tokenization is being sold as a liquidity story. the evidence is narrower. onebullex tracks tokenized assets near 349b USD in 2026, but says a large share sits idle and only a fraction circulates through DeFi lending, borrowing, and liquidity venues. issuance is not the same as composable collateral. the stablecoin rail is even more concentrated. coinstats, citing defillama, puts about 92.3b USD of $USDT on Tron on 7 nov, or 52% of all USDT in circulation. that is distribution, not neutral liquidity. one chain and one issuer are carrying most of the dollar-transfer load. so the market has a big tokenized headline and a thin DeFi integration layer. the bottleneck is plumbing: collateral acceptance and venue integration. until tokenized assets actually circulate as collateral, the 349b number is mostly supply, not market-structure liquidity. risk/invalidation: if RWA issuers and DeFi venues start accepting tokenized Treasuries or credit as collateral at scale, or if USDT share on Tron drops sharply, this read breaks. the 349b figure is broad tokenized-asset tracking, not a clean DeFi TVL measure; treat it as issuance, not float.