Wall Street put $7B into tokenized funds, but under 1% is actually being used in DeFi
DeFi recorded 99 hacks in the second quarter of 2026, greater than any quarter on report in DeFiLlama’s database. Real-world tokenized property in use inside DeFi protocols have since climbed to just about $3.97 billion, a recent all-time high.
DeFi provides tokenized property one thing to do on-chain, turning them into collateral, lending liquidity, or inputs that different protocols can construct on.
The report proves {that a} extreme safety shock has not stopped composable real-world asset value from reaching a brand new high.
What the report measures
DeFiLlama’s dashboard places whole RWA energetic market cap at $33.9 billion and on-chain market cap at $36.7 billion.
Only $3.97 billion of that worth sits inside DeFi protocols, about 11.7% of energetic RWA worth, positioned into lending markets, liquidity swimming pools, and yield protocols.
DeFiLlama examined 59 historic hacks with significant pre-hack whole worth locked (TVL) and located that the majority affected protocols stored lower than 10% of their earlier TVL.
The greenback quantity stolen confirmed virtually no relationship to the worth drained over the subsequent 30 days. Being hacked destroys belief by itself, no matter how a lot was taken.
BlackRock’s BUIDL carries over $2.7 billion in energetic market cap, the biggest tokenized fund in DeFiLlama’s information, but solely $18.2 million of it sits inside DeFi, a 0.67% utilization charge.
Circle’s USYC exhibits an identical sample, with a market cap over $3 billion and DeFi use of about $31.5 million, or about 1.05%. Franklin Templeton’s iBENJI has an energetic market cap of over $1.5 billion and has no worth deployed in DeFi, in accordance with DeFiLlama’s monitoring.
Those three funds mix for roughly $7.23 billion in energetic market cap and about $49.7 million inside DeFi. A separate group of 5 smaller credit score, CLO and reinsurance merchandise carries a mixed $3.4 billion in energetic market cap, lower than half as a lot because the three massive funds.
That group nonetheless holds roughly $2.5 billion inside DeFi, about 50 instances as a lot composable worth.
| Tokenized asset group | Active market cap | DeFi Active TVL | DeFi utilization | What it exhibits |
|---|---|---|---|---|
| BlackRock BUIDL | $2.7B | $18.2M | 0.67% | Large tokenized fund, restricted DeFi utilization |
| Circle USYC | $3.0B | $31.5M | 1.05% | Large market cap, low composability |
| Franklin iBENJI | $1.5B | $0 | 0% | Tokenized but not DeFi-active |
| Maple syrupUSDC | $1.43B | ~$792M | 55.39% | Private credit score actively used in DeFi |
| Maple syrupUSDT | ~$810M | ~$741M | 91.43% | Private credit score with very high utilization |
| JAAA | $423M | $414.3M | 97.95% | Tokenized CLO virtually absolutely deployed |
| Hastra PRIME | $520.2M | $365.8M | 70.32% | Home-equity-linked credit score used as collateral |
| OnRe ONyc | $247.2M | $184.6M | 74.68% | Reinsurance enters DeFi infrastructure |
Private credit score leads utilization of tokenized property
Maple’s syrupUSDC and syrupUSDT account for about $1.5 billion in DeFi Active TVL, roughly 38.6% of the whole $3.97 billion. Both are yield-bearing receipt tokens for deposits into Maple’s Syrup lending vaults, the place the trade charge rises as curiosity accrues from overcollateralized loans to institutional debtors.
DeFiLlama tracks syrupUSDC throughout Ethereum, Monad, Solana, Base, and Arbitrum, deployed through Aave V3, Morpho Blue, Kamino Lend, Euler, Jupiter Lend, Uniswap, Orca, and Pendle.
syrupUSDT carries a equally huge footprint, with a whole lot of thousands and thousands of {dollars} operating by means of Aave alone, and its personal utilization charge reaches 91.43%, among the many highest of any tokenized asset tracked.
Janus Henderson’s Anemoy JAAA has an energetic market cap of $423 million and $414.3 million in DeFi, with a 97.95% utilization charge. Most of that sits with Grove Finance at $391.3 million, with one other $18.6 million by means of Aave’s Horizon RWA market.
Grove seeded the technique with a $1 billion allocation at launch, framing it as a bridge between conventional credit score methods and DeFi infrastructure.
Hastra’s PRIME token has an energetic market cap of $520.2 million, with $365.8 million in DeFi, $218.5 million by means of Morpho Blue, and $140.16 million by means of Kamino Lend.
Hastra says PRIME’s yield comes from home-equity line-of-credit lending by means of Figure, that means a house owner’s fairness mortgage can again a token that different protocols settle for as collateral.
OnRe’s ONyc token extends the sample into reinsurance, a class with no apparent connection to crypto. It carries $247.2 million in energetic market cap and $184.6 million inside DeFi, a 74.68% utilization charge, concentrated totally on Solana by means of Kamino Lend and Loopscale.
What that token can do relies upon closely on which protocol accepts it. Aave and its Horizon RWA market take up a whole lot of thousands and thousands of syrupUSDC, syrupUSDT, and JAAA.
Aave says Horizon has surpassed $440 million in deposits since its August 2025 launch, enabling certified establishments to borrow stablecoins towards tokenized property with out promoting or redeeming them.
Morpho Blue and Kamino Lend do comparable work for PRIME, syrupUSDC and ONyc, whereas Uniswap, Orca and Pendle provide secondary liquidity and yield-layering round all of them.
| Asset kind | Example tokens | Main DeFi venues | What DeFi lets the asset do |
|---|---|---|---|
| Private credit score | syrupUSDC, syrupUSDT | Aave, Morpho, Kamino, Euler | Earn yield, function collateral, assist lending liquidity |
| Structured credit score / CLOs | JAAA | Grove Finance, Aave Horizon | Turn institutional credit score publicity into on-chain collateral |
| Home-equity-linked credit score | PRIME | Morpho Blue, Kamino Lend | Convert HELOC-backed yield into DeFi collateral |
| Reinsurance | ONyc | Kamino Lend, Loopscale | Use insurance-linked yield inside lending markets |
| Money-market funds | BUIDL, USYC, iBENJI | Limited DeFi utilization | Mostly stay tokenized holdings fairly than composable property |
| Liquidity / yield layer | syrupUSDC, PRIME, ONyc | Uniswap, Orca, Pendle | Enable buying and selling, liquidity routing, and yield structuring |
Where the composability share goes from right here
Citi’s 2026 tokenization forecast expects the broader class to develop from about $17 billion right now to $5.5 trillion by 2030 in its base case, with a spread spanning $2.7 trillion to $8.2 trillion.
That progress primarily targets public securities, equivalent to equities and Treasuries, and strikes them on-chain through hybrid fashions. The open query for DeFi is whether or not the 11.7% composable share grows alongside that enlargement or stays a slender lane serving principally credit-focused merchandise.
The bull case has extra issuers constructing property as collateral and yield primitives from day one, as Maple, Grove, and Hastra did.
Aave Horizon-style markets multiply, Morpho and Kamino preserve increasing the set of tokenized property they settle for, and RWA DeFi Active TVL pushes previous $5 billion to $6 billion. The composable share of whole RWA worth climbs properly above 11.7%, and DeFi turns into the default working layer round which most new tokenized credit score merchandise are constructed.
| Scenario | RWA DeFi Active TVL path | What drives it | What it could imply |
|---|---|---|---|
| Bull case | $5B-$6B+ | More property designed as collateral and yield primitives from launch | DeFi turns into the working layer for tokenized credit score |
| Base case | Holds close to $4B and grows step by step | Private credit score, CLOs, PRIME, and reinsurance preserve main utilization | Composability grows, but stays concentrated in specialised merchandise |
| Bear case | Falls towards $2B-$3B | Another main exploit hits an RWA-dependent protocol or bridge | Issuers retreat towards custody and settlement fairly than open DeFi |
| Walled-garden case | Total tokenization grows, DeFi share stagnates | Institutions favor permissioned markets and managed collateral venues | Tokenization scales, but open composability stays a slender area of interest |
The bear case assumes one other main exploit hits an RWA-dependent protocol or bridge, the sort of occasion DeFiLlama’s personal information says can strip away most of a protocol’s worth whatever the greenback quantity stolen.
Issuers pull again on integrations to guard their institutional reputations, and Aave Horizon and comparable markets develop extra cautious about which collateral they settle for.
RWA DeFi Active TVL slides again towards $2 billion to $3 billion, and composability narrows into a distinct segment probably the most risk-tolerant merchandise nonetheless pursue, whereas the broader class retreats towards custody and settlement alone.
Nearly $4 billion in tokenized property are actually incomes their preserve inside DeFi, turning easy possession into collateral, liquidity, and yield.
The submit Wall Street put $7B into tokenized funds, but under 1% is actually being used in DeFi appeared first on CryptoSlate.
