DWF Labs: $31 Billion in RWAs Onchain but Less Than 10% Active in DeFi

According to DWF Labs Research, $31 billion in real-world assets have been moved onto blockchains, but less than 10% of the tokenized assets—roughly $3 billion—are active in DeFi. The majority remains largely dormant in wallets as long-term positions rather than circulating through lending markets or trading venues.

The research points to BlackRock's BUIDL as a key example, noting it sees fewer than 30 transfers per month despite holding billions in assets. DWF Labs identified liquidity as the primary constraint on RWA scaling, citing challenges in pricing, settlement timeframes, and redemption accessibility as structural barriers to broader secondary market activity.