The most interesting part of Dune’s latest RWA report isn’t the $34B+ of assets now sitting onchain. It’s what happens after issuance. Because putting an asset onchain is only the beginning. Today, a tokenized asset can have a price, holders, and even a NAV, yet still be difficult to trade, use as collateral, or move between counterparties. Dune found that just 6.1% of measurable RWA supply is currently sitting in lending protocols, with another $185M in DEX liquidity. The reason comes down to something less exciting than tokenization, but far more important for markets: access. If an asset requires KYC, issuer approval or a managed account every time someone wants to use it, being onchain does not necessarily make it more liquid or more useful. Equities show what happens when those barriers start coming down. The category has grown to more than 1M holders and generated $12.6B in spot volume in August, alongside $72.4B in perpetual volume. As Base’s Antonio García Martínez put it: “A share that lives onchain settles in seconds, trades on a Sunday, and can be posted as collateral in a lending market the same day someone buys it.” That sentence captures where the market is heading. The value of tokenization isn’t simply that an asset now has a blockchain representation. It is that the asset can start participating in a financial system that is faster, more connected and capable of doing things its offchain version could not. And that is the infrastructure problem Rayls is working on: giving regulated institutions the privacy, compliance and connectivity to bring real financial activity onchain The full breakdown of stocks, credit, gold and cash is in @Dune's After Issuance report 👇