Tokenized RWA Market Hits $34.5B, But Most Tokens Never Trade: Dune

The headline number flatters a market whose activity is concentrated in a single corner: tokenized Treasuries supply the bulk of value but barely change hands, while a much smaller equity segment carries nearly all spot volume. That gap matters because it suggests many tokenized RWAs function as balance-sheet instruments rather than traded assets, so headline growth may overstate how much genuine price discovery or liquidity exists. Whether Treasury turnover stays negligible as the sector expands, or equities keep dominating activity, is the open question for anyone tracking where the market's real utility sits.