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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 | +0.00% | $3.51B |
| 2 | Tether Gold | Multi-Chain | +0.11% | $3.09B |
| 3 | Circle USYC | Multi-Chain | +0.00% | $3.00B |
| 4 | Ondo Yield Assets | Multi-Chain | +0.08% | $2.52B |
| 5 | Spiko | Multi-Chain | -0.01% | $2.35B |
| 6 | Paxos Gold | Ethereum | -0.06% | $1.89B |
| 7 | Centrifuge Protocol | Multi-Chain | 0.00% | $1.64B |
| 8 | Ondo Global Markets | Multi-Chain | +0.25% | $965.25M |
| 9 | Blockchain Capital | zkSync Era | +0.00% | $959.55M |
| 10 | Anemoy Capital | Multi-Chain | -0.01% | $871.30M |
| 11 | Invesco USTB | Multi-Chain | -0.03% | $803.68M |
| 12 | WisdomTree | Multi-Chain | +0.00% | $775.75M |
| 13 | Hastra | Multi-Chain | -0.03% | $525.65M |
| 14 | xStocks | Multi-Chain | +0.51% | $376.17M |
| 15 | Ethena USDtb | Ethereum | -0.03% | $352.36M |
| 16 | Re | Multi-Chain | +0.30% | $263.46M |
| 17 | OpenTrade | Multi-Chain | +0.13% | $261.54M |
| 18 | OpenEden TBILL | Multi-Chain | +0.00% | $255.36M |
| 19 | OnRe | Solana | +0.03% | $251.79M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.00% | $192.98M |
| 21 | DigiFT | Multi-Chain | +0.00% | $160.44M |
| 22 | RealT Tokens | xDai | -1.32% | $154.95M |
| 23 | Midas RWA | Multi-Chain | +1.31% | $137.82M |
| 24 | R25 | Pharos | +0.03% | $131.03M |
| 25 | Mantle Index Four Fund | Mantle | +0.59% | $118.90M |
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.
Articles & guides
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