Electric Capital: On-chain Yields Concentrated in Few Assets, AI Infrastructure May Become New Catalyst

Odaily Planet Daily reports that Electric Capital has analyzed 501 real-world yield assets and cross-referenced them with currently active tokenized assets on the chain. The report shows that only 34 yield assets have on-chain volumes exceeding $50 million, mainly concentrated in U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign bonds; the remaining 93% of yield sources are still hindered by seven categories of obstacles, including legal structures, asset-backed securities challenges, and the real-world integration difficulties of commodities and computing infrastructure.

The study points out that distribution is the main bottleneck: among 35 non-stablecoin on-chain yield assets, only 2 have more than 2,000 holders. Part of the reason is design limitations, such as BlackRock’s BUIDL requiring a minimum investment of $5 million, but data shows that most tokenized assets still rely on a few large deployers and fund managers. The top ten BUIDL holders control 98% of the supply, mostly from other protocols.

Electric Capital believes that five major factors will drive more assets onto the chain in the future: growth in stablecoin volumes and diversification of yield preferences, product competition between protocols, fund treasury infrastructure absorbing duration risk, layered mechanisms expanding the buyer base, and leverage cycle amplifying collateralized asset demand. Additionally, AI infrastructure spending (Goldman Sachs estimates over $500 billion by 2026) could act as a catalyst, including on-chain financing potential for GPU leasing, data center construction, and energy contracts. (TheDefiant)