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Data desk · Live

Real-World Assets

Tokenised real-world asset protocols ranked by total value locked. Not financial advice.

#ProtocolChain24hTVL
1BlackRock BUIDLMulti-Chain-0.02%$3.51B
2Tether GoldMulti-Chain-0.08%$3.09B
3Circle USYCMulti-Chain+0.00%$3.00B
4Ondo Yield AssetsMulti-Chain+0.04%$2.52B
5SpikoMulti-Chain0.00%$2.35B
6Paxos GoldEthereum-0.10%$1.89B
7Centrifuge ProtocolMulti-Chain+0.32%$1.64B
8Ondo Global MarketsMulti-Chain+0.15%$964.24M
9Blockchain CapitalzkSync Era+0.00%$959.55M
10Anemoy CapitalMulti-Chain-0.01%$871.31M
11Invesco USTBMulti-Chain+6.34%$803.99M
12WisdomTreeMulti-Chain+0.13%$775.75M
13HastraMulti-Chain-0.03%$525.69M
14xStocksMulti-Chain+0.02%$375.29M
15Ethena USDtbEthereum-0.25%$352.42M
16ReMulti-Chain+0.24%$263.15M
17OpenTradeMulti-Chain+0.06%$261.18M
18OpenEden TBILLMulti-Chain+0.00%$255.36M
19OnReSolana+0.03%$251.71M
20VanEck Treasury FundMulti-Chain+0.00%$192.98M
21DigiFTMulti-Chain+0.00%$160.44M
22RealT TokensxDai$157.63M
23Midas RWAMulti-Chain+53.45%$137.79M
24R25Pharos+0.04%$131.03M
25Mantle Index Four FundMantle+0.32%$118.84M

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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