Tokenized Real-World Assets in DeFi

Tokenized real-world assets (RWAs) are evolving from mere digital versions of traditional securities into fundamental components of decentralized finance (DeFi), as highlighted in the 2025 RWA Report from Dune and RWAxyz.

The report indicates that Treasuries, bonds, credit, and equities are increasingly utilized within DeFi as collateral, trading instruments, and yield products. This reflects tokenization’s significant advancement—composability, which enables the combination and reuse of assets across various protocols.

Several projects exemplify this trend in practice. For instance, asset manager Maple Finance’s syrupUSDC has surged to $2.5 billion, with over 30% allocated in DeFi applications like Spark ($570 million).

Centrifuge’s new deJAAA token, representing Janus Henderson’s AAA CLO fund, is already being traded on exchanges such as Aerodrome and Coinbase, with Stellar integration planned soon. Moreover, Aave’s Horizon RWA Market now facilitates institutional users to offer tokenized Treasuries and CLOs as collateral.

This trend signals a significant transition: RWAs are now more than simple replicas of traditional assets; they are integral to on-chain finance, driving lending, liquidity, and yield, thus bridging the gap between traditional finance (TradFi) and DeFi.

“RWAs have crossed the chasm from experimentation to execution,” states Sid Powell, CEO of Maple Finance, in the report. “Our growth to $3.5B AUM reflects a broader shift: traditional financial services are adopting crypto assets while institutions seek exposure to on-chain markets.”

Investor appetite for enhanced returns and diversified options is a primary driver of this evolution. Tokenized Treasuries have demonstrated strong demand, with $7.3 billion issued by September 2025—a notable 85% increase year-to-date. Leading this growth are firms like BlackRock, WisdomTree, Ondo, and Centrifuge’s JTRSY (Janus Henderson Anemoy Treasury Fund). Additionally, Spark’s $1 billion Tokenization Grand Prix has further accelerated adoption in 2025.

Tokenized Treasuries

Investors are increasingly favoring longer-term bonds, private credit, and stocks for improved returns. Concurrently, open platforms and DeFi initiatives are broadening accessibility beyond institutional investors.

In summary, these trends illustrate that RWAs are becoming a critical aspect of digital financial markets. The report emphasizes that tokenization transcends merely representing traditional assets on-chain: by unlocking liquidity, expanding global accessibility, and enhancing collateralization, it fundamentally transforms these assets.