Nearly $4 Billion in RWA Active in DeFi: Who is Supporting It?

The scale of tokenized government bonds is enormous, but the composability rate in DeFi is extremely low, with private credit becoming the core force of on-chain composable assets.

Written by: Gino Matos

Compiled by: Saoirse, Foresight News

In the second quarter of 2026, DeFi experienced a total of 99 hacking incidents, setting a new record for quarterly attacks in the DeFiLlama database. However, at the same time, the scale of real-world asset (RWA) tokens circulating among major DeFi protocols has surged to nearly $3.97 billion, reaching a new historical high.

DeFi provides on-chain application scenarios for tokenized assets, allowing them to serve as collateral, lending liquidity, or as a foundational basis for other protocols to build applications. This data proves that even in the face of severe security shocks, the scale of composable real-world asset tokens continues to reach new heights.

Data Statistics

DeFiLlama's data panel shows that the total market value of active real-world asset tokens is $33.9 billion, with a total on-chain market value of $36.7 billion. Of this, only $3.97 billion is stored within various DeFi protocols, accounting for about 11.7% of the total value of active RWAs, distributed across lending markets, liquidity pools, and yield protocols.

DeFiLlama investigated 59 historical hacking incidents with clear pre-theft locked data and found that the vast majority of attacked protocols ultimately retained less than 10% of their previous locked scale. The amount of stolen funds has almost no correlation with the scale of fund loss in the following 30 days. The mere occurrence of a hacking incident destroys market trust, regardless of the size of the stolen amount.

BlackRock's BUIDL is the largest tokenized fund within the scope of DeFiLlama's statistics, with an active market value exceeding $2.7 billion, but only $18.2 million is deployed in the DeFi ecosystem, resulting in a utilization rate of only 0.67%. Circle's USYC has a similar situation, with a market value exceeding $3 billion and a usage scale of about $31.5 million in DeFi, resulting in a utilization rate of about 1.05%. Franklin Templeton's iBENJI has an active market value exceeding $1.5 billion, and according to DeFiLlama's tracking data, this asset has not been deployed in DeFi at all.

The combined active market value of these three funds is approximately $7.23 billion, while the total amount deployed in DeFi is only $49.7 million. Additionally, five smaller credit, collateralized loan obligation (CLO), and reinsurance products have a combined active market value of $3.4 billion, which is less than half the size of the three major funds. However, this group of assets has a locked scale of about $2.5 billion in DeFi, with a composable fund volume reaching 50 times that of the former.

Private Credit Becomes the Main Force of On-Chain Application for Tokenized Assets

Maple's syrupUSDC and syrupUSDT together account for about $1.5 billion of the RWA locked funds in DeFi, representing 38.6% of the total scale of $3.97 billion. Both types of tokens are yield-bearing certificates deposited in the Maple Syrup lending vault; the vault issues over-collateralized loans to institutional borrowers, with interest continuously accumulating, leading to an increase in the token's exchange value.

DeFiLlama's tracking shows that syrupUSDC circulates across multiple public chains including Ethereum, Monad, Solana, Base, and Arbitrum, connecting to protocols such as Aave V3, Morpho Blue, Kamino Lend, Euler, Jupiter Lend, Uniswap, Orca, and Pendle. The application scenarios for syrupUSDT are equally broad, with several hundred million dollars flowing within Aave alone, achieving a utilization rate of 91.43%, ranking it among the top tier of all tokenized assets tracked.

Janus Henderson's Anemoy JAAA has an active market value of $423 million, of which $414.3 million has entered DeFi, resulting in a utilization rate of 97.95%. Most of the funds are stored in Grove Finance ($391.3 million), with another $18.6 million deployed in the Aave Horizon real-world asset trading market. Grove initially invested $1 billion as a starting position when the product launched, positioning itself as a bridge between traditional credit strategies and DeFi infrastructure.

Hastra's PRIME token has an active market value of $520.2 million, with $365.8 million used for DeFi; of this, $218.5 million is deployed in Morpho Blue, and $140.16 million is allocated to Kamino Lend. Hastra states that the income from PRIME comes from home equity credit services provided by the Figure platform, meaning that tokens backed by homeowners' equity loans can be accepted as collateral by various protocols.

OnRe's ONyc token further extends this model into the reinsurance field—a sector that seems only weakly related to the crypto industry. This token has an active market value of $247.2 million, with $184.6 million used in DeFi, achieving a utilization rate of 74.68%, with funds primarily concentrated in Kamino Lend and Loopscale within the Solana ecosystem.

The value that tokens can generate largely depends on which protocols are willing to accept them. Aave and its Horizon real-world asset market have absorbed a large amount of syrupUSDC, syrupUSDT, and JAAA. Aave officials state that since Horizon's launch in August 2025, the deposit scale has exceeded $440 million, allowing qualified institutions to use tokenized assets as collateral to borrow stablecoins without needing to sell or redeem the underlying assets.

Morpho Blue and Kamino Lend provide similar lending services for PRIME, syrupUSDC, and ONyc; Uniswap, Orca, and Pendle provide secondary market liquidity and yield layering tools for all the aforementioned assets.

Where Will the Scale of Composable Assets Go in the Future

Citigroup's 2026 tokenization forecast report indicates that under the baseline scenario, the overall scale of tokenized assets will grow from the current approximately $170 billion to $5.5 trillion by 2030, with a range forecast of $2.7 trillion to $8.2 trillion. The main drivers of growth will be publicly traded securities such as stocks and U.S. Treasuries, achieving on-chain migration through a hybrid model. The core question facing DeFi is whether this 11.7% composable asset ratio can continue to rise alongside industry expansion or remain long-term confined to the narrow lane of credit products.

Optimistic Scenario: An increasing number of issuers emulate Maple, Grove, and Hastra, incorporating collateral and yield functions as native attributes from the outset of asset design. Markets similar to Aave Horizon continue to increase, and Morpho and Kamino continuously expand the types of tokenized assets they can accept; the locked scale of RWA in DeFi breaks through $5 billion to $6 billion. The composable ratio of real-world asset tokens significantly exceeds 11.7%, with DeFi becoming the underlying operating carrier for the vast majority of new token credit products.

The pessimistic scenario is based on an assumption: that protocols relying on RWA or cross-chain bridges experience another major security incident. DeFiLlama's data has already confirmed that such events can lead to significant fund losses for protocols, with the extent of loss unrelated to the amount stolen. Asset issuers will tighten on-chain integration cooperation to maintain institutional reputation; markets like Aave Horizon will also be more cautious when accepting collateralized assets. The locked scale of RWA in DeFi falls back to $2 billion to $3 billion, and the composable application of assets shrinks to niche choices for products with the strongest risk tolerance; the broader tokenization track returns to simple custody and settlement functions.

Currently, nearly $4 billion in tokenized assets are creating real value in DeFi, transforming simple asset holdings into collateral, liquidity, and sources of yield.

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