Dune: Tokenized RWAs Hit $34.5B but Most Never Trade Onchain

• —Tokenized RWA supply hit $34.5 billion on Aug. 31, up more than 140% over the year
• —Cash equivalents total $17.8 billion (52% of supply), yet only 3 of 26 products traded onchain
• —Tokenized equities stand at $2.8 billion with $12.6 billion in August spot volume
• —Just 6.1% of RWA supply, or $2.11 billion, sits in lending protocols, 76% of it credit