Electric Capital: Only 34 RWA assets have over $50 million in on-chain assets; AI infrastructure spending could be a catalyst.
PANews reported on March 21 that, according to TheDefiant, Electric Capital analyzed 501 real-world yield (RWA) assets and cross-referenced them with tokenized assets currently showing significant on-chain activity. The report shows that only 34 yield assets have an on-chain size exceeding $50 million, and these assets are primarily concentrated in US Treasury bonds, private credit, corporate bonds, and non-US sovereign bonds. The remaining 93% of yield sources are still constrained by seven types of obstacles, covering inadequate legal structures, challenges faced by asset-backed securities, and real-world integration difficulties between goods and computing infrastructure.
The study further points out that the distribution stage is the main bottleneck in RWA development: among 35 non-stablecoin on-chain yield assets, only two assets have more than 2,000 holders. This phenomenon is partly due to asset design limitations; for example, BlackRock's BUIDL product has a minimum investment threshold of $5 million. Meanwhile, data shows that most tokenized assets still heavily rely on a few large deployers and treasury managers. For example, in BUIDL, its top ten holders control 98% of the supply, and these holders are mostly from other protocols.
Electric Capital predicts that five key factors will drive more real-world assets onto the blockchain in the future: continued growth in stablecoin size and diversification of market yield preferences; increased product competition among protocols; improved capacity of treasury infrastructure to absorb duration risk; tiered mechanisms to expand the buyer base; and leveraged cycles to amplify demand for collateralized assets. Furthermore, spending on AI infrastructure (which Goldman Sachs projects will exceed $500 billion by 2026) is expected to be a significant catalyst, with the on-chain financing potential of GPU leasing, data center construction, and energy contracts being particularly noteworthy.
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