Tokenized assets are busier than the data shows

Matthew Fisher of Katana argues that current metrics for tokenized asset utilization are significantly understated due to flawed data reporting methodologies. By stripping out non-mobile assets and accounting for off-contract activity, the actual utilization rate of tokenized assets is estimated to be near 20%. This adjustment highlights a disconnect between raw on-chain data and the functional reality of how institutional investors interact with tokenized products. The analysis suggests that many assets are held in long-term, passive structures that do not reflect typical DeFi velocity, leading to misleadingly low activity figures. Understanding these nuances is critical for the RWA market as it matures beyond initial pilot phases. Accurate data interpretation is essential for stakeholders to gauge true liquidity and adoption levels within the ecosystem. This perspective provides a necessary framework for evaluating the health of tokenized real-world assets beyond simple transaction volume.