Binance Research reports 85% growth in on-chain Real World Assets

The on-chain total assets under management (AUM) for Real World Assets (RWA) reached $34.18 billion as of September 15, representing an 85.2% increase since the beginning of the year, according to a report by Binance Research.

Bonds and money market funds constitute the largest segment, totaling $18.29 billion. Equity-based RWAs saw the most significant growth, surging 390.4% since the start of the year. Other asset classes, including gold, commodities, private credit, and real estate, also showed positive growth trends.

The report introduces two key metrics to measure the maturity of the market: the Programmable Asset Ratio (PAR) and the Capital Activation Rate (CAR). The PAR, which measures the proportion of the underlying asset market that has been tokenized, remains extremely low at approximately 0.01%.

The CAR, which measures how much of the on-chain assets are actually utilized for financial activities such as liquidity provision, lending, and collateral, stands at approximately 12%. Private credit showed the highest utilization rate at 49.67%, while equity-based RWA utilization rose from 1.95% to 7.54%. Binance Research suggests the next phase of market evolution will focus on moving beyond simple issuance toward active financial utility on the blockchain.