Recent insights from the 2025 RWA Report, a collaborative effort by Dune and RWAxyz, reveal a significant transformation within decentralized finance (DeFi): tokenized real-world assets (RWAs) are progressing beyond mere digital representations of traditional securities to become foundational components of the DeFi landscape.
The report highlights that a diverse range of RWAs, including Treasuries, bonds, credit instruments, and equities, are increasingly being utilized as collateral, trading vehicles, and yield-generating products within the DeFi realm. This evolution signifies what the report identifies as the “real breakthrough” of tokenization — composed of the ability to integrate and repurpose assets across various DeFi protocols.
Demonstrations of this new paradigm are already evident. For instance, Maple Finance has successfully launched its syrupUSDC, which has amassed a valuation of $2.5 billion, with over 30% of its holdings actively engaged in DeFi applications like Spark, which alone has seen investments of $570 million. Another example includes Centrifuge’s innovative deJAAA token, serving as a wrapper for Janus Henderson’s AAA CLO fund, which is currently available for trading on notable platforms such as Aerodrome and Coinbase, with plans for Stellar integration in the pipeline.
Aave’s Horizon RWA Market is also in the mix, allowing institutional players to use tokenized Treasuries and CLOs as collateral. This development highlights a critical shift in the perception of RWAs — they are evolving from replicas of traditional assets into pivotal players within on-chain financial systems. These assets are becoming indispensable in driving lending, liquidity, and yield, thereby bridging the divide between traditional finance (TradFi) and DeFi.
According to Sid Powell, CEO of Maple Finance, “RWAs have crossed the chasm from experimentation to execution.” He notes that their firm’s impressive growth to $3.5 billion in assets under management (AUM) reflects a larger trend: financial institutions are progressively embracing crypto assets while simultaneously seeking avenues for exposure to on-chain markets.
This paradigm shift is largely propelled by investor appetite for higher returns and diversified financial options. The issuance of tokenized Treasuries stands out as a strong indicator of demand, with a total of $7.3 billion issued by September 2025, marking an 85% year-on-year increase. Key players such as BlackRock, WisdomTree, Ondo, and Centrifuge’s JTRSY (Janus Henderson Anemoy Treasury Fund) have been instrumental in this surge. The momentum created by Spark’s $1 billion Tokenization Grand Prix in 2025 also contributed significantly to this growth.
Investors are increasingly turning their attention toward longer-term bonds, private credit, and equities in pursuit of improved returns. Simultaneously, the expansion of open platforms and the DeFi ecosystem facilitates access for a broader audience, enabling retail investors to engage in markets previously dominated by institutional investors.
In conclusion, the developments outlined in the report illustrate that RWAs are transitioning into critical components of digital financial markets. It emphasizes that tokenization goes beyond simply mirroring traditional assets on-chain; it elevates their functionality by unlocking liquidity, broadening global access, and enhancing collateralization options, thereby fundamentally transforming the financial landscape.
