According to data from RWA.xyz, the distributed asset value of tokenized real-world assets grew by 8.68% over the past month, reaching $24.84 billion. This growth occurred during a broader market downturn. The represented asset value, which tracks tokenized assets that cannot move between wallets, grew only 0.51% to $372.97 billion. This trend contrasts with the decentralized finance sector.
Data from DeFiLlama shows DeFi’s total value locked fell by 25% over the same period to $94.84 billion. This drop resulted from double-digit declines in nearly every major protocol, including Aave, Lido, Eigen Layer, and Binance Staked ETH. Experts told Decrypt that this divergence indicates capital is rotating within the cryptocurrency market rather than leaving it entirely. One expert stated that compressed DeFi yields led to decreased lending and staking, while tokenized U.S. Treasuries offer on-chain returns of around 4% with minimal risk.
The distributed value of specific RWA sectors saw notable increases. Tokenized U.S. Treasury debt grew 10% to $10.7 billion, commodities grew 20% to $6.9 billion, and private credit grew 15% to $2.9 billion over the past month. Another expert explained that RWA protocols offer enforceable rights, regulatory clarity, and cash flows independent of token emissions, which DeFi could not provide. This makes the capital shift a structural change.
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