RWA Markets Shift to Utilization and Activation
The tokenization of real-world assets is evolving beyond simply bringing capital on-chain. According to Binance Research, total RWA (Real-World Asset) assets under management reached $34.18 billion by September 15, 2026, a growth of 85.2% year-to-date.
Bond and money-market funds are the largest category at $18.29 billion, while equities recorded the fastest growth, rising 390.4%. The report describes this shift as the 'RWA Activation Era', where tokenized assets become usable across lending, exchanges, and collateral markets.
The Programmable Asset Ratio (PAR) measures tokenized assets against their underlying markets, while the Capital Activation Rate (CAR) tracks how much of the tokenized asset base is deployed in verified on-chain financial applications. Tokenization remains a small part of underlying markets, with an overall PAR of approximately 0.01%.
Equities highlight the gap between growth and penetration, growing 390.4% to $4.43 billion but representing only 0.0029% of the listed-equity reference market. Bond and money-market funds have a larger existing asset base, providing a pool of interest-bearing assets for on-chain applications.
The report argues that utilization becomes the next measure, with CAR standing at approximately 12%. This means around $12 out of every $100 in tracked tokenized asset value is currently deployed. Private credit has the highest CAR at 49.67%, while equities recorded one of the largest increases.