchain: the growth of stablecoin volumes and diversification of yield preferences, competition between protocols, treasury infrastructure absorbing duration risk, layered mechanisms expanding the buyer base, and leveraged cycles amplifying demand for collateralized assets. Additionally, AI infrastructure spending—projected by Goldman Sachs to exceed $500 billion by 2026—could act as a catalyst, including the potential for on-chain financing of GPU leasing, data center construction, and energy contracts. (TheDefiant)