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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	-0.61%	$3.54B
2	Tether Gold	Ethereum	+0.01%	$3.08B
3	Spiko	Multi-Chain	+0.64%	$2.64B
4	Circle USYC	Multi-Chain	+0.01%	$2.60B
5	Ondo Yield Assets	Multi-Chain	+0.09%	$2.56B
6	Paxos Gold	Ethereum	+0.10%	$1.87B
7	Centrifuge Protocol	Multi-Chain	-1.60%	$1.51B
8	WisdomTree	Multi-Chain	0.00%	$1.23B
9	Blockchain Capital	zkSync Era	-0.03%	$961.97M
10	Ondo Global Markets	Multi-Chain	+0.30%	$940.78M
11	Anemoy Capital	Multi-Chain	-3.33%	$724.97M
12	Invesco USTB	Multi-Chain	-0.61%	$598.58M
13	Hastra	Multi-Chain	-0.73%	$597.95M
14	Ethena USDtb	Ethereum	+0.10%	$483.78M
15	Re	Multi-Chain	-0.16%	$353.98M
16	Huma Finance V2	Multi-Chain	+9.51%	$314.63M
17	OnRe	Solana	-4.74%	$294.84M
18	USD AI	Arbitrum	+1.47%	$294.83M
19	OpenTrade	Multi-Chain	+0.27%	$262.80M
20	OpenEden TBILL	Multi-Chain	0.00%	$245.84M
21	DigiFT	Multi-Chain	+13.18%	$194.12M
22	Plume Vaults	Multi-Chain	+1.40%	$160.08M
23	RealT Tokens	xDai	+0.00%	$155.10M
24	Midas RWA	Multi-Chain	+0.00%	$154.54M
25	Mantle Index Four Fund	Mantle	-0.48%	$150.27M

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

Real-World Assets

What’s driving real-world asset growth

What to watch

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