Tokenized Real-World Assets (RWAS) go beyond digital versions of traditional effects to become important building blocks of decentralized finances (Defi), according to the RWA report of 2025 of Dune and Rwaxyz.
The report notes that treasuries, bonds, credit and shares are now used in Defi as collateral, commercial instruments and yield products. This marks the “real breakthrough” of tokenization – composability or the possibility of combining and re -using assets over different protocols.
Projects already show how this works in practice. For example, asset manager Maple Finance’s SyrupusDC has grown to $ 2.5 billion, with more than 30% placed in Defi apps such as Spark ($ 570 million).
The new Dejaaa -Toking of Centrifuge, a wrapper for the AAA CLO fund of Janus Henderson, is already acting on Aerodrome, Coinbase and other fairs, with Stellar planned. In the meantime, Aave’s Horizon RWA market is now having institutional users posted tokenized treasuries and as collateral.
This trend underlines a larger shift: RWAs are no longer just copies of traditional assets; Instead, they become core components of on-chain financing, nutrition, liquidity and yield and help close the gap between traditional finances (Trandfi) and Defi.
“RWAs have crossed the gap from experiments to implementation,” says Sid Powell, CEO of Maple Finance, in the report. “Our growth up to $ 3.5 billion AUM reflects a wider shift: traditional financial services take crypto assets, while institutions are looking for exposure to chain markets.”
Investors’ demand for higher returns and more diversified options is mainly stimulating this growth. Tokenized treasuries proved that there is a strong demand, with $ 7.3 billion issued in September 2025-a increase of 85% years to date. The growth was led by BlackRock, Wisdomtree, ONDO and Centrifuge’s Jtrsy (Janus Henderson Anemoy Treasury Fund). Spark’s $ 1 billion tokenization Grand Prix also fueled the adoption in 2025.
Tokenized treasuries
Investors put money in bonds in the longer term, private credit and shares to achieve a higher return. At the same time, more people can participate, because open platforms and Defi make these markets accessible than just settings
Together these changes show that RWAs become an essential part of digital financial markets. The report notes that tokenization is “more than just representing traditional assets at the chain. By unlocking liquidity, expanding global access and improving collateralization, it transforms them fundamentally.”
