Tokenized RWA Metrics Show Market Value and DeFi Use Differ

Tokenized real-world asset (RWA) figures track different measures, so market value alone does not show how much of the sector is being used in decentralized finance (DeFi). An Oct. 15 on-chain snapshot put the market at $46.6 billion, while a separate measure valued tokenized RWAs above $34 billion on Aug. 31.

The Oct. 15 snapshot valued tokenized exchange-traded funds (ETFs) at $686.5 million, or 1.5% of the on-chain market. It was taken at 3:27 a.m. ET (07:27 UTC). The August measure also put tokenized cash equivalents near $18 billion. These snapshots come from different dates and do not, on their own, show a like-for-like change in market value. The Oct. 15 ETF snapshot provides one category-level measure.

Trading activity can diverge from market value. In August 2026, tokenized equities represented 8% of an analyzed market but 93% of on-chain trading activity. Those figures describe a specific category and period.

DeFi utilization is another measure. JAAA utilization reached 78.6% during a proposal to raise its Aave borrowing limit. That figure describes one tokenized asset and does not establish a utilization rate for the broader RWA market.