RWA Tokenization Scale Reaches $27 Billion, DeFi Lending Market Absorbs Only 10%

According to BroadChain, at 19:16 on April 20, as reported by PANews, the total scale of tokenized real-world assets (RWA) has reached $27 billion, but only about $2.7 billion (10%) is actively deposited into DeFi lending markets as collateral or used for yield strategies. This growth is primarily driven by regulatory clarity expected between 2025 and early 2026, including the establishment of a stablecoin framework under the GENIUS Act, the classification of major blockchain tokens as digital commodities by the SEC and CFTC, and the SEC's approval for Nasdaq to trade tokenized stocks and ETFs. Funds are mainly distributed across four platforms on Ethereum, Solana, and multiple L2s: Morpho ($957 million), Aave ($929 million), Kamino ($587 million), and Aave Horizon ($161 million). There are significant differences in the use of asset categories: U.S. Treasury bonds account for 48.5% of tokenized AUM but only 2% of DeFi deposits; credit assets make up 17% of AUM but dominate 80% of deposits, primarily due to their higher yields (e.g., Maple syrupUSDC at around 6%) supporting positive yield leverage strategies. Reinsurance, as an emerging composable asset class, sees 80% of its tokenized AUM actively used in lending protocols. Collateral structures are dynamically evolving, with data from Aave Horizon showing a shift from high-yield credit to diversified assets as credit yields converge with Treasury bonds. Permissionless access (e.g., Maple Syrup tokens) has become a key distribution channel, while platforms like Centrifuge manage over $1.85 billion in tokenized assets but only $13 million have DeFi composability, highlighting integration and liquidity challenges. Although the current scale of RWA in DeFi is small, its rapid growth rate and the flywheel effect driven by composability indicate potential for structural transformation.