Electric Capital has released a report identifying 501 real-world yield sources, revealing that only 34 have significant on-chain traction, primarily in U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign debt. The remaining 93% face tokenization barriers, including legal and integration challenges.
The report highlights distribution issues, noting that only two of 35 yield-bearing non-stablecoin RWAs above $50 million have over 2,000 holders. This concentration is evident in assets like Centrifuge's JAAA and BlackRock's BUIDL, where a few large holders dominate supply.
Electric Capital predicts that factors such as a growing stablecoin base and AI infrastructure spending will drive new asset types on-chain. The firm sees GPU leasing and data center construction as potential candidates for on-chain financing.
Electric Capital Identifies 501 Yield Sources, 93% Untapped by DeFi
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