On-chain tokenized real-world assets reached $34.18 billion as of Sept. 15, up 85.2% from the start of the year, Binance Research said. Bonds and money market funds remained the largest segment with $18.29 billion, while tokenized equities rose 390.4% to $4.43 billion and increased their market share to 13.0% from 4.9% at the end of last year. About 12% of on-chain RWA value is deployed in DeFi liquidity pools and lending markets, although only about 0.01% of the underlying asset universe has been tokenized. A separate Binance outlook report previously forecast that tokenized equities could reach ¥55 trillion by 2030, while DeFiLlama estimated $3.84 billion, or 11.3% of the RWA market, was deployed in DeFi on Sept. 18.