RWAs On-Chain and the “Yield Corridor”: How Tokenized Treasury Funds Re-Anchor DeFi Yield Benchmarks

Abstract

Real world asset tokenization (RWA) introduces programmable finance on chain tools to the market, while bringing cash like returns. This paper focuses on token treasury bond funds to explore whether they are re anchoring the yield benchmark of decentralized finance (DeFi). The key entry point of the study is to build a de facto "interest rate corridor", which is formed by DeFi's stable monetary loan interest rate around the volatility of token treasury bond yield. The research results show that due to the widespread risk exposure in the tokenized currency market, DeFi USD returns have gradually converged towards short-term interest rate benchmarks. What is more noteworthy is that its stay time in the narrow corridor centered on the yield of token treasury bond is significantly prolonged. This re anchoring effect not only narrows the long-standing divergence between cryptocurrency native interest rates and monetary policy benchmarks, but also reshapes the incentive mechanism for liquidity supply, and further tightens the integration channels between on chain markets and traditional fixed income markets on this basis.