Over Half of Tokenized Real-World Assets Recorded Zero Weekly Transfers, Study Finds

A new report by BeInCrypto reveals that the majority of tokenized real-world assets (RWAs) sitting on public blockchains show no meaningful on-chain activity, raising questions about the actual liquidity and utility of a market valued at roughly $60 billion.

The report, titled 'Real State of Tokenization in 2026,' analyzed more than 7,000 products spanning 12 asset classes. Of the 1,289 tokenized assets each valued above $100,000 that were examined for transfer activity, 910 — or approximately 70% of that subset — recorded zero weekly transfers. Those dormant assets collectively represent $32.9 billion in value, accounting for 56% of the market segment measured.

By contrast, only 379 assets demonstrated weekly on-chain movement. Their combined active value stood at $26.2 billion.

The report draws a key structural distinction between two categories of tokenized products: 'Distributed' assets and 'Represented' assets. Distributed assets are designed to move freely on public blockchain rails and can be used across wallets, platforms, and DeFi protocols. Represented assets, however, function more like a digital ledger entry or an on-chain record of an off-chain position, with no expectation of frequent secondary-market trading.

Approximately $27 billion of the dormant value identified in the study came from Represented assets. The researchers note that low transfer activity in these cases does not inherently indicate failure, as many such products were never intended for active public-market circulation. Nevertheless, the data underscores that tokenized finance has not yet evolved into a broad, liquid market ecosystem.

Even among the 379 assets classified as active, trading and transfer activity is concentrated within a considerably smaller group than the overall product count implies. The headline figure of $60 billion in tokenized RWAs, the report suggests, overstates the depth and usability of the market when measured against real transactional behavior.

BeInCrypto's research concludes that the next phase of tokenization growth depends less on the issuance of additional assets and more on the development of supporting infrastructure. Specifically, the report points to gaps in access mechanisms, transfer controls, regulatory compliance frameworks, collateral utilization, and market depth as the primary barriers preventing tokenized assets from functioning as genuine financial instruments.

Without advances in these areas, the report warns, a significant portion of the $60 billion market may continue to exist as static digital records rather than actively tradable or deployable financial products. The full BeInCrypto Research report is publicly available on the organization's website.