Tokenized RWA: issuance is solved, utilization is not

The debate over tokenized real-world assets has shifted from investment thesis to measurement problem. Aggregate distributed value—between USD 31 billion and USD 34 billion , depending on methodology—supports several narratives, but the relevant figure is different: only about USD 3 billion of that total participates actively in DeFi as collateral or credit. I hold a contrarian position for the sector: the industry solved issuance and did not solve utilization , and a large part of the commercial narrative of the past two years confuses the first with the second. The tokenized Treasury segment performs a different function than distribution materials usually claim.

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