Electric Capital: On-Chain Yield Concentrated in Few Assets, AI Infrastructure Could Become New Catalyst

Odaily News Electric Capital examined 501 real-world yield assets and cross-referenced them with tokenized assets currently showing 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. Treasuries, private credit, corporate bonds, and non-U.S. sovereign bonds; the remaining 93% of yield sources are still hindered by seven categories of obstacles, covering legal structures, challenges of asset-backed securities, and practical integration difficulties with commodity and computing infrastructure.

The research points out that distribution is the main bottleneck: among 35 non-stablecoin on-chain yield assets, only 2 have more than 2,000 holders. Part of the reason lies in design limitations, such as BlackRock's BUIDL requiring a minimum investment of $5 million, but data indicates that most tokenized assets still rely on a small number of large deployers and treasury managers. The top ten holders of BUIDL control 98% of the supply, mostly being other protocols.

Electric Capital believes five key factors will drive more assets on-chain in the future: growth in stablecoin scale and diversification of yield preferences, inter-protocol product competition, treasury infrastructure absorbing duration risk, layering mechanisms expanding the buyer base, and leverage cycles amplifying demand for collateralized assets. Simultaneously, AI infrastructure spending (Goldman Sachs estimates over $500 billion by 2026) could become a catalyst, including the on-chain financing potential for GPU leasing, data center construction, and energy contracts. (TheDefiant)