Tokenized Asset Utilization May Be Near 20%, Far Higher Than Data Suggests

Matthew Fisher of Katana argues that the true utilization rate of tokenized assets is close to 20%, significantly higher than conventional data indicates. He contends that standard metrics are skewed because they include assets that were never intended to be actively traded or moved. When illiquid holdings and off-contract activity are properly accounted for, a clearer and more active picture of the tokenized asset market emerges. Fisher's analysis suggests that existing measurement frameworks may be systematically understating how much these assets are actually being used.