The July 27 analysis on RWA and DeFi says growth alone is no longer enough, urging investors to judge tokenized assets by liquidity, collateral demand, yield and protocol revenue.
HTX Research published a July 27 report examining RWA (real-world assets) and DeFi (decentralized finance), arguing that the tokenized-asset market has moved into a new phase where adoption should be assessed by usage rather than headline expansion alone. The report said tokenized assets excluding stablecoins rose from under $3 billion in mid-2024 to more than $30 billion in April 2026 before stabilizing around $34 billion. It said future evaluation should focus on utilization, liquidity, collateral demand, real yield and protocol revenue, metrics that aim to show whether tokenized assets are being used in financial applications instead of simply being issued on-chain.