Data desk · Live
Real-World Assets
Tokenised real-world asset protocols ranked by total value locked. Not financial advice.
| # | Protocol | Chain | 24h | TVL |
|---|---|---|---|---|
| 1 | Invesco USTB | Multi-Chain | +0.24% | $543.84M |
| 2 | Ethena USDtb | Ethereum | +3.15% | $490.77M |
| 3 | Re | Multi-Chain | +0.99% | $388.84M |
| 4 | Huma | Multi-Chain | -0.06% | $372.73M |
| 5 | Anemoy Capital | Multi-Chain | +0.00% | $334.05M |
| 6 | OnRe | Solana | +0.07% | $296.68M |
| 7 | OpenTrade | Multi-Chain | +0.01% | $267.21M |
| 8 | Plume Vaults | Multi-Chain | +0.07% | $220.09M |
| 9 | USD AI | Arbitrum | +1.27% | $214.91M |
| 10 | RealT Tokens | xDai | -0.01% | $155.09M |
| 11 | R25 | Pharos | -0.01% | $134.22M |
| 12 | Theo Network thUSD | Ethereum | +0.00% | $133.82M |
| 13 |  Frax USD | Ethereum | +0.15% | $105.84M |
| 14 | Valos | Monad | +0.01% | $105.50M |
| 15 | Lofty | Algorand | +0.00% | $101.09M |
| 16 | Usual USD0 | Ethereum | 0.00% | $88.05M |
| 17 | Sky RWA | Ethereum | +0.01% | $73.65M |
| 18 | stUSDT | Multi-Chain | +0.01% | $61.10M |
| 19 | Brickken | Multi-Chain | 0.00% | $42.39M |
| 20 | Tangible RWA | Multi-Chain | +0.01% | $41.56M |
| 21 | KAIO | Multi-Chain | 0.00% | $39.65M |
| 22 | GoldFinger | Binance | 0.00% | $23.55M |
| 23 | T RIZE | Base | +0.00% | $23.00M |
| 24 | Clearpool TPOOL | Multi-Chain | +0.11% | $20.87M |
| 25 | Vesta Equity | Algorand | $20.63M |
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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