Three tiers lead in demand in the tokenization market:

1️⃣ Credit risk premium (>7%): Private credit dominates, with yield that scales alongside AUM through vertical integration or DeFi leverage

2️⃣ Risk-free rates (3-4%): Highly commoditized yields, mainly competing on distribution and composability

3️⃣ No yield (0%): Assets with strong demand on their own, with onchain access providing price exposure

DWF Ventures sees the next opportunity in two categories: non-USD denominated private credit and bonds (94% of tokenized assets are USD today), and enabling onchain yield on commodities and equities

More in their article here.