Wall Street Tokenizations Hit $7.2B; Under 1% in DeFi

Wall Street firms have tokenized about $7.2 billion in funds, but roughly $50 million of that is currently used inside decentralized finance protocols. An industry dashboard places active real-world assets market cap near $33.9 billion and on-chain RWA at about $36.7 billion, with $3.97 billion of that value placed inside DeFi markets.

Three large institutional tokenizations — BlackRock’s BUIDL, Circle’s USYC and Franklin Templeton’s iBENJI — total about $7.23 billion in active market cap. BUIDL shows $18.2 million inside DeFi, USYC about $31.5 million, and iBENJI registers no measurable DeFi deployment. Together those three account for roughly $49.7 million of DeFi-active value.

By contrast, a group of smaller private-credit, collateralized loan obligation and reinsurance token products, with about $3.4 billion in active market cap, have routed roughly $2.5 billion into DeFi. Private-credit receipt tokens issued by Maple Finance — syrupUSDC and syrupUSDT — account for about $1.5 billion of DeFi active total value locked, representing a large share of on-chain RWA activity.

Maple’s syrup tokens are tracked across multiple chains and are deployed into lending markets and liquidity venues including Aave V3, Morpho Blue, Kamino Lend, Euler, Uniswap, Orca and Pendle. Janus Henderson’s Anemoy JAAA shows $423 million in active market cap with $414.3 million placed in DeFi, mostly through Grove Finance and Aave’s Horizon market.

Hastra’s PRIME, a home-equity loan–linked token, has $520.2 million in active market cap and $365.8 million in DeFi, with large allocations in Morpho Blue and Kamino Lend. OnRe’s ONyc, backed by reinsurance exposures, carries $247.2 million in active market cap and $184.6 million inside DeFi, concentrated on Solana-based markets and specialized lending venues.

Aave’s Horizon market, launched in August 2025 to let qualified institutions borrow stablecoins against tokenized assets, has exceeded $440 million in deposits. Other on-chain liquidity and yield infrastructure provide secondary markets and layered yield opportunities around tokenized credit assets.

Security incidents remain a factor in DeFi activity. The second quarter of 2026 recorded 99 hacks, the highest number on record for a single quarter in the dashboard’s database. A historical review of 59 significant incidents found most affected protocols retained less than 10% of pre-hack TVL within 30 days, and the dollar amount stolen had little relationship to the value drained in the month after an exploit.

A 2026 industry forecast projects tokenization could grow from about $17 billion today to a base case of $5.5 trillion by 2030, with a range from $2.7 trillion to $8.2 trillion. For now, nearly $4 billion in tokenized assets are active inside DeFi, concentrated in private credit, structured credit and a handful of high-utilization products, while the largest institutional tokenizations remain predominantly held off-chain or in custodial frameworks rather than deployed in open DeFi protocols.