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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 | Ondo Global Markets | Multi-Chain | -1.35% | $919.15M |
| 2 | Anemoy Capital | Multi-Chain | -3.70% | $649.99M |
| 3 | Invesco USTB | Multi-Chain | +2.29% | $543.05M |
| 4 | Ethena USDtb | Ethereum | -0.07% | $482.45M |
| 5 | Re | Multi-Chain | +1.66% | $367.88M |
| 6 | USD AI | Arbitrum | -0.41% | $311.65M |
| 7 | OnRe | Solana | +0.03% | $300.66M |
| 8 | Huma Finance V2 | Multi-Chain | -4.47% | $296.44M |
| 9 | OpenTrade | Multi-Chain | +0.23% | $264.05M |
| 10 | DigiFT | Multi-Chain | -0.70% | $192.62M |
| 11 | Plume Vaults | Multi-Chain | +1.06% | $162.68M |
| 12 | RealT Tokens | xDai | -0.01% | $155.06M |
| 13 | Midas RWA | Multi-Chain | +0.00% | $154.54M |
| 14 | Theo Network thUSD | Ethereum | -0.01% | $134.58M |
| 15 | R25 | Pharos | -0.01% | $132.94M |
| 16 | RAAC | Ethereum | +0.96% | $115.05M |
| 17 | Valos | Monad | -0.01% | $105.25M |
| 18 | Lofty | Algorand | -0.02% | $100.72M |
| 19 |  Frax USD | Ethereum | -1.93% | $100.27M |
| 20 | Usual USD0 | Ethereum | -0.16% | $88.76M |
| 21 | Sky RWA | Ethereum | +0.01% | $72.25M |
| 22 | MatrixDock XAUM | Multi-Chain | +1.61% | $66.06M |
| 23 | stUSDT | Multi-Chain | -0.03% | $60.98M |
| 24 | ORIGYN | ICP | -0.02% | $51.94M |
| 25 | Brickken | Multi-Chain | -0.02% | $42.39M |
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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