Tokenized Credit Has a Larger Share of Supply in DeFi Lending

Tokenized credit accounts for a larger share of its supply in decentralized lending than tokenized cash equivalents, showing how differently the two asset classes are used in onchain markets.

As of Aug. 31, 2026, 19% to 21% of tokenized credit was in lending protocols. The share for tokenized cash equivalents was 0.4%.

Across four tokenized asset classes, the market reached $33.9 billion after growing more than 140% in a year. Cash equivalents made up $17.8 billion of the total, a larger share of supply than credit despite their much smaller presence in lending protocols.

Tokenized supply and lending use measure different things. The figures show that credit accounts for a larger portion of its category’s supply in lending, while most tokenized cash equivalents remain outside those protocols. They do not establish why the shares differ.

The market analysis covers 21 chains, eight asset classes, more than 250 issuers, more than 150 platforms and more than 2,600 products. Its dataset tracks tokenized assets’ supply, holders, prices, lending deposits and trading.

Credit’s role in lending builds on a trend covered in our earlier analysis of tokenized real-world assets. The broader tokenized asset market surpassed $34 billion in 2026, while the lending comparison shows how participation varies by asset class.