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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 | -0.11% | $3.68B |
| 2 | Circle USYC | Multi-Chain | +0.38% | $3.01B |
| 3 | Tether Gold | Multi-Chain | -2.02% | $2.85B |
| 4 | Ondo Yield Assets | Multi-Chain | +0.15% | $2.56B |
| 5 | Paxos Gold | Ethereum | -2.13% | $1.79B |
| 6 | Centrifuge Protocol | Multi-Chain | +0.10% | $1.64B |
| 7 | Spiko | Multi-Chain | -0.60% | $1.18B |
| 8 | Blockchain Capital | zkSync Era | -0.41% | $967.61M |
| 9 | Ondo Global Markets | Multi-Chain | -1.84% | $941.13M |
| 10 | Anemoy Capital | Multi-Chain | +0.04% | $871.25M |
| 11 | WisdomTree | Multi-Chain | 0.00% | $775.58M |
| 12 | Ethena USDtb | Ethereum | -0.02% | $727.38M |
| 13 | Invesco USTB | Multi-Chain | -0.10% | $684.56M |
| 14 | Hastra | Multi-Chain | +2.57% | $396.23M |
| 15 | xStocks | Multi-Chain | +0.71% | $328.90M |
| 16 | Re | Multi-Chain | +0.30% | $250.54M |
| 17 | OpenTrade | Multi-Chain | +0.14% | $234.59M |
| 18 | OnRe | Solana | +0.30% | $223.63M |
| 19 | OpenEden TBILL | Multi-Chain | +0.01% | $212.77M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.03% | $191.77M |
| 21 | DigiFT | Multi-Chain | +0.04% | $179.36M |
| 22 | RealT Tokens | xDai | 0.00% | $156.81M |
| 23 | Midas RWA | Multi-Chain | -0.11% | $115.84M |
| 24 | Mantle Index Four Fund | Mantle | -1.02% | $115.26M |
| 25 | Apollo Diversified Credit Securitize Fund | Multi-Chain | +0.01% | $115.11M |
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.