HTX Research Report: RWA and DeFi Converging in the Evolution of Programmable Finance
HTX Research has published a report analyzing how real-world asset (RWA) tokenization and decentralized finance (DeFi) cash-flow valuation are converging, signaling an industry shift from 'asset existence' to 'asset utility.' The market size for non-stablecoin tokenized assets grew from under $3 billion in mid-2024 to over $34 billion by April 2026. While this growth confirms the feasibility of onchain asset issuance and settlement, it remains a small fraction compared to traditional financial markets. The report highlights an 'onchain utilization paradox,' where larger tokenized assets like bonds show low DeFi deployment rates (around 5%), while smaller categories such as reinsurance tokens are more actively used. This discrepancy stems from constraints including compliance restrictions and immature pricing models, which limit composability and liquidity on the blockchain. DeFi valuation is also evolving beyond TVL to focus on profitability and value capture. Aave serves as an example of this shift with its real borrowing demand and transparent fee structures.
Topics: asset utility blockchain adoption DeFi valuation RWA tokenization