Dune report finds tokenized credit dominates RWA collateral in DeFi lending

Tokenized Treasuries got the headlines. Tokenized credit is doing the actual work. A new Dune report finds that credit products make up 76% of all real-world asset deposits in DeFi lending protocols. That equals around $1.61 billion, which makes credit the leading form of RWA collateral onchain by a wide margin. The report is titled “After Issuance: Reading the Onchain RWA Market – Q3 2026.” It measures the market as of August 31, 2026, and focuses on what happens to these assets after they are minted. A $34.5 billion market with a split personality The broader tokenized RWA market has reached approximately $34.5 billion, according to Dune. That represents growth of over 140% year-over-year. Cash equivalents account for about $17.8 billion, roughly half the market, yet most of that money barely moves. Dune describes this segment as largely inactive, with limited trading or lending. Tokenized credit tells a different story. The segment is valued at $7.8 billion, up 111% year-over-year, and it shows far more composability across DeFi. The $1.61 billion of credit sitting in lending protocols represents roughly 19–21% of all tokenized credit supply. Why credit gets put to work and cash...