We’re now looking at roughly $40B+ in tokenized RWAs on-chain, yet active utilization in DeFi remains a fraction of that. Most of the capital is still sitting idle after minting. The real test for this market isn’t how many Treasuries or gold bars we can wrap. It’s whether those tokens actually move, get used as collateral, generate yield, or settle real economic activity. Right now the gap between issued and used is still wide. Private credit and a handful of Treasury products are doing the heavy lifting on the utilization side. Everything else is largely passive. We’re past the narrative stage. Now it’s about velocity. #RWA #Tokenization