{"id":39283,"date":"2026-09-10T10:45:02","date_gmt":"2026-09-10T08:45:02","guid":{"rendered":"https:\/\/crystalintelligence.com\/?p=39283"},"modified":"2026-09-10T10:46:17","modified_gmt":"2026-09-10T08:46:17","slug":"what-tokenized-real-world-assets-actually-look-like-on-chain","status":"publish","type":"post","link":"https:\/\/crystalintelligence.com\/stablecoin\/what-tokenized-real-world-assets-actually-look-like-on-chain\/","title":{"rendered":"What tokenized real-world assets actually look like on-chain"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"39283\" class=\"elementor elementor-39283\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6a7e3072 e-con-full e-flex e-con e-parent\" data-id=\"6a7e3072\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-55112691 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"55112691\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"40\" height=\"40\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Blog-Icon.svg\" class=\"attachment-full size-full wp-image-36274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 40px; --smush-placeholder-aspect-ratio: 40\/40;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-52770148 e-con-full e-flex e-con e-child\" data-id=\"52770148\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4dc2b900 elementor-widget elementor-widget-heading\" data-id=\"4dc2b900\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">By Hannah Curtis<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d354c4c elementor-widget elementor-widget-heading\" data-id=\"d354c4c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Crystal Foresight Product Leader \n<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1d7337c7 e-con-full e-flex e-con e-parent\" data-id=\"1d7337c7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-6dc599dd e-con-full e-flex e-con e-child\" data-id=\"6dc599dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-621ffa6a e-con-full e-flex e-con e-child\" data-id=\"621ffa6a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c114f76 elementor-widget-tablet_extra__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"7c114f76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Share via:\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30ce62c6 elementor-widget elementor-widget-image\" data-id=\"30ce62c6\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"facebook-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/FB.svg\" class=\"attachment-full size-full wp-image-35273 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-12390f1 elementor-widget elementor-widget-image\" data-id=\"12390f1\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"linkedin-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/In.svg\" class=\"attachment-full size-full wp-image-35275 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d9d5bdc elementor-widget elementor-widget-image\" data-id=\"3d9d5bdc\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"x-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/x.svg\" class=\"attachment-full size-full wp-image-35274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5016f69 e-con-full e-flex e-con e-child\" data-id=\"5016f69\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-388da972 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"388da972\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-75ab97c elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-custom\">\n\t\t\t\t\t\t\t\t\t\tUpdated on: September 10, 2026\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-42ecc9e8 e-con-full e-flex e-con e-parent\" data-id=\"42ecc9e8\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-12858a94 e-con-full e-flex e-con e-child\" data-id=\"12858a94\" data-element_type=\"container\" data-e-type=\"container\" id=\"content-container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-defeef6 elementor-widget elementor-widget-text-editor\" data-id=\"defeef6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Tokenized real-world assets are sold on three promises: a market-rate yield, faster settlement, and distribution to anyone with a wallet. We read the complete holder list of 17 of the largest funds \u2014 around $18B of Treasuries, private\u00a0credit\u00a0and gold \u2014 to see which of those is\u00a0actually happening. The yield works, and it is priced sensibly across the risk ladder. Settlement works\u00a0too, and\u00a0was never really in question. Distribution has gone somewhere more specific than advertised:\u00a0nearly every\u00a0one of these funds is held by a handful of institutions, and increasingly the institution is a DeFi protocol rather than a bank.<\/p><h2>Key findings<\/h2><ul><li><p>Ten entities hold just over half of every tokenized RWA we track\u00a0\u2014 52.7% of the value, across more than 134,000 holder positions.<\/p><\/li><\/ul><ul><li><p>One exchange ecosystem holds 28.9% of the entire tokenized Treasury layer.\u00a0The $2.72B USYC position sits in the Binance ecosystem and is a published collateral arrangement, not a distribution failure.<\/p><\/li><\/ul><ul><li><p>Three lending protocols hold 69.1% of all tokenized private credit.Aave, Spark and Morpho \u2014 though only\u00a0one third\u00a0of that is the asset being\u00a0used; the rest is a protocol buying for its own balance sheet.<\/p><\/li><\/ul><ul><li><p>Every tokenized Treasury fund returned less than the bills it holds\u00a0\u2014 by 38 to 78 basis points, with a 40bp spread across products holding\u00a0nearly identical\u00a0exposure. That gap is the cost of the wrapper, measured from the chain rather than read off a fact sheet.<\/p><\/li><\/ul><ul><li><p>Gold is the exception on distribution.\u00a0PAXG and\u00a0XAUt\u00a0are spread far more broadly across their 123,000 holders, and they are openly available rather than permissioned.<\/p><\/li><\/ul><p>Crystal Foresight research \u00b7 3 September 2026 \u00b7 Holder data as of 2 September 2026<\/p><h2>What are tokenized real-world assets supposed to do?<\/h2><p>A tokenized real-world asset is supposed to pay a yield close to what the underlying instrument pays, settle in minutes rather than two days, and be held by anyone with a wallet rather than anyone with a prime broker. The mechanism is simple: take a real-world asset \u2014 a Treasury bill, a loan book, a bar of gold in a vault \u2014 and issue a token that\u00a0represents\u00a0a claim on it.<\/p><p>Settlement speed is a property of the rails and is simply true. Yield is a number that can be measured from the chain. Distribution &#8211; who\u00a0actually ends\u00a0up holding these things &#8211; is a claim about behaviour, and behaviour is on a public ledger.\u00a0So\u00a0we counted.<\/p><h2>What are the three families of tokenized RWAs, and how does each pay you?<\/h2><table><tbody><tr><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Family<\/span><\/p><\/td><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Share of value<\/span><\/p><\/td><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Examples<\/span><\/p><\/td><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Where the return comes from<\/span><\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>Tokenized Treasuries<\/p><\/td><td style=\"text-align: center;\"><p>56%<\/p><\/td><td style=\"text-align: center;\"><p>BUIDL, USYC, USDY, USTB, JTRSY, OUSG, BENJI, WTGXX<\/p><\/td><td style=\"text-align: center;\"><p>Short-dated US government debt<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>Commodities<\/p><\/td><td style=\"text-align: center;\"><p>30%<\/p><\/td><td style=\"text-align: center;\"><p>PAXG,\u00a0XAUt<\/p><\/td><td style=\"text-align: center;\"><p>The metal price.\u00a0No yield<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>Private credit<\/p><\/td><td style=\"text-align: center;\"><p>10%<\/p><\/td><td style=\"text-align: center;\"><p>syrupUSDC,\u00a0syrupUSDT, PRIME<\/p><\/td><td style=\"text-align: center;\"><p>A lending spread on loan portfolios<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>Structured credit<\/p><\/td><td style=\"text-align: center;\"><p>4%<\/p><\/td><td style=\"text-align: center;\"><p>JAAA, STAC<\/p><\/td><td style=\"text-align: center;\"><p>AAA-rated CLO tranches<\/p><\/td><\/tr><\/tbody><\/table><p>Tokenized Treasuries\u00a0are on-chain access to low-risk dollar liquidity: the yield passes the T-bill return through, minus a fee. Five of them describe that\u00a0objective\u00a0in effectively the same prospectus sentence \u2014\u00a0current income consistent with liquidity and stability of principal. Who is allowed to buy them is a separate question, and the answer is in the same documents: BUIDL is for qualified investors, JTRSY and TBILL for professional investors only, USTB for accredited investors and qualified purchasers, USDY for non-US investors, CUMIU for institutions. The gating is explicit, and it is not incidental to the product.<\/p><p>Private and structured credit\u00a0take yield from loan portfolios and distribute it two different ways.\u00a0<a href=\"https:\/\/maple.finance\/insights\/syrupusdc-and-syrupusdt-built-for-scale\" target=\"_blank\" rel=\"noreferrer noopener\">Maple&#8217;s syrupUSDC and syrupUSDT<\/a>\u00a0are permissionless ERC-20s \u2014 anyone can hold them, and composability is the stated design goal. Hastra&#8217;s PRIME (Figure&#8217;s consumer-loan book) and the\u00a0<a href=\"https:\/\/centrifuge.io\/blog\/centrifuge-janus-henderson-grove-tokenized-aaa-clo-fund\" target=\"_blank\" rel=\"noreferrer noopener\">Janus Henderson Anemoy AAA CLO Fund<\/a>\u00a0go to approved institutional counterparties only, and both are marketed\u00a0substantially as\u00a0DeFi collateral.<\/p><p>Commodities\u00a0are the one family with no yield at all. The category is open in principle to anything that can be vaulted; in practice the large tokens today are gold.\u00a0<a href=\"https:\/\/www.paxos.com\/pax-gold\" target=\"_blank\" rel=\"noreferrer noopener\">PAXG<\/a>\u00a0and\u00a0<a href=\"https:\/\/gold.tether.to\/faq\" target=\"_blank\" rel=\"noreferrer noopener\">XAUt<\/a> are each one token per troy ounce of LBMA-certified gold sitting in a vault, openly transferable and redeemable for\u00a0allocated\u00a0metal. What they offer is the price of the metal, not an income. Two mechanics matter for everything below.<\/p><p>How the yield reaches you.\u00a0Either the token&#8217;s price rises \u2014\u00a0<a href=\"https:\/\/docs.superstate.com\/investors\/tokenized-funds\/available-funds\/invesco-ustb\" target=\"_blank\" rel=\"noreferrer noopener\">Superstate&#8217;s USTB<\/a>\u00a0trades at $11.19 and climbs \u2014 or the price is pinned at\u00a0$1\u00a0and you are simply sent more tokens, as with\u00a0<a href=\"https:\/\/www.nasdaq.com\/press-release\/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20\" target=\"_blank\" rel=\"noreferrer noopener\">BlackRock&#8217;s BUIDL<\/a>. Same economics, different on-chain footprint. In the second design a holder being\u00a0paid\u00a0looks identical to a holder\u00a0buying; separating the two is outside the scope of this analysis.<\/p><p>Who is allowed to hold them.\u00a0Most Treasury and credit tokens are permissioned securities: both sides of a transfer must be KYC-whitelisted, and a transfer to an unapproved address simply fails. The gold tokens and the Syrup tokens are open. This one distinction predicts\u00a0nearly everything\u00a0that follows \u2014 it is why some of these funds have 20 holders and others have 68,000.<\/p><h2>Who\u00a0actually holds\u00a0tokenized real-world assets?<\/h2><p>Across all 17 funds,\u00a0the largest single entity holds 19.2% of the market, ten entities hold 52.7%, and 100 hold 84.1%.\u00a0But that market-wide figure hides the more useful finding, which is that concentration is not a property of &#8220;tokenized RWAs&#8221; \u2014 it is a property of each family, and they differ by an order of magnitude.<\/p><p><img decoding=\"async\" class=\"alignnone size-large wp-image-39287 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/cust\/0\/crysta_16126\/crysta_29163\/site\/releases\/51\/wp-content\/uploads\/2026\/09\/01-market-concentration-543fff6c-49a0-4683-8375-2abdac8d02fb-1024x297.png\" alt=\"Line chart showing cumulative share of tokenized real-world asset market value held by the top 1 to top 500 entities\" width=\"1024\" height=\"297\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/01-market-concentration-543fff6c-49a0-4683-8375-2abdac8d02fb-1024x297.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/01-market-concentration-543fff6c-49a0-4683-8375-2abdac8d02fb-300x87.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/01-market-concentration-543fff6c-49a0-4683-8375-2abdac8d02fb-768x222.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/01-market-concentration-543fff6c-49a0-4683-8375-2abdac8d02fb-1536x445.png 1536w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/01-market-concentration-543fff6c-49a0-4683-8375-2abdac8d02fb-2048x593.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/297;\" \/><em>Above:\u00a0How much of the market the largest\u00a0holders\u00a0control. Cumulative share of all tokenized RWA value, top 1 through top 500. Entity-aggregated: an institution\u2019s wallets are summed. Bridge and issuer plumbing contracts are excluded;\u00a0they move value but hold none.<\/em><\/p><p>Tokenized Treasuries:\u00a0two entities, 44.6%.\u00a0One exchange ecosystem holds\u00a028.9% of the entire tokenized Treasury layer: the Binance ecosystem holds\u00a0$2.72B\u00a0of Circle&#8217;s USYC. That is not a failed distribution. Circle and Binance\u00a0<a href=\"https:\/\/www.circle.com\/pressroom\/circles-usyc-now-supported-as-yield-bearing-off-exchange-collateral-for-binances-institutional-clients\" target=\"_blank\" rel=\"noreferrer noopener\">announced in July 2025<\/a>\u00a0that USYC would serve as yield-bearing off-exchange collateral for Binance&#8217;s institutional clients, held with\u00a0Ceffu, Binance&#8217;s regulated custody partner. The on-chain concentration is the visible shape of a published commercial arrangement. Second is\u00a0Grove, the Sky ecosystem&#8217;s institutional credit allocation layer, with\u00a0$1.48B\u00a0of JTRSY and BUIDL. The two together hold 44.6% of the family; the next eight take it to\u00a077.1%, and 25 entities reach 88.6%.<\/p><p><em>Above:\u00a0Concentration ladder, tokenized Treasury. Each ladder\u00a0represents\u00a0the cumulative share of that family&#8217;s value,\u00a0aggregated at the entity level. The steeper it\u00a0is,\u00a0the fewer entities the family is.<\/em><\/p><p>Structured credit \u2014 27 holders in total.\u00a0Five of them hold 96.2%. The single largest position, 43.0% of the family, belongs to an address nobody has\u00a0publicly named, and it recorded no transfers at all in the quarter. Grove is second at 38.4% across JAAA and STAC.<\/p><p><img decoding=\"async\" class=\"alignnone size-large wp-image-39289 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/03-family-structured-credit-1024x330.png\" alt=\"Concentration ladder chart showing cumulative holder share for tokenized structured credit funds\" width=\"1024\" height=\"330\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/03-family-structured-credit-1024x330.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/03-family-structured-credit-300x97.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/03-family-structured-credit-768x248.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/03-family-structured-credit.png 1520w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/330;\" \/><\/p><p><em>Above:\u00a0Concentration ladder, structured credit.<\/em><\/p><p>Private credit \u2014 69.1% is on three lending protocols.Aave\u00a0(24.9%), Spark (24.1%) and Morpho (20.2%). This is the family where collateral mobility &#8211; tokens being pledged and reused as collateral across DeFi, rather than simply held &#8211; is visibly at work, and it is worth being precise about what &#8220;on a lending protocol&#8221; means, because it means two different things \u2014 see below.<\/p><p><img decoding=\"async\" class=\"alignnone size-large wp-image-39290 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/04-family-private-credit-4f2df43d-8bfc-4d3f-b980-6a3c7ce13f95-1024x433.png\" alt=\"Concentration ladder chart showing cumulative holder share for tokenized private credit funds\" width=\"1024\" height=\"433\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/04-family-private-credit-4f2df43d-8bfc-4d3f-b980-6a3c7ce13f95-1024x433.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/04-family-private-credit-4f2df43d-8bfc-4d3f-b980-6a3c7ce13f95-300x127.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/04-family-private-credit-4f2df43d-8bfc-4d3f-b980-6a3c7ce13f95-768x324.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/04-family-private-credit-4f2df43d-8bfc-4d3f-b980-6a3c7ce13f95.png 1520w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/433;\" \/><\/p><p><em>Above:\u00a0Concentration ladder, private credit.<\/em><\/p><p>Commodities \u2014 the only family that behaves like a market.\u00a0The top ten hold 44.3%, and it takes\u00a0500 holders to pass 83%. Binance is the largest single holder here too, at 9.9%, this time through its exchange wallets. The two gold tokens are also the only family here with no yield claim and no whitelist, which is unlikely to be a coincidence.<\/p><p><img decoding=\"async\" class=\"alignnone size-large wp-image-39291 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/05-family-commodity-f47a8070-56cf-4ce5-900a-3d4e1dd16ada-1024x466.png\" alt=\"Concentration ladder chart showing cumulative holder share for tokenized gold-backed commodity tokens\" width=\"1024\" height=\"466\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/05-family-commodity-f47a8070-56cf-4ce5-900a-3d4e1dd16ada-1024x466.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/05-family-commodity-f47a8070-56cf-4ce5-900a-3d4e1dd16ada-300x137.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/05-family-commodity-f47a8070-56cf-4ce5-900a-3d4e1dd16ada-768x350.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/05-family-commodity-f47a8070-56cf-4ce5-900a-3d4e1dd16ada.png 1520w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/466;\" \/><\/p><p><em>Above:\u00a0Concentration ladder, the gold tokens.<\/em><\/p><p>One entity\u00a0spans\u00a0all of this.\u00a0Grove holds $1.71B in a single address across four different funds\u00a0\u2014 JTRSY, BUIDL, JAAA and STAC \u2014 making it the largest holder of three of them and 10.2% of the entire tracked market. Add Spark\u2019s $404M and Sky-ecosystem entities hold\u00a0$2.11B, more than any bank, asset\u00a0manager\u00a0or exchange in the data.<\/p><h2>Is the collateral being owned or used?<\/h2><p>$3.23B of these assets sits inside DeFi protocol contracts, and the phrase covers two different things:<\/p><ul><li><p>$2.11B is a protocol investing its own reserves\u00a0\u2014 Grove and Spark, buying for their balance sheets.<\/p><\/li><\/ul><ul><li><p>$1.12B is the asset\u00a0actually being\u00a0used\u00a0by third parties as posted collateral:\u00a0Aave\u00a0($579M), Morpho ($345M), Ethena, Ether.fi, Flux and Uniswap.<\/p><\/li><\/ul><p>Only the second is &#8220;active in DeFi&#8221; in the sense the phrase normally carries. Measured that way, BUIDL and USYC are both\u00a0roughly\u00a00%, matching published estimates under 1%, while the credit tokens are the ones genuinely put to work \u2014 PRIME is 63.9% posted as collateral,\u00a0syrupUSDT\u00a046.9%.<\/p><h2>How concentrated is ownership below the top ten holders?<\/h2><p>There are plenty of holders, on the face of it: more than 134,000 positions. But only 13,368 of them are worth more than $10,000, and they hold 99.5% of the total value. The remaining 121,080 positions ( 90% of every holder in this market ) hold 0.47% of it, about $82M.<\/p><p>The median position says it twice, in opposite directions.<\/p><table><tbody><tr><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Asset<\/span><\/p><\/td><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Holders<\/span><\/p><\/td><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Median position<\/span><\/p><\/td><td style=\"text-align: center;\"><p><span style=\"color: #ffffff;\">Value outside the top 10<\/span><\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>PAXG<\/p><\/td><td style=\"text-align: center;\"><p>68,348<\/p><\/td><td style=\"text-align: center;\"><p>$133<\/p><\/td><td style=\"text-align: center;\"><p>66.4%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>XAUt<\/p><\/td><td style=\"text-align: center;\"><p>55,114<\/p><\/td><td style=\"text-align: center;\"><p>$16<\/p><\/td><td style=\"text-align: center;\"><p>45.6%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>syrupUSDC<\/p><\/td><td style=\"text-align: center;\"><p>4,030<\/p><\/td><td style=\"text-align: center;\"><p>$3<\/p><\/td><td style=\"text-align: center;\"><p>14.6%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>USDY<\/p><\/td><td style=\"text-align: center;\"><p>3,418<\/p><\/td><td style=\"text-align: center;\"><p>&lt;$1<\/p><\/td><td style=\"text-align: center;\"><p>7.9%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>USTB<\/p><\/td><td style=\"text-align: center;\"><p>82<\/p><\/td><td style=\"text-align: center;\"><p>$79,732<\/p><\/td><td style=\"text-align: center;\"><p>15.6%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>BUIDL<\/p><\/td><td style=\"text-align: center;\"><p>79<\/p><\/td><td style=\"text-align: center;\"><p>$381,840<\/p><\/td><td style=\"text-align: center;\"><p>8.6%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>JAAA<\/p><\/td><td style=\"text-align: center;\"><p>23<\/p><\/td><td style=\"text-align: center;\"><p>$606,520<\/p><\/td><td style=\"text-align: center;\"><p>0.7%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>JTRSY<\/p><\/td><td style=\"text-align: center;\"><p>20<\/p><\/td><td style=\"text-align: center;\"><p>$154,005<\/p><\/td><td style=\"text-align: center;\"><p>0.1%<\/p><\/td><\/tr><tr><td style=\"text-align: center;\"><p>USYC<\/p><\/td><td style=\"text-align: center;\"><p>27<\/p><\/td><td style=\"text-align: center;\"><p>$101<\/p><\/td><td style=\"text-align: center;\"><p>0.0%<\/p><\/td><\/tr><\/tbody><\/table><h2>What did the funds\u00a0actually return?<\/h2><p>We computed the yield on these assets using the realized 90-day net asset value (NAV) accrual, annualized, by family from the chain, not off a fact sheet. The yield automatically sorts the assets by their risk profile. Private credit pays more than structured credit, which pays more than government debt, which is exactly the order in which the risk sits.<\/p><p><img decoding=\"async\" class=\"alignnone size-large wp-image-39292 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/06-realized-returns-1024x506.png\" alt=\"Chart comparing realized 90-day annualized yield by tokenized RWA family against the three-month Treasury bill rate\" width=\"1024\" height=\"506\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/06-realized-returns-1024x506.png 1024w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/06-realized-returns-300x148.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/06-realized-returns-768x380.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/06-realized-returns-1536x759.png 1536w, https:\/\/crystalintelligence.com\/rohirov\/2026\/09\/06-realized-returns-2048x1012.png 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/506;\" \/><\/p><p><em>Above: Realized 90-day NAV accrual, annualized, by family. Each panel is scaled to its own family so a 14bp band stays readable \u2014 compare each dot against the dashed bill line, not against dots in another panel. The dashed line is the three-month Treasury bill averaged across the same 91-day window.<\/em><\/p><p>You will notice the tokenized Treasury funds sit uniformly below the three-month T-bill rate;\u00a0by 38 to 78 basis points. That gap is the cost of the wrapper,for example,\u00a0management fees, cash drag, and the distance between what the portfolio earns and what reaches the token. Fee drag is widely discussed in the abstract; this is\u00a0what\u00a0it\u00a0is, measured per fund. The\u00a040-basis-point spread between the cheapest and dearest is wide for products with\u00a0nearly identical\u00a0underlying exposures,\u00a0and an allocator choosing between them on headline yield is really choosing between fee structures.<\/p><p>Two things this method cannot see,\u00a0stated\u00a0plainly. Funds that pay in tokens are invisible to it \u2014 BUIDL, BENJI,\u00a0and WTGXX hold NAV at $1 and distribute yield by minting, so their price changesare\u00a0zero by construction. Their yield is real; calculating it is beyond the scope of this post. And gold is deliberately absent: a 90-day price move is not an accrual, it is endpoint-sensitive enough to change sign inside a\u00a0week and\u00a0putting it in the same column invites a comparison that is a category error. The gold tokens did exactly what they advertised, which is to be a price.<\/p><h2>Frequently asked questions<\/h2><h3>What are tokenized real-world assets (RWAs)?\u00a0<\/h3><p>A tokenized real-world asset is a blockchain token that\u00a0represents\u00a0a claim on an off-chain asset &#8211; a Treasury bill, a loan portfolio, or a bar of vaulted gold. Crystal Foresight tracked 17 of the largest funds, worth around $18B, across four families: tokenized Treasuries, private credit, structured\u00a0credit\u00a0and commodities. The token is meant to pay a market-rate yield, settle faster, and distribute more widely than the underlying instrument.<\/p><h3>Who holds the most tokenized Treasuries?\u00a0<\/h3><p>Two entities hold 44.6% of the entire tokenized Treasury family. The largest is the Binance ecosystem, which holds $2.72B of Circle&#8217;s USYC as part of a published collateral arrangement with its custody partner Ceffu, announced in July 2025. The\u00a0second-largest\u00a0is Grove, the Sky ecosystem&#8217;s institutional credit allocation layer, with $1.48B across JTRSY and BUIDL.<\/p><h3>Is gold more evenly distributed than tokenized Treasuries?\u00a0<\/h3><p>Yes. PAXG and\u00a0XAUt, the two major tokenized gold products, are spread across more than 123,000 holders, and it takes 500 holders to reach 83% of the commodity family&#8217;s value. Tokenized Treasuries are far more concentrated: two entities alone hold 44.6% of that family. Gold tokens are also the only family with no yield claim and no holder whitelist, which\u00a0likely explains\u00a0the difference.<\/p><h3>Why do tokenized Treasury funds return less than the T-bills they hold?\u00a0<\/h3><p>Every tokenized Treasury fund in the sample returned between 38 and 78 basis points less than the three-month T-bill rate over the same period, measured from realized 90-day NAV accrual rather than a fact sheet. That gap\u00a0represents\u00a0the cost of the wrapper &#8211; management fees, cash drag, and the distance between what the portfolio earns and what reaches the token. A\u00a040 basis\u00a0point spread between the cheapest and most expensive products is wide, given the underlying exposure is\u00a0nearly identical.<\/p><h3>What does collateral mobility mean for tokenized RWAs?\u00a0<\/h3><p>Collateral mobility describes how much of a tokenized asset is\u00a0actually pledged\u00a0and reused as collateral by third parties, rather than simply held on a protocol&#8217;s own balance sheet. Of the $3.23B in these assets sitting inside DeFi protocol contracts, $1.12B is genuinely posted as collateral by borrowers &#8211; led by\u00a0Aave\u00a0at $579M and Morpho at $345M &#8211; while the remaining $2.11B is Grove and Spark investing their own reserves. Private credit shows the most real usage: PRIME is 63.9% posted as collateral and\u00a0syrupUSDT\u00a0is 46.9%.<\/p><h3>Are tokenized RWAs\u00a0actually reaching\u00a0retail investors?\u00a0<\/h3><p>Mostly not directly. Most tokenized Treasury and credit tokens are permissioned securities restricted to qualified,\u00a0professional\u00a0or non-US institutional investors, and a wholesale instrument built for institutional balance sheets does not need thousands of holders. The exceptions are the two gold tokens and the permissionless Syrup tokens, which are held broadly at tens and hundreds of dollars a position. Retail access may also be arriving indirectly, through yield-bearing consumer products whose backing includes these tokens.<\/p><h2>What does the data add up to?<\/h2><p>Two of the three promises are being kept, and the third has landed somewhere other than where it was pointed.<\/p><p>The yield works: money goes into a tokenized Treasury fund and comes back tracking the underlying, minus a fee we can now put a number on. Settlement works\u00a0too, and\u00a0was never really in question &#8211; it is a property of the rails, not of issuer behaviour.<\/p><p>Distribution is the one that has landed differently. These funds have not failed to find investors; they have found the customer they were built for, which is an on-chain balance sheet that needs somewhere to park reserves that earns a yield and can be redeemed. Most of the issuers say as much in their own terms \u2014 qualified investors, professional investors, non-US only. A wholesale instrument does not need thousands of holders, so holder counts in the tens are a product fact rather than a failure. The democratization narrative belongs to the industry, not to the prospectuses.<\/p><p>One behaviour sits underneath that distribution story rather than beside it: collateral mobility. Protocols are buying these assets for their own balance sheets\u00a0substantially more\u00a0than borrowers are posting them as collateral &#8211; real\u00a0usage, but\u00a0concentrated in the same handful of institutional holders the distribution data already points to.<\/p><p>Where broad distribution genuinely is advertised \u2014 the two gold tokens and the permissionless Syrup tokens \u2014 it has\u00a0actually happened, at tens and hundreds of dollars a holder. And access may be arriving a layer up: retail does not hold BUIDL, but retail holds yield-bearing products whose backing includes it. The tokenized fund is turning out to be a business input.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-47ba7599 e-con-full e-flex e-con e-child\" data-id=\"47ba7599\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-11e81ea7 elementor-widget elementor-widget-text-editor\" data-id=\"11e81ea7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Crystal Foresight tracks supply, transfer activity, and on-chain behavior across the largest stablecoins, updated continuously. Use it to check the clock, concentration, and activity signals covered in this analysis for any stablecoin you hold, accept, or monitor.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p><p><a href=\"https:\/\/crystalintelligence.com\/crystal-foresight\/\"><b><span data-contrast=\"none\">Explore Crystal Foresight<\/span><\/b><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc163c1 elementor-widget elementor-widget-image\" data-id=\"fc163c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/crystalintelligence.com\/resources\/south-korea-report\/\">\n\t\t\t\t\t\t\t<img 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data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-7e59ff13 e-con-full e-flex e-con e-child\" data-id=\"7e59ff13\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;sticky&quot;:&quot;top&quot;,&quot;sticky_offset&quot;:150,&quot;sticky_parent&quot;:&quot;yes&quot;,&quot;sticky_on&quot;:[&quot;widescreen&quot;,&quot;desktop&quot;,&quot;laptop&quot;],&quot;sticky_effects_offset&quot;:0,&quot;sticky_anchor_link_offset&quot;:0}\">\n\t\t<div class=\"elementor-element elementor-element-6c38db25 e-con-full e-flex e-con e-child\" data-id=\"6c38db25\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-5902c0db e-con-full e-flex e-con e-child\" data-id=\"5902c0db\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7004a214 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8px !important;\r\n  font-family: inherit;\r\n  font-size: 18px !important;\r\n  font-weight: 400;\r\n  line-height: 22px;\r\n  min-height: 40px;\r\n  padding: 14px 22px !important;\r\n  text-align: center;\r\n  cursor: pointer;\r\n  transition: all .3s ease;\r\n}\r\n#ci-hs-form .hs-button:hover { filter: brightness(0.95); }\r\n#ci-hs-form .hs-error-msgs {\r\n  list-style: none;\r\n  margin: 6px 0 0;\r\n  padding: 0;\r\n}\r\n#ci-hs-form .hs-error-msg,\r\n#ci-hs-form .hs-error-msgs label {\r\n  color: #d9534f;\r\n  font-size: 13px;\r\n  display: block;\r\n}\r\n#ci-hs-form .submitted-message {\r\n  color: #1f1214;\r\n  font-size: 15px;\r\n  line-height: 1.5;\r\n}\r\n<\/style>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By Hannah Curtis Crystal Foresight Product Leader Share via: Tokenized real-world assets are sold on three promises: a market-rate yield, faster settlement, and distribution to anyone with a wallet. We read the complete holder list of 17 of the largest funds \u2014 around $18B of Treasuries, private\u00a0credit\u00a0and gold \u2014 to see which of those is\u00a0actually [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":39284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[776],"tags":[],"class_list":["post-39283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stablecoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.6 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tokenized Real-World Assets: Who Really Holds Them?<\/title>\n<meta name=\"description\" content=\"Crystal Foresight read the holder data behind 17 tokenized real-world asset funds worth $18B to see who actually 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