RWA DeFi Deposits Near $4 Billion After 6x Growth in One Year

Real World Assets that are actively deployed inside DeFi protocols are on the verge of reaching $4 billion. As of August 18, DefiLlama shows this number is at $3.98 billion. This same number stood at $650.88 million just a year ago and around $12 million three years ago. That is a 6x in twelve months and a staggering over 300x in three years.

Source: DefiLlama

What makes this number useful is actually what it excludes. DefiLlama only counts a tokenized asset here when it is put to use onchain. Collateral posted in a lending market qualifies. So does liquidity in a DEX pool or a deposit locked in a vault. Whereas tokens in a wallet that are simply earning fund yield do not.

Total tokenized issuance across the sector is at $34.55 billion. When doing the math here, that equates to about 11.5% of the total RWA space being put to work onchain.

Tokenized Treasuries Lead Issuance and Then Sit Still

BlackRock’s BUIDL has $2.74 billion issued and around $18 million of it is showing up in DeFi. That is a utilization rate of 0.66% as of today. Meanwhile, Franklin Templeton’s BENJI product has a utilization rate of zero. Now between these two products, there is well over $3 billion of tokenized money market exposure that never actually touches a lending pool.

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