Report: Only 34 out of 501 RWA yield assets exceed $50 million on-chain; 93% have yet to enter DeFi.

ChainCatcher report, according to The Defiant, Electric Capital released a research report on Monday analyzing 501 real-world yield (RWA) assets and cross-referencing them with tokenized assets exhibiting significant on-chain activity. The report found that only 34 yield assets have an on-chain size 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 remain blocked by seven key barriers, including legal structures, challenges with asset-backed securities, and real-world integration issues involving commodities and computational infrastructure. The report highlights distribution channels as the primary bottleneck: among 35 non-stablecoin on-chain RWA assets, only two have more than 2,000 holders. Part of this is due to design constraints—for example, BlackRock’s BUIDL requires a minimum investment of $5 million—but data indicates that most tokenized assets still rely heavily on a small number of large deployers and treasury managers. The top ten holders of BUIDL control 98% of its supply, primarily consisting of protocols such as Ethena, Ondo, and Sky. Electric Capital identifies five key factors that will drive more assets onto the blockchain: growth in stablecoin scale and diversification of yield preferences, product differentiation among protocols, treasury infrastructure absorbing duration risk, layered mechanisms expanding the buyer base, and leverage cycles amplifying demand for collateralized assets. The report also notes that Goldman Sachs forecasts AI infrastructure spending to exceed $500 billion by 2026, with GPU leasing, data center construction, and energy contracts emerging as potential new catalysts for on-chain financing.