Crypto Market Shifts from Asset Existence to Utility, Report Finds

HTX Research has released a new report examining the convergence of RWA (Representative Weighted Average) and DeFi (Decentralized Finance) markets. The report, titled 'From Asset Tokenization to Cash-Flow Tokenization: RWA and DeFi Enter the Second Half of Programmable Finance,' analyzes how tokenized assets and DeFi cash-flow valuation are pointing towards a shift in the crypto market from 'asset existence' to 'asset utility.'

The report notes that the market size of tokenized assets excluding stablecoins has grown significantly, from less than $3 billion in mid-2024 to surpass $30 billion in April 2026. However, this still represents a small fraction of global bond, equity, gold, and credit markets.

HTX Research identifies four constraints that explain the low utilization of tokenized assets: compliant transfer restrictions, discontinuous redemption and NAV cycles, immature pricing and risk models, and legal recourse remaining off-chain. The report also proposes a new operational test for DeFi protocols, focusing on whether the transmission chain from protocol activity to token value is complete.

Aave is cited as an example of this shift, with real borrowing demand, interest income, and observable fee structures. The report concludes that the crypto market is moving towards a three-layer structure: compliant stablecoins and onchain cash management handling payment and settlement, tokenized Treasuries providing yield and collateral, and protocols handling lending, trading, rates, risk, and leverage.