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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% | $3.49B |
| 2 | Circle USYC | Multi-Chain | +0.00% | $3.01B |
| 3 | Tether Gold | Multi-Chain | -0.02% | $2.88B |
| 4 | Ondo Yield Assets | Multi-Chain | +0.05% | $2.53B |
| 5 | Spiko | Multi-Chain | -0.01% | $2.25B |
| 6 | Paxos Gold | Ethereum | -0.01% | $1.79B |
| 7 | Centrifuge Protocol | Multi-Chain | -0.01% | $1.63B |
| 8 | Blockchain Capital | zkSync Era | +0.00% | $957.29M |
| 9 | Ondo Global Markets | Multi-Chain | +0.66% | $923.41M |
| 10 | Anemoy Capital | Multi-Chain | -0.01% | $870.81M |
| 11 | WisdomTree | Multi-Chain | +0.00% | $776.23M |
| 12 | Invesco USTB | Multi-Chain | -0.04% | $747.76M |
| 13 | Hastra | Multi-Chain | +0.48% | $505.32M |
| 14 | xStocks | Multi-Chain | +2.63% | $358.39M |
| 15 | Ethena USDtb | Ethereum | 0.00% | $353.05M |
| 16 | Re | Multi-Chain | +0.02% | $260.79M |
| 17 | OpenTrade | Multi-Chain | +0.01% | $258.62M |
| 18 | OpenEden TBILL | Multi-Chain | -0.03% | $255.57M |
| 19 | OnRe | Solana | +0.18% | $248.69M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.00% | $193.10M |
| 21 | DigiFT | Multi-Chain | 0.00% | $159.89M |
| 22 | RealT Tokens | xDai | -0.01% | $156.79M |
| 23 | R25 | Pharos | -0.02% | $130.73M |
| 24 | Mantle Index Four Fund | Mantle | +0.11% | $118.66M |
| 25 | Midas RWA | Multi-Chain | +0.00% | $115.44M |
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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