On-Chain RWA Value Climbs 85%, With About 12% Deployed in On-Chain Finance

Tracked on-chain real-world asset (RWA) value rose 85.2% year to date to $34.18 billion in a Sept. 15 snapshot, while about 12% was deployed in verified on-chain financial applications. The figures measure both the value represented on-chain and how much of that value was put to use in finance applications.

At $18.29 billion, bonds and money-market funds contributed 54.7% of this year's growth in tracked on-chain RWA value. Equities contributed 22.4% of that increase. Together, the figures show how much these asset groups contributed to the growth in tracked value.

Tokenized equities rose 390.4% year to date to $4.43 billion. Their share of tracked RWA value increased from 4.9% to 13.0%. The growth rate describes the increase in equity value, while the share compares equities with all tracked RWA value.

The Capital Activation Rate (CAR) measures deployment by dividing the deduplicated value of qualifying assets in verified on-chain financial applications by the circulating value of those same assets. It stood at about 12% overall, or roughly $12 for every $100 in tracked tokenized value. Deduplication means qualifying value is counted once, even if it appears across multiple applications. The applications include liquidity pools, lending and collateral markets.

Private credit had the highest reported CAR, at 49.67%. The equity CAR rose from 1.95% to 7.54% year to date. Liquidity pools held 65.4% of deployed equity value, while lending accounted for 28.1%; together they made up 93.5%.

A separate measure, the Programmable Asset Ratio (PAR), compares qualifying on-chain asset value with the corresponding underlying market value. The overall estimate places more than $34 billion in on-chain assets against principal addressable markets estimated at more than $300 trillion combined, for a penetration rate of about 0.01%.

For equities, the reference market was $151.9 trillion, with $4.43 billion in tokenized equities representing 0.0029%. This comparison measures tokenized value against estimated underlying market size; CAR instead measures deployment within verified on-chain financial applications. The two rates therefore describe different parts of the tokenization market.