[Electric Capital: On-chain Yields Concentrated in Few Assets, AI Infrastructure May Become a New Catalyst] Odaily Planet Daily reports that Electric Capital analyzed 501 real-world yield assets and cross-referenced them with tokenized assets that currently exhibit significant on-chain activity. The report reveals that only 34 yield assets have an on-chain scale exceeding $50 million, primarily concentrated in U.S. Treasury bonds, 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, challenges with asset-backed securities, and difficulties in integrating commodities and computational infrastructure into reality. The study highlights that distribution is the main bottleneck: among 35 non-stablecoin on-chain yield assets, only 2 have more than 2,000 holders. This is partly due to design constraints, such as BlackRock's BUIDL requiring a minimum investment of $5 million. However, data indicates that most tokenized assets still rely on a small number of large-scale deployers and treasury managers. For instance, the top 10 holders of BUIDL control 98% of the supply, most of whom are other protocols. Electric Capital believes that five key factors will drive more assets on-chain in the future: the growth of stablecoin scale and diversification of yield preferences, competition among protocol products, treasury infrastructure absorbing duration risk, layered mechanisms expanding the buyer base, and leverage cycles amplifying the demand for collateralized assets. Additionally, AI infrastructure spending (projected by Goldman Sachs to exceed $500 billion by 2026) could serve as a catalyst, including on-chain financing potential for GPU leasing, data center construction, and energy contracts. (TheDefiant)