A new report from Dune, titled 'After Issuance: Reading the Onchain RWA Market – Q3 2026,' analyzes the state of tokenized real-world assets as of August 31, 2026. The total market for tokenized RWA has reached approximately $34.5 billion, marking a year-over-year increase of over 140%.
Credit products currently dominate RWA collateral in DeFi lending, accounting for 76% of deposits, or roughly $1.61 billion. This represents 19–21% of the total tokenized credit supply, which is valued at $7.8 billion. Private credit remains the primary driver, making up 75% of this segment, with Maple and Centrifuge identified as key issuers.
While cash equivalents account for $17.8 billion of the market, they remain largely inactive. In contrast, tokenized credit offers yields between 3.32% and 13.84%, facilitating strategies like carry trades. However, only 6.1% of the total tokenized RWA supply, totaling $2.11 billion, is currently deployed in lending protocols.
Lending activity is highly concentrated, with Morpho, Kamino, and Aave managing 83% of all RWA deposits. Morpho alone holds approximately $1 billion. The report notes that 32% of tokenized credit involves crypto-native counterparties, which introduces risks correlated with broader crypto market fluctuations.
The analysis covers 21 blockchains, 8 asset classes, over 2,600 products, and more than 250 issuers. Many offerings remain permissioned, requiring verified participants, which the report identifies as a significant bottleneck for secondary market liquidity and further capital deployment.
