Crypto Market Transitions from Asset Existence to Utility, Report Finds

A report by HTX Research has highlighted the convergence of two separate tracks in the crypto market: RWA (Representative Wallet Address) tokenization and DeFi (Decentralized Finance) cash-flow valuation. The research suggests that these seemingly distinct topics point to the same industry transition, from 'asset existence' to 'asset utility', and from 'protocol usage' to 'protocol profitability'.

The report notes that the market size of tokenized assets excluding stablecoins has grown from less than $3 billion in mid-2024 to surpass $30 billion in April 2026. However, this figure remains a small slice compared to global bond, equity, gold, and credit markets measured in tens of trillions of dollars.

The 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 offchain. The report also proposes a shift from 'TVL logic' (based on Total Value Locked) to 'profit logic', focusing on whether the transmission chain from protocol activity to token value is complete.