Data desk · Live
Real-World Assets
Tokenised real-world asset protocols ranked by total value locked. Not financial advice.
| # | Protocol | Chain | 24h | TVL |
|---|---|---|---|---|
| 1 | Invesco USTB | Multi-Chain | -2.59% | $561.32M |
| 2 | Ethena USDtb | Ethereum | -1.06% | $492.62M |
| 3 | Re | Multi-Chain | +0.38% | $394.30M |
| 4 | Huma | Multi-Chain | +2.76% | $372.58M |
| 5 | USD AI | Arbitrum | +38.89% | $346.57M |
| 6 | Anemoy Capital | Multi-Chain | +0.01% | $333.26M |
| 7 | OnRe | Solana | +0.12% | $291.28M |
| 8 | OpenTrade | Multi-Chain | -4.71% | $254.34M |
| 9 | Plume Vaults | Multi-Chain | +4.61% | $233.68M |
| 10 | RealT Tokens | xDai | 0.00% | $155.10M |
| 11 | R25 | Pharos | +0.03% | $134.06M |
| 12 | Theo Network thUSD | Ethereum | +0.01% | $132.28M |
| 13 |  Frax USD | Ethereum | +4.31% | $106.83M |
| 14 | Valos | Monad | +0.04% | $105.60M |
| 15 | Lofty | Algorand | +0.02% | $101.21M |
| 16 | Usual USD0 | Ethereum | +0.02% | $87.79M |
| 17 | Sky RWA | Ethereum | -0.01% | $76.03M |
| 18 | stUSDT | Multi-Chain | +0.02% | $57.09M |
| 19 | Brickken | Multi-Chain | 0.00% | $42.38M |
| 20 | Tangible RWA | Multi-Chain | -0.07% | $41.43M |
| 21 | KAIO | Multi-Chain | +0.01% | $39.65M |
| 22 | GoldFinger | Binance | +0.02% | $23.55M |
| 23 | T RIZE | Base | +0.00% | $23.00M |
| 24 | Clearpool TPOOL | Multi-Chain | +0.48% | $20.96M |
| 25 | Vesta Equity | Algorand | $20.63M |
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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