DeFi recorded 99 hacks in the second quarter of 2026, more than any quarter on record in DeFiLlama’s database. Real-world tokenized assets in use inside DeFi protocols have since climbed to nearly $3.97 billion, a fresh all-time high.
DeFi gives tokenized assets something to do on-chain, turning them into collateral, lending liquidity, or inputs that other protocols can build on.
The record proves that a severe security shock has not stopped composable real-world asset value from reaching a new high.
What the record measures
DeFiLlama’s dashboard puts total RWA active market cap at $33.9 billion and on-chain market cap at $36.7 billion.
Only $3.97 billion of that value sits inside DeFi protocols, about 11.7% of active RWA value, placed into lending markets, liquidity pools, and yield protocols.
DeFiLlama examined 59 historical hacks with meaningful pre-hack total value locked (TVL) and found that most affected protocols kept less than 10% of their previous TVL.
The dollar amount stolen showed almost no relationship to the value drained over the next 30 days. Being hacked destroys trust on its own, regardless of how much was taken.
BlackRock’s BUIDL carries over $2.7 billion in active market cap, the largest tokenized fund in DeFiLlama’s data, yet only $18.2 million of it sits inside DeFi, a 0.67% utilization rate.
Circle’s USYC shows a similar pattern, with a market cap over $3 billion and DeFi use of about $31.5 million, or about 1.05%. Franklin Templeton’s iBENJI has an active market cap of over $1.5 billion and has no value deployed in DeFi, according to DeFiLlama’s tracking.
Those three funds combine for roughly $7.23 billion in active market cap and about $49.7 million inside DeFi. A separate group of five smaller credit, CLO and reinsurance products carries a combined $3.4 billion in active market cap, less than half as much as the three large funds.
That group still holds roughly $2.5 billion inside DeFi, about 50 times as much composable value.
| Tokenized asset group | Active market cap | DeFi Active TVL | DeFi utilization | What it shows |
|---|---|---|---|---|
| BlackRock BUIDL | $2.7B | $18.2M | 0.67% | Large tokenized fund, limited DeFi usage |
| Circle USYC | $3.0B | $31.5M | 1.05% | Large market cap, low composability |
| Franklin iBENJI | $1.5B | $0 | 0% | Tokenized but not DeFi-active |
| Maple syrupUSDC | $1.43B | ~$792M | 55.39% | Private credit actively used in DeFi |
| Maple syrupUSDT | ~$810M | ~$741M | 91.43% | Private credit with very high utilization |
| JAAA | $423M | $414.3M | 97.95% | Tokenized CLO almost fully deployed |
| Hastra PRIME | $520.2M | $365.8M | 70.32% | Home-equity-linked credit used as collateral |
| OnRe ONyc | $247.2M | $184.6M | 74.68% | Reinsurance enters DeFi infrastructure |
Private credit leads usage of tokenized assets
Maple’s syrupUSDC and syrupUSDT account for about $1.5 billion in DeFi Active TVL, roughly 38.6% of the total $3.97 billion. Both are yield-bearing receipt tokens for deposits into Maple’s Syrup lending vaults, where the exchange rate rises as interest accrues from overcollateralized loans to institutional borrowers.
DeFiLlama tracks syrupUSDC across Ethereum, Monad, Solana, Base, and Arbitrum, deployed via Aave V3, Morpho Blue, Kamino Lend, Euler, Jupiter Lend, Uniswap, Orca, and Pendle.
syrupUSDT carries a similarly wide footprint, with hundreds of millions of dollars running through Aave alone, and its own utilization rate reaches 91.43%, among the highest of any tokenized asset tracked.
Janus Henderson’s Anemoy JAAA has an active market cap of $423 million and $414.3 million in DeFi, with a 97.95% utilization rate. Most of that sits with Grove Finance at $391.3 million, with another $18.6 million through Aave’s Horizon RWA market.
Grove seeded the strategy with a $1 billion allocation at launch, framing it as a bridge between traditional credit strategies and DeFi infrastructure.
Hastra’s PRIME token has an active market cap of $520.2 million, with $365.8 million in DeFi, $218.5 million through Morpho Blue, and $140.16 million through Kamino Lend.
Hastra says PRIME’s yield comes from home-equity line-of-credit lending through Figure, meaning a homeowner’s equity loan can back a token that other protocols accept as collateral.
OnRe’s ONyc token extends the pattern into reinsurance, a category with no obvious connection to crypto. It carries $247.2 million in active market cap and $184.6 million inside DeFi, a 74.68% utilization rate, concentrated mostly on Solana through Kamino Lend and Loopscale.
What that token can do depends heavily on which protocol accepts it. Aave and its Horizon RWA market absorb hundreds of millions of syrupUSDC, syrupUSDT, and JAAA.
Aave says Horizon has surpassed $440 million in deposits since its August 2025 launch, enabling qualified institutions to borrow stablecoins against tokenized assets without selling or redeeming them.
Morpho Blue and Kamino Lend do similar work for PRIME, syrupUSDC and ONyc, while Uniswap, Orca and Pendle supply secondary liquidity and yield-layering around all of them.
| Asset type | Example tokens | Main DeFi venues | What DeFi lets the asset do |
|---|---|---|---|
| Private credit | syrupUSDC, syrupUSDT | Aave, Morpho, Kamino, Euler | Earn yield, serve as collateral, support lending liquidity |
| Structured credit / CLOs | JAAA | Grove Finance, Aave Horizon | Turn institutional credit exposure into on-chain collateral |
| Home-equity-linked credit | PRIME | Morpho Blue, Kamino Lend | Convert HELOC-backed yield into DeFi collateral |
| Reinsurance | ONyc | Kamino Lend, Loopscale | Use insurance-linked yield inside lending markets |
| Money-market funds | BUIDL, USYC, iBENJI | Limited DeFi usage | Mostly remain tokenized holdings rather than composable assets |
| Liquidity / yield layer | syrupUSDC, PRIME, ONyc | Uniswap, Orca, Pendle | Enable trading, liquidity routing, and yield structuring |
Where the composability share goes from here
Citi’s 2026 tokenization forecast expects the broader category to grow from about $17 billion today to $5.5 trillion by 2030 in its base case, with a range spanning $2.7 trillion to $8.2 trillion.
That growth primarily targets public securities, such as equities and Treasuries, and moves them on-chain via hybrid models. The open question for DeFi is whether the 11.7% composable share grows alongside that expansion or stays a narrow lane serving mostly credit-focused products.
The bull case has more issuers building assets as collateral and yield primitives from day one, as Maple, Grove, and Hastra did.
Aave Horizon-style markets multiply, Morpho and Kamino keep expanding the set of tokenized assets they accept, and RWA DeFi Active TVL pushes past $5 billion to $6 billion. The composable share of total RWA value climbs well above 11.7%, and DeFi becomes the default operating layer around which most new tokenized credit products are built.
| Scenario | RWA DeFi Active TVL path | What drives it | What it would mean |
|---|---|---|---|
| Bull case | $5B-$6B+ | More assets designed as collateral and yield primitives from launch | DeFi becomes the operating layer for tokenized credit |
| Base case | Holds near $4B and grows gradually | Private credit, CLOs, PRIME, and reinsurance keep leading usage | Composability grows, but remains concentrated in specialized products |
| Bear case | Falls toward $2B-$3B | Another major exploit hits an RWA-dependent protocol or bridge | Issuers retreat toward custody and settlement rather than open DeFi |
| Walled-garden case | Total tokenization grows, DeFi share stagnates | Institutions prefer permissioned markets and controlled collateral venues | Tokenization scales, but open composability remains a narrow niche |
The bear case assumes another major exploit hits an RWA-dependent protocol or bridge, the kind of event DeFiLlama’s own data says can strip away most of a protocol’s value regardless of the dollar amount stolen.
Issuers pull back on integrations to protect their institutional reputations, and Aave Horizon and similar markets grow more cautious about which collateral they accept.
RWA DeFi Active TVL slides back toward $2 billion to $3 billion, and composability narrows into a niche the most risk-tolerant products still pursue, while the broader category retreats toward custody and settlement alone.
Nearly $4 billion in tokenized assets are now earning their keep inside DeFi, turning simple ownership into collateral, liquidity, and yield.
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