$7B Invested in Tokenized Funds, but Only 11.7% Used in DeFi
According to DeFiLlama's data, tokenized funds have seen significant investment from Wall Street, totaling $7 billion. However, only a small fraction of this value is being utilized in decentralized finance (DeFi) protocols.
In the second quarter of 2026, DeFi recorded 99 hacks, a record high in its database. Despite this severe security shock, the real-world asset (RWA) value used in DeFi protocols has climbed to a new all-time high of nearly $3.97 billion.
BlackRock's BUIDL carries over $2.7 billion in active market cap but only sees a 0.67% utilization rate in DeFi, while Circle's USYC shows a similar pattern with a market cap over $3 billion and a 1.05% utilization rate.
The largest tokenized fund, BlackRock's BUIDL, has the lowest DeFi usage among the three large funds, at just $18.2 million or 0.67% of its total value. In contrast, some smaller private credit products have seen much higher utilization rates, with Maple's syrupUSDC and syrupUSDT accounting for about 38.6% of the total RWA value used in DeFi.