Why does DWF Labs say most tokenised real-world assets remain inactive?

DWF Labs said more than US$31 billion of real-world assets have been tokenised, but less than 10%, or roughly US$3 billion, is actively used in DeFi. The firm said most assets are being held in wallets rather than used for lending, trading or collateral purposes.

What are the main barriers preventing tokenised real-world assets from gaining liquidity?

DWF Labs identified three key barriers: limited pricing transparency, slow settlement and redemption processes, and regulatory restrictions. The firm said these factors make it difficult for tokenised assets to trade efficiently at scale.

How is BlackRock's BUIDL fund being used as an example of the liquidity challenge?

DWF Labs said BlackRock's BUIDL fund holds billions of dollars in tokenised assets but records fewer than 30 transfers per month. The firm cited this as evidence that asset issuance has grown faster than secondary market activity.

What does DWF Labs say companies such as Maple Finance are doing to improve tokenised asset utility?

DWF Labs said Maple Finance has attracted more than US$3.6 billion in total value locked by integrating tokenised credit into stablecoin collateral products. The firm said infrastructure providers are building tools to support lending, pricing and redemption activity.

What opportunities does DWF Labs see for future growth in tokenised assets?

DWF Labs said opportunities exist in non-US dollar bonds, tokenised commodities and tokenised equities. The report noted that more than 94% of tokenised assets are denominated in US dollars, while tokenised stocks have surpassed US$1 billion in value with approximately 185,000 holders.

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DWF says 90% of tokenised assets idle

Written by Mahathir BayenaPublished Jun 24, 2026, 6:15 AM

DWF Labs said more than US$31 billion of tokenised real-world assets are onchain, but less than 10% is actively used in DeFi.
The firm identified liquidity, pricing, settlement and regulatory barriers as key obstacles to wider adoption.
Infrastructure providers including Maple Finance, Figure, Pyth and RedStone are developing tools to increase utility and trading activity.

DWF Labs said more than US$31 billion of real-world assets have been tokenised on blockchains, but less than 10%, or roughly US$3 billion, is actively being used within decentralised finance applications.

The report argues that while institutions have embraced tokenisation, most tokenised assets remain held in wallets rather than circulating through lending platforms, trading venues or collateral systems.

“Liquidity is the binding constraint on scaling tokenisation onchain,” said DWF Labs Managing Partner Andrei Grachev.

DWF Labs identified three main barriers to greater activity: limited pricing transparency for private assets, slow redemption and settlement processes, and regulatory requirements such as know-your-customer checks and transfer restrictions.

The firm said solving these challenges could expand the utility of tokenised assets beyond issuance, while BlackRock's BUIDL fund reportedly records fewer than 30 transfers per month despite holding billions of dollars in assets and related crypto markets were unchanged following the report.

DWF Labs highlighted Maple Finance, which has attracted more than US$3.6 billion in total value locked by integrating tokenised credit into stablecoin-based products, alongside infrastructure providers including Pyth, RedStone, Symbiotic and Figure.

The report also pointed to future growth opportunities in non-US dollar fixed-income products, tokenised commodities and tokenised equities, noting that more than 94% of tokenised assets are currently denominated in US dollars while tokenised stocks have grown to more than US$1 billion with approximately 185,000 holders.