RWA Tokenization and DeFi Cash-Flow Valuation Convergence Drives Crypto Industry Shift

HTX Research has released a report titled From Asset Tokenization to Cash-Flow Tokenization, examining how RWA tokenization and DeFi cash-flow valuation are two separate topics that point to the same industry transition: the crypto market is moving from 'asset existence' to 'asset utility,' and from 'protocol usage' to 'protocol profitability.'

The report analyzes data showing 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, remaining around $34 billion. However, this figure is small compared to global bond, equity, gold, and credit markets measured in tens of trillions of dollars.

HTX Research notes that onchain utilization rates are low for many tokenized assets, with public data showing that only around 5% of tokenized bonds' supply is deployed in DeFi. The report attributes this to four constraints: compliant transfer restrictions, discontinuous redemption and NAV cycles, immature pricing and risk models, and legal recourse remaining offchain.

The report also examines the evolution of DeFi protocols, proposing a new operational test: whether the transmission chain from protocol activity to token value is complete. This chain has at least six links, including revenue reflecting real demand rather than short-term incentives, and the DAO having capital allocation capability.

HTX Research concludes that onchain finance is forming a three-layer structure, with compliant stablecoins and onchain cash management handling payment and settlement, tokenized Treasuries providing yield and collateral, and protocols such as Aave handling lending, trading, rates, risk, and leverage. The report highlights the need for market participants to update their tools for observing this process, moving beyond asset size and TVL rankings to utilization, collateral depth, revenue structure, and risk parameters.