Binance Research released the report *The RWA Activation Era*, stating that as of September 15, 2026, the total on-chain asset management scale of RWA reached $34.18 billion, with an 85.2% growth within the year. Bonds and money market funds led the way with $18.29 billion, while equities saw a staggering 390.4% growth, together contributing over three-quarters of the market's new value. The report introduces two key metrics: Programmable Asset Ratio (PAR) and Capital Activation Rate (CAR). The overall PAR is only about 0.01%, meaning only a tiny fraction of the underlying market has been tokenized. The overall CAR is approximately 12%, indicating that for every $100 of on-chain assets, about $12 is deployed in applications like liquidity pools, lending, and staking. Private credit CAR is the highest at 49.67%, while equity CAR rose from 1.95% to 7.54%, with DeFi usage concentrated in liquidity pools (65.4%) and lending (28.1%). The report suggests that the next phase of opportunities lies not only in tokenizing more assets but also in enabling these assets to be utilized in liquidity, lending, and staking markets post-issuance. https://(wublock123.com)/news/binance-research-rwa-onchain-market-34-18b-85-percent-growth-68635