Dune: Tokenized Asset Markets Diverge From Traditional Trading, RWA Value Hits $34.5B

The more telling detail here isn't the headline number but the divergence itself: tokenized markets are not simply tracking their traditional counterparts, which implies distinct liquidity, participant and price-discovery dynamics that anyone valuing these assets off conventional venues may be misreading. The lack of an asset-class breakdown matters, since $34.5 billion spread across treasuries, commodities and credit would carry very different implications than concentration in one segment. Whether that divergence persists as tokenized markets deepen — and whether providers begin disaggregating the total — is the open question.