Data desk · Live
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 | 0.00% | $3.44B |
| 2 | Circle USYC | Multi-Chain | 0.00% | $3.00B |
| 3 | Tether Gold | Multi-Chain | +0.11% | $2.89B |
| 4 | Ondo Yield Assets | Multi-Chain | +0.10% | $2.56B |
| 5 | Spiko | Multi-Chain | +0.03% | $2.26B |
| 6 | Paxos Gold | Ethereum | +0.15% | $1.80B |
| 7 | Centrifuge Protocol | Multi-Chain | +0.04% | $1.63B |
| 8 | Blockchain Capital | zkSync Era | 0.00% | $957.92M |
| 9 | Ondo Global Markets | Multi-Chain | +0.24% | $943.04M |
| 10 | Anemoy Capital | Multi-Chain | +0.00% | $870.19M |
| 11 | WisdomTree | Multi-Chain | +0.13% | $778.01M |
| 12 | Invesco USTB | Multi-Chain | +0.13% | $728.32M |
| 13 | Hastra | Multi-Chain | +0.55% | $459.50M |
| 14 | Ethena USDtb | Ethereum | -0.68% | $354.38M |
| 15 | xStocks | Multi-Chain | +0.63% | $343.09M |
| 16 | Re | Multi-Chain | +0.34% | $256.79M |
| 17 | OpenEden TBILL | Multi-Chain | +0.00% | $256.00M |
| 18 | OnRe | Solana | +0.18% | $249.33M |
| 19 | OpenTrade | Multi-Chain | +0.54% | $248.38M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.00% | $191.97M |
| 21 | DigiFT | Multi-Chain | +0.00% | $162.34M |
| 22 | RealT Tokens | xDai | 0.00% | $156.82M |
| 23 | Nest Credit | Multi-Chain | -0.10% | $132.17M |
| 24 | R25 | Pharos | +0.22% | $127.77M |
| 25 | Mantle Index Four Fund | Mantle | +0.44% | $120.52M |
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.
