TLDR Tech / Crypto
What Gets Tokenized Next
Electric Capital mapped 501 yield sources across 15 asset categories, finding tokenized treasuries (~$11B) dominate RWA markets while private credit ($2.8B) and corporate bonds ($1.9B) trail, with the top 10 assets capturing 64% of total value and stablecoin supply surpassing $280B as on-chain risk-free rates became accessible starting with Ondo in 2023. Every tokenized asset faces a structural timing mismatch between 24/7 onchain capital movement and off-chain settlement, and all three available workarounds compress yield, while distribution remains thin: 33 of 35 non-stablecoin RWAs above $50M have fewer than 2,000 holders. BlackRock's BUIDL simultaneously backs Ethena's USDtb, Ondo's OUSG, and Sky's Grove, creating a concentration risk that materialized when Grove's $327M redemption caused JAAA to drop 44% in a single day. Demand is compounded by an expanding stablecoin base, diversification pressure, vault infrastructure (Apollo signed a Morpho cooperation for 90M tokens), yield decomposition tools (Pendle, Royco Dawn, Strata), and leverage loops.
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