Tokenized real-world assets have reached $51 billion in on-chain market cap, but DeFi utilization remains at 7.7% with only $3.8 billion in active total value locked. DTCC is running a tokenization trial with approximately 40 firms including JPMorgan, Goldman Sachs, BlackRock and Vanguard, but the central question remains: who determines the price of on-chain collateral and who absorbs losses when a price feed fails. The KelpDAO exploit in April highlighted this issue, generating $230 million in bad debt with $50 million absorbed by Aave’s Umbrella module. Citi projects tokenized assets could reach $8.2 trillion by 2030 under a bull scenario, implying RWA-linked DeFi TVL of $1 trillion to $1.5 trillion.
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