a16z: $15.2B Tokenized Bonds See 5% DeFi Use

a16z data reveals $15.2B in tokenized bonds sitting onchain, yet only 5% flows into DeFi protocols, underscoring that mere record-keeping on blockchains qualifies as digitization rather than functional tokenization. Julian Kwan notes the assets remain inert without composability, a gap IXS Vaults address through ERC-4626 standards that let DeFi protocols and AI agents deploy them immediately. This pattern repeats in precious metals while reinsurance and private credit categories achieve higher DeFi integration because they launched with onchain utility in mind.