Onchain real-world assets reached $34.18 billion by September 15, 2026, up 85.2% since the start of the year, according to Binance Research. Bonds and tokenized equities drove most of the gain, yet only around 12% of the tracked value is actually deployed in onchain financial applications.
Onchain real-world assets hit $34.18 billion on September 15, Binance Research said in a report published on September 18. The figure marks an 85.2% rise since the start of the year, with bonds and money market funds still the largest category at $18.29 billion.
Bonds and tokenized equities drive the growth
Bond and money market funds produced 54.7% of this year's increase in tracked assets, while equities added another 22.4%. Tokenized equities were the fastest-growing category, climbing 390.4% year to date to $4.43 billion and lifting their share of the RWA market from 4.9% to 13.0%.
Other categories moved more slowly. Gold and commodities rose 46.6% year to date, private credit gained 43.6%, and real estate added 17.9%, the report said.
Most tokenized capital still sits idle
Binance Research put the overall Capital Activation Rate at roughly 12%, meaning close to $12 of every $100 in qualifying tokenized value was deployed in liquidity, collateral or lending markets. A separate DeFiLlama-based review found a similar pattern, with about 89% of a $34.6 billion tokenized RWA market sitting outside covered protocols.
Utilization varies by asset type. Private credit had the highest activation rate at 49.67%, while equity utilization rose from 1.95% to 7.54% over the year. Within tokenized-equity activity, liquidity pools accounted for 65.4% of deployed value and lending made up 28.1%.
SEC opens a limited path for onchain stock trading
One day before the report, the U.S. Securities and Exchange Commission approved a temporary framework for tokenized stock trading on qualifying permissioned venues. The five-year exemption requires tokenized shares to carry the same rights and privileges as the underlying stock, including voting and dividend rights where applicable.
Brian Armstrong wrote on X: "America can't be the leader in finance without the best products." SEC Chairman Paul Atkins said the exemption would permit trading in a permissioned environment while the agency weighs further action on onchain stock trading.
Institutions build out tokenized-asset infrastructure
DTCC said on September 16 that Ondo Finance subsidiary Oasis Pro Markets had joined Fund/SERV as its first tokenization member, a platform that processes more than 85% of U.S. mutual fund transaction activity. Aave's Horizon product, meanwhile, had drawn more than $440 million in deposits by February from institutions borrowing against tokenized collateral.
Binance Research labeled the next phase the RWA Activation Era, pointing to the gap between assets represented onchain and capital actually put to work in trading, lending and collateral markets.
Source: crypto.news
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