[Binance Research: On-Chain RWA Reaches $34.18 Billion, Up 85.2% This Year] According to a report by Jinse Finance on September 19, Binance Research released a report titled *The RWA Activation Era*, stating that as of September 15, 2026, the total on-chain assets under management for RWA reached $34.18 billion, an 85.2% increase this year. Bonds and money market funds led with $18.29 billion, while equities saw a year-to-date growth of 390.4%, with the two categories collectively contributing over three-quarters of the market's new value. The report introduced two metrics: Programmable Asset Ratio (PAR) and Capital Activation Rate (CAR). The overall PAR is approximately 0.01%, indicating that only a very small portion of the underlying market has been tokenized. The overall CAR is about 12%, meaning that for every $100 of on-chain assets, approximately $12 is deployed in applications such as liquidity pools, lending, and collateralization. Private credit CAR reached as high as 49.67%, while equity CAR increased from 1.95% to 7.54%. DeFi usage for equities is concentrated in liquidity pools (65.4%) and lending (28.1%). The report suggests that the next phase of opportunities lies not only in bringing more assets on-chain but also in enabling these assets to be utilized in liquidity, lending, and collateralization markets after issuance.