DeFi Captures Just 10% of Real-World Asset Liquidity, Research Finds

New research by Tanaka highlights strong growth in the real-world asset (RWA) sector and shows that decentralized finance is capturing only a limited share of the available liquidity. In total, just about 10% of RWA liquidity is currently active within DeFi protocols.

Building on this broader picture, tokenized commodities such as gold now account for roughly $7 billion in on-chain value. However, only a small portion of this—around $184 million—is actually deployed within DeFi platforms, underscoring a clear gap between total issuance and active usage.

The report further notes that many tokenized U.S. Treasury products function mainly as compliant on-chain instruments with restricted transferability. Assets including BUIDL, USTB, FOBXX, and OUSG are subject to strict controls such as whitelisting, identity verification, redemption windows, and eligibility requirements for qualified investors, all of which limit their movement across markets.

Source: Tanaka