More Holders, Little Trading: The RWA Liquidity Problem Is Worse Than You Think

The RWA sector faces a significant liquidity crisis, characterized by a stark divide between high-market-cap permissioned assets and active open-access tokens. According to a September 2026 Pantera Capital report, permissioned products represent 59% of the $331.8 billion RWA market but contribute only 0.2% of spot trading volume. Institutional products like BlackRock’s BUIDL fund and Franklin Templeton’s BENJI fund exhibit extremely low velocity, with BUIDL recording only six transfers per day despite holding $2.77 billion. Conversely, tokenized gold and stocks show higher turnover, with PAXG and XAUT generating $90.7 billion in Q1 2026 volume. The IMF notes that tokenized markets remain fragmented and roughly 1.5 times more volatile than traditional counterparts. While holder counts on chains like BNB Chain have surged to over 2 million, this growth does not translate into market depth, as most institutional RWAs function as buy-and-hold instruments rather than tradable assets. The sector currently relies on simple wrappers rather than native on-chain instruments, resulting in a low Tokenization Preparedness Index score of 2.04. Future market maturity will likely depend on the development of hybrid trading venues, clearer regulation, and increased use of RWAs as collateral in DeFi protocols.