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Tokenized real-world assets show varied DeFi usage rates
The piece argues that simple utilization percentages are misleading because they count different baskets of assets, including private credit and products restricted by design.
CoinDesk highlights that estimates of how much tokenized real-world assets are actually used in decentralized finance range from under 1% to around 20%, depending on the methodology and what gets included.
The outlet notes that a sub-1% figure tied to publicly visible onchain activity may focus narrowly on a small set of tokenized money market funds, including BlackRock’s BUIDL, Circle’s USYC, and Franklin Templeton’s iBENJI, which together total $7.2 billion with roughly $50 million deployed.
Widening the dataset increases the share, CoinDesk says, referencing figures of 11.7% from DeFiLlama and about 19% using CoinShares’ $7.4 billion Q2 count against RWA.xyz’s $38 billion total, with the wide range attributed to lack of an agreed definition of the measurement.
CoinDesk also argues that much of the issue sits in how tokenized assets are categorized, pointing to private credit as about 47% of the roughly $51 billion in tokenized real-world assets on public blockchains, and to early “flagship” products that were shipped with transfer restrictions and whitelist gates, limiting their ability to function as onchain collateral.