Electric Capital's latest research identifies 501 real-world revenue sources, revealing that only 34 have on-chain scales exceeding $50 million. According to ChainCatcher, these assets are primarily concentrated in U.S. Treasury bonds, private credit, and corporate debt. The remaining 93% face seven major obstacles, including legal structures and entity integration.
The report highlights distribution channels as the biggest bottleneck. Among 35 non-stablecoin real-world assets with on-chain revenue, only two have more than 2,000 holders, with top assets being highly concentrated. For instance, BlackRock's BUIDL sees its top ten holders controlling 98% of the supply.