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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 | -0.16% | $3.54B |
| 2 | Tether Gold | Multi-Chain | +3.86% | $3.21B |
| 3 | Circle USYC | Multi-Chain | -0.06% | $2.98B |
| 4 | Ondo Yield Assets | Multi-Chain | -0.05% | $2.51B |
| 5 | Spiko | Multi-Chain | +1.79% | $2.50B |
| 6 | Paxos Gold | Ethereum | +3.87% | $1.97B |
| 7 | Centrifuge Protocol | Multi-Chain | -0.11% | $1.63B |
| 8 | Ondo Global Markets | Multi-Chain | +2.70% | $969.55M |
| 9 | Blockchain Capital | zkSync Era | +0.00% | $956.83M |
| 10 | Anemoy Capital | Multi-Chain | +0.07% | $872.93M |
| 11 | WisdomTree | Multi-Chain | +0.52% | $779.73M |
| 12 | Invesco USTB | Multi-Chain | -7.51% | $707.23M |
| 13 | Hastra | Multi-Chain | +3.12% | $587.38M |
| 14 | xStocks | Multi-Chain | +5.79% | $404.46M |
| 15 | Ethena USDtb | Ethereum | -0.09% | $357.38M |
| 16 | Re | Multi-Chain | +0.70% | $291.14M |
| 17 | OnRe | Solana | +0.99% | $272.06M |
| 18 | OpenTrade | Multi-Chain | +0.78% | $264.55M |
| 19 | OpenEden TBILL | Multi-Chain | +0.01% | $253.18M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.01% | $193.35M |
| 21 | DigiFT | Multi-Chain | -0.08% | $173.30M |
| 22 | RealT Tokens | xDai | 0.00% | $155.08M |
| 23 | Midas RWA | Multi-Chain | +4.27% | $134.09M |
| 24 | R25 | Pharos | +0.05% | $131.44M |
| 25 | Mantle Index Four Fund | Mantle | +0.56% | $119.96M |
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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