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Real-World Assets

Tokenised real-world asset protocols ranked by total value locked. Not financial advice.

#	Protocol	Chain	24h	TVL
1	BlackRock BUIDL	Multi-Chain	+0.00%	$3.49B
2	Circle USYC	Multi-Chain	+0.03%	$3.01B
3	Tether Gold	Multi-Chain	-0.06%	$2.88B
4	Ondo Yield Assets	Multi-Chain	-0.07%	$2.53B
5	Spiko	Multi-Chain	-0.86%	$2.23B
6	Paxos Gold	Ethereum	-0.52%	$1.78B
7	Centrifuge Protocol	Multi-Chain	+0.03%	$1.63B
8	Blockchain Capital	zkSync Era	+0.00%	$957.29M
9	Ondo Global Markets	Multi-Chain	-0.40%	$912.65M
10	Anemoy Capital	Multi-Chain	+0.03%	$871.11M
11	WisdomTree	Multi-Chain	+0.00%	$776.23M
12	Invesco USTB	Multi-Chain	+2.04%	$763.34M
13	Hastra	Multi-Chain	+0.33%	$505.28M
14	xStocks	Multi-Chain	+2.97%	$357.48M
15	Ethena USDtb	Ethereum	-0.03%	$352.99M
16	Re	Multi-Chain	+0.00%	$260.81M
17	OpenTrade	Multi-Chain	+0.01%	$258.64M
18	OpenEden TBILL	Multi-Chain	-0.03%	$255.57M
19	OnRe	Solana	+0.13%	$248.72M
20	VanEck Treasury Fund	Multi-Chain	+0.00%	$193.10M
21	DigiFT	Multi-Chain	0.00%	$159.89M
22	RealT Tokens	xDai	+0.00%	$156.81M
23	R25	Pharos	-0.02%	$130.76M
24	Mantle Index Four Fund	Mantle	+0.07%	$118.59M
25	Midas RWA	Multi-Chain	+0.00%	$115.44M

Source: DefiLlama. Figures are informational and not financial advice.

What’s driving real-world asset growth

Real-world asset (RWA) protocols tokenize traditional instruments — mostly US Treasuries and private credit — so they can be held and used as collateral on-chain. Rising TVL here usually reflects institutions testing on-chain settlement, and crypto-native treasuries parking idle stablecoins in tokenized T-bills instead of letting them sit uninvested.

What to watch

Who the actual issuer or custodian of the underlying asset is.
Whether redemptions are same-day or gated.
Whether the yield genuinely comes from the underlying asset, or is partly subsidized by token incentives.

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