Data: Among 501 RWA yield assets, only 34 have on-chain scale exceeding $50 million, with 93% yet to reach DeFi

CycleProphet · 2026-03-21T02:31:12+00:00

Electric Capital's report analyzed 501 real-world yield assets, showing that only 34 assets exceeded $50 million on-chain scale, primarily concentrated in the bond sector. Distribution channels represent the main bottleneck, with a minority of holders controlling most of the supply. The report believes that with five major factors including stablecoin growth and protocol competition, assets will be driven on-chain, with AI infrastructure spending expected to exceed $500 billion by 2026.

CycleProphet

2026-03-21 02:31:12

Abstract generation in progress

Deep Tide TechFlow News, March 21, According to The Defiant, Electric Capital released a research report on Monday, analyzing 501 real-world yield assets and cross-referencing them with currently active tokenized assets on-chain. The report shows that only 34 yield assets have on-chain volumes exceeding $50 million, mainly in U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign bonds; the remaining 93% of yield sources are still hindered by seven types of barriers, including legal structures, asset-backed securities challenges, and the integration difficulties of commodities and computing infrastructure.

The report points out that distribution channels are the main bottleneck: among 35 non-stablecoin on-chain RWA, only 2 holders have more than 2,000 addresses. Part of the reason is design limitations, such as BUIDL requirements from BlackRock, which demand a minimum investment of $5 million, but data shows that most tokenized assets still rely on a few large deployers and treasury managers. The top ten BUIDL holders control 98% of the supply, mainly held by protocols like Ethena, Ondo, and Sky.

Electric Capital believes that five major factors will drive more assets onto the chain: growth in stablecoin size and yield diversification, product differentiation competition among protocols, treasury infrastructure absorbing duration risk, layered mechanisms expanding the buyer base, and leverage cycles amplifying collateral demand. The report also notes that Goldman Sachs predicts AI infrastructure spending will exceed $500 billion by 2026, with GPU leasing, data center construction, and energy contracts expected to become emerging catalysts for on-chain financing.

ENA-3.08%

ONDO-0.57%

SKY3.13%

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