Dune Report: Tokenized Credit Dominates RWA Collateral in DeFi Lending

A new Dune report titled “After Issuance: Reading the Onchain RWA Market – Q3 2026” reveals that tokenized credit products account for 76% of all real-world asset (RWA) deposits in DeFi lending protocols, totaling approximately $1.61 billion. While the broader tokenized RWA market has grown to $34.5 billion, cash equivalents remain largely inactive. In contrast, tokenized credit shows high composability and yields between 3.32% and 13.84%, driving strategies like carry trades. Lending activity is highly concentrated, with Morpho, Kamino, and Aave managing 83% of RWA lending, and Morpho alone holding $1 billion in deposits.