TL;DR
Binance Research says onchain RWA value has risen 85.2% this year to $34.18 billion, while programmable assets represent only about 0.01% of addressable markets.
Tokenized equities grew 390.4% to $4.43 billion, while bonds and money-market funds reached $18.29 billion and drove 54.7% of onchain RWA AUM growth.
Capital activation remains limited at roughly 12% overall, suggesting most tokenized value is inactive even as equity and private-credit utilization rates continue rising.
Binance Research says programmable RWAs are moving beyond issuance toward lending, liquidity and collateral use. In its latest analysis , Binance said onchain RWA value has risen 85.2% this year to $34.18 billion, while only about 0.01% of potentially addressable markets are currently onchain. For readers following RWA infrastructure , the key shift is from representing traditional assets on blockchains to making those assets usable inside programmable financial applications.
Tokenized Equities and Bonds Drive Programmable RWA Expansion
Bonds and money-market funds accounted for 54.7% of this year’s increase in onchain RWA assets under management, while equities contributed another 22.4%. Tokenized equities grew 390.4% to $4.43 billion and increased their share of onchain RWA value from 4.9% to 13.0%. Bonds and money-market funds reached $18.29 billion onchain. The figures add context to the growth of tokenized asset markets . Binance argues that faster equity growth and the larger bond base are creating more assets that can interact with DeFi infrastructure.
The research emphasizes capital activation rather than issuance alone. Binance estimates the overall capital activation rate at about 12%, meaning roughly $12 of every $100 in tokenized value is being used in onchain markets. Equity activation increased from 1.95% to 7.54% this year, while private credit reached 49.67%. That distinction echoes the focus on effective onchain RWA activity rather than headline tokenization totals. Most tokenized capital remains inactive, leaving substantial room for existing assets to enter lending, liquidity and collateral applications without additional issuance.
Binance also introduces a Programmable Asset Ratio, comparing programmable onchain assets with the markets they could theoretically address. The company estimates those underlying markets exceed $300 trillion, making the current $34 billion onchain base equivalent to roughly 0.01%. Binance presents that gap as evidence of potential expansion, although the estimate does not guarantee future adoption. The metric illustrates low penetration rather than a forecast that traditional assets will inevitably migrate onchain.
The report separates this research from Binance Wallet, a self-custodial Web3 product providing access to third-party protocols and dApps. Users can access tokenized stocks, ETFs and structured products through its interface, but Binance says those third-party services operate independently from its centralized exchange. That distinction matters as RWA liquidity limitations remain a challenge. Binance’s central thesis is that future RWA growth depends on both bringing more assets onchain and increasing the practical utility of capital already tokenized.
