Arrakis Finance published an onchain analysis on July 23 examining the behavior of 71,697 buyers across ten tokenized dollar-yield products. The total gross acquisitions across these products hit $91.3 billion. Tokenized TradFi credit funds retained 68% of their buyers after one year, treasury products held onto 60%, and crypto-native credit and carry products managed a paltry 28%.

Follow the money, then follow who stays

Of the $12.4 billion in recorded demand that Arrakis tracked, 66% came from decentralized protocol and DAO treasuries. Traditional institutions like pension funds, asset managers, and banks showed zero participation in these acquisitions.

The median check size for Centrifuge’s JAAA product clocked in at roughly $29 million—approximately three times larger than the next-biggest product in the category.

USDC runs the show, secondary markets barely exist

Around 80% of all acquisitions settled in USDC, accounting for approximately $17.4 billion in volume. Secondary-market purchases accounted for less than 6% of overall volume.

The broader RWA picture

The RWA sector grew 179% year over year, surpassing $33.8 billion by July 2026. Most buyer wallets in the study showed a median first activity date around mid-2024. Leverage usage across these products remains low and largely restricted, confined to select offerings like mF-ONE and AA_FalconXUSDC.