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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	Invesco USTB	Multi-Chain	-0.61%	$597.66M
2	Ethena USDtb	Ethereum	+3.54%	$470.28M
3	Re	Multi-Chain	+1.23%	$405.32M
4	Huma	Multi-Chain	-1.32%	$400.92M
5	USD AI	Arbitrum	-0.04%	$344.98M
6	Anemoy Capital	Multi-Chain	+0.02%	$333.50M
7	OnRe	Solana	-0.31%	$292.66M
8	OpenTrade	Multi-Chain	+0.03%	$251.16M
9	Plume Vaults	Multi-Chain	-0.08%	$232.23M
10	RealT Tokens	xDai	+0.01%	$155.08M
11	R25	Multi-Chain	+0.05%	$143.36M
12	Theo Network thUSD	Ethereum	-0.01%	$132.19M
13	Frax USD	Ethereum	-0.17%	$106.71M
14	Valos	Monad	0.00%	$105.68M
15	Lofty	Algorand	-0.01%	$101.16M
16	Usual USD0	Ethereum	+0.00%	$84.07M
17	Sky RWA	Ethereum	0.00%	$73.85M
18	stUSDT	Multi-Chain	+0.01%	$56.31M
19	Brickken	Multi-Chain	-0.01%	$42.36M
20	Tangible RWA	Multi-Chain	-0.02%	$41.53M
21	KAIO	Multi-Chain	+0.01%	$39.65M
22	GoldFinger	Binance	-0.01%	$23.54M
23	T RIZE	Base	+0.00%	$23.00M
24	Clearpool TPOOL	Multi-Chain	0.00%	$20.94M
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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