Data desk · Live
Real-World Assets
Tokenised real-world asset protocols ranked by total value locked. Not financial advice.
| # | Protocol | Chain | 24h | TVL |
|---|---|---|---|---|
| 1 | Re | Multi-Chain | -0.12% | $487.43M |
| 2 | Ethena USDtb | Ethereum | 0.00% | $416.57M |
| 3 | Huma | Multi-Chain | -4.11% | $345.71M |
| 4 | OnRe | Solana | -0.04% | $309.24M |
| 5 | OpenTrade | Multi-Chain | +0.23% | $242.98M |
| 6 | Plume Vaults | Multi-Chain | +0.21% | $219.77M |
| 7 | R25 | Multi-Chain | +0.02% | $197.91M |
| 8 | USD AI | Arbitrum | +0.04% | $157.87M |
| 9 | RealT Tokens | xDai | 0.00% | $155.04M |
| 10 | Theo Network thUSD | Ethereum | -0.01% | $138.56M |
| 11 | Valos | Monad | +0.02% | $106.27M |
| 12 | Lofty | Algorand | +0.01% | $101.12M |
| 13 |  Frax USD | Ethereum | -0.02% | $95.31M |
| 14 | Ember | Multi-Chain | -1.04% | $94.40M |
| 15 | Usual USD0 | Ethereum | -0.55% | $80.15M |
| 16 | Sky RWA | Ethereum | -0.80% | $59.67M |
| 17 | stUSDT | Multi-Chain | +0.02% | $47.63M |
| 18 | Brickken | Multi-Chain | -0.02% | $42.56M |
| 19 | Tangible RWA | Multi-Chain | -0.93% | $41.77M |
| 20 | KAIO | Multi-Chain | -0.01% | $34.65M |
| 21 | Anemoy Capital | Multi-Chain | 0.00% | $28.22M |
| 22 | GoldFinger | Binance | +0.01% | $23.53M |
| 23 | T RIZE | Base | +0.00% | $23.00M |
| 24 | Sygnum FIUSD Liquidity Fund | zkSync Era | +0.02% | $14.19M |
| 25 | Paimon | Binance | +0.04% | $14.11M |
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.
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