Artem Tolkachev, chief RWA officer at Falcon Finance, said low onchain activity does not necessarily indicate weak demand in a tokenized real-world asset market valued at $38.86 billion on Sep. 15, when RWA.xyz counted about 4.24 million holders. He argued that Treasury funds purchased for income can fulfill their purpose while remaining in wallets, whereas products designed for lending or trading should be evaluated on liquidity, collateral access and activity across financial venues. Castle Labs has called for deeper liquidity and stronger connections between tokenized assets and applications. CoinShares and Token Terminal reported that RWA deposits across lending protocols and decentralized exchanges rose from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026, even as total DeFi deposits fell about 15%. Institutional use also expanded through DTCC tests involving tokenized securities, including Treasury repo, securities lending, collateral pledges, equity settlement and central-counterparty margin workflows.