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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 | +0.36% | $3.54B |
| 2 | Tether Gold | Multi-Chain | +0.85% | $3.13B |
| 3 | Circle USYC | Multi-Chain | +0.01% | $3.01B |
| 4 | Ondo Yield Assets | Multi-Chain | -0.34% | $2.51B |
| 5 | Spiko | Multi-Chain | +0.16% | $2.39B |
| 6 | Paxos Gold | Ethereum | +0.76% | $1.92B |
| 7 | Centrifuge Protocol | Multi-Chain | +0.17% | $1.63B |
| 8 | Blockchain Capital | zkSync Era | +0.00% | $959.45M |
| 9 | Ondo Global Markets | Multi-Chain | +0.74% | $955.21M |
| 10 | Anemoy Capital | Multi-Chain | +0.01% | $871.65M |
| 11 | Invesco USTB | Multi-Chain | -1.23% | $776.88M |
| 12 | WisdomTree | Multi-Chain | 0.00% | $775.75M |
| 13 | Hastra | Multi-Chain | +0.16% | $537.83M |
| 14 | xStocks | Multi-Chain | -0.06% | $376.78M |
| 15 | Ethena USDtb | Ethereum | +1.01% | $355.87M |
| 16 | Re | Multi-Chain | +1.48% | $274.96M |
| 17 | OpenTrade | Multi-Chain | +0.45% | $262.84M |
| 18 | OnRe | Solana | +0.25% | $256.13M |
| 19 | OpenEden TBILL | Multi-Chain | +0.01% | $255.35M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.01% | $193.22M |
| 21 | DigiFT | Multi-Chain | -0.65% | $158.08M |
| 22 | RealT Tokens | xDai | +0.53% | $155.00M |
| 23 | Midas RWA | Multi-Chain | +1.85% | $133.88M |
| 24 | R25 | Pharos | -0.04% | $131.09M |
| 25 | Mantle Index Four Fund | Mantle | +0.03% | $118.62M |
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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