HTX Research Maps the RWA-DeFi Convergence as Tokenized Assets Surge Past $20 Billion

The infrastructure that once separated government bonds held in a custodian and liquidity pools on a blockchain is dissolving. A new research paper from HTX Research, the analytical division of crypto exchange HTX, traces the precise mechanism behind this shift.

The report argues that the paths of real-world asset tokenization and decentralized finance are no longer parallel lanes—they are converging into one continuous financial loop.

The analysis surfaces at a moment when tokenized RWAs have already crossed the $20 billion mark, according to industry trackers, and major financial institutions are actively settling real transactions on-chain. The HTX paper, the original report, moves beyond the raw numbers.

It examines the concrete flow mechanics that let tokenized treasury bills, private credit, or real estate become productive collateral in lending protocols, automated market makers, and yield aggregators.