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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	+4.14%	$3.59B
2	Tether Gold	Multi-Chain	-0.51%	$3.31B
3	Circle USYC	Multi-Chain	+0.01%	$2.92B
4	Ondo Yield Assets	Multi-Chain	+1.04%	$2.54B
5	Spiko	Multi-Chain	-1.38%	$2.47B
6	Paxos Gold	Ethereum	-0.55%	$2.00B
7	Centrifuge Protocol	Multi-Chain	+0.04%	$1.64B
8	Blockchain Capital	zkSync Era	0.00%	$960.26M
9	Ondo Global Markets	Multi-Chain	-1.16%	$958.11M
10	Anemoy Capital	Multi-Chain	+0.02%	$873.67M
11	WisdomTree	Multi-Chain	-0.11%	$778.56M
12	Invesco USTB	Multi-Chain	+0.06%	$644.67M
13	Hastra	Multi-Chain	-0.67%	$598.92M
14	Ethena USDtb	Ethereum	+44.75%	$484.49M
15	xStocks	Multi-Chain	+1.58%	$428.15M
16	Re	Multi-Chain	+1.70%	$320.52M
17	OnRe	Solana	+0.38%	$277.29M
18	OpenTrade	Multi-Chain	+0.66%	$265.93M
19	OpenEden TBILL	Multi-Chain	+0.01%	$253.23M
20	DigiFT	Multi-Chain	+0.02%	$167.56M
21	RealT Tokens	xDai	0.00%	$155.10M
22	Mantle Index Four Fund	Mantle	+27.25%	$152.68M
23	Midas RWA	Multi-Chain	-0.58%	$148.30M
24	R25	Pharos	+0.04%	$131.81M
25	RAAC	Ethereum	-0.13%	$123.05M

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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