CoinMeta data: According to the report " the RWA activation era " released by Binance Research, as of September 15, 2026, the total asset management scale on the RWA chain reached $34.18 billion, with an increase of 85.2% within the year. Among them, bonds and money market funds accounted for $18.29 billion, leading the way, while stocks increased by 390.4% within the year. Together, these two categories contributed more than three-quarters of the new market value. The report proposes two indicators: the programmable assets ratio ( PAR ) and the capital activation rate ( CAR ). Overall, the programmable assets ratio is only about 0.01%, meaning that only a very small portion of the underlying market is tokenized. Approximately 12% of the total assets on the chain are deployed in liquidity pools, lending, and collateral applications, etc. The proportion of private credit CAR reached as high as 49.67%, and stocks CAR increased from 1.95% to 7.54%. The report believes that the opportunities in the next phase lie not only in bringing more assets onto the chain but also in enabling these assets to be used in liquidity, lending, and collateral markets after issuance.