The tokenization market consists of 9 main asset categories, with $31B onchain and 50% YTD growth.

US Treasuries lead at $14.79B with deep institutional adoption, and commodities follow with the broadest retail holder base (196K).

Stocks command the most holders overall (347K) on just $1.47B in value.

Capital tends to concentrate in regulated, liquid assets, but only ~$3B of that capital is actually deployed in DeFi.

The 10% that does flow into DeFi has been good business for the protocols that capture it, but the opportunity sits in unlocking the other 90%.

DWF Ventures shares more in their latest research article here.