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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 | -0.02% | $3.44B |
| 2 | Circle USYC | Multi-Chain | +0.02% | $3.01B |
| 3 | Tether Gold | Multi-Chain | -1.11% | $2.89B |
| 4 | Ondo Yield Assets | Multi-Chain | -1.27% | $2.53B |
| 5 | Spiko | Multi-Chain | -2.25% | $2.21B |
| 6 | Paxos Gold | Ethereum | -1.06% | $1.80B |
| 7 | Centrifuge Protocol | Multi-Chain | +0.02% | $1.63B |
| 8 | Blockchain Capital | zkSync Era | -0.08% | $957.15M |
| 9 | Ondo Global Markets | Multi-Chain | -0.94% | $943.75M |
| 10 | Anemoy Capital | Multi-Chain | +0.02% | $870.41M |
| 11 | WisdomTree | Multi-Chain | +0.00% | $778.01M |
| 12 | Invesco USTB | Multi-Chain | +0.57% | $732.46M |
| 13 | Hastra | Multi-Chain | +4.60% | $480.81M |
| 14 | Ethena USDtb | Ethereum | +0.39% | $355.85M |
| 15 | xStocks | Multi-Chain | +4.24% | $352.26M |
| 16 | Re | Multi-Chain | +0.31% | $257.60M |
| 17 | OpenEden TBILL | Multi-Chain | +0.00% | $256.02M |
| 18 | OpenTrade | Multi-Chain | +1.52% | $252.22M |
| 19 | OnRe | Solana | -1.59% | $246.16M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.03% | $192.02M |
| 21 | DigiFT | Multi-Chain | +0.30% | $162.84M |
| 22 | RealT Tokens | xDai | -0.01% | $156.81M |
| 23 | Nest Credit | Multi-Chain | -1.53% | $130.28M |
| 24 | R25 | Pharos | +0.15% | $128.18M |
| 25 | Mantle Index Four Fund | Mantle | +1.22% | $122.09M |
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.
