Report: Among 501 RWA income assets, only 34 have an on-chain scale exceeding 50 million USD, and 93% have not yet accessed DeFi

According to The Defiant, Electric Capital released a research report on Monday, reviewing 501 real-world yield assets and cross-referencing them with tokenized assets that currently have significant on-chain activity. The report shows that only 34 yield assets have an on-chain scale exceeding $50 million, primarily concentrated in U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign bonds; the remaining 93% of yield sources are still blocked by seven categories of obstacles, covering legal structures, asset-backed security challenges, and the real integration challenges of commodities and computing infrastructure.

The report points out that distribution channels are the main bottleneck: among 35 non-stablecoin on-chain yield RWAs, only 2 have more than 2,000 holders. Part of the reason is design limitations, such as BlackRock's BUIDL requiring 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 holders of BUIDL control 98% of its supply, with holders mainly being protocols like Ethena, Ondo, and Sky.

Electric Capital believes that five factors will drive more assets on-chain: the growth of stablecoin scale and diversification of yield preferences, differentiated competition among protocols, treasury infrastructure absorbing duration risk, layered mechanisms expanding the buyer base, and leveraged cycles amplifying demand for collateral assets. The report also notes that Goldman Sachs expects AI infrastructure spending to exceed $50 billion by 2026, with GPU leasing, data center construction, and energy contracts expected to become emerging catalytic scenarios for on-chain financing.