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93% of real yield is still outside DeFi: Electric Capital study

Electric Capital analyzed 501 sources of yield from traditional finance (RWA) and found that only 34 of them have a notable on-chain presence ($50 million) — the remaining 93% are still not integrated into DeFi. Currently, the market is concentrated in familiar instruments: US government bonds (~$11 billion), private credit (~$2.8 billion), corporate bonds (~$1.9 billion). This means that current DeFi effectively works with only a narrow segment of traditional yield

The main bottleneck is distribution and access to capital. Even among RWAs, most are held by large players: many assets have fewer than 2,000 holders, and the top 10 wallets can control up to 98% of supply. At the same time, demand is growing: stablecoins already exceed $280 billion, and it is this capital that will "pull" new assets on-chain — from loans and real estate to AI infrastructure and data centers with a $500 billion market