Tokenized Treasuries sit at $14–16B+.
Total non-stablecoin RWA is ~$34–38B.

Yet ~56% of that value shows zero weekly on-chain transfers.
And only ~11.5% is actively used as collateral in DeFi.

This is Stuck Capital.

Issuance happened.
Secondary liquidity and capital velocity mostly didn’t.

The institutional bottleneck is no longer tokenization.
It’s turning static yield into dynamic flow.

Full velocity & risk framework available for desks.
DM for the note.