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Tokenised real-world asset protocols ranked by total value locked. Not financial advice.
| # | Protocol | Chain | 24h | TVL |
|---|---|---|---|---|
| 1 | Circle USYC | Multi-Chain | +0.01% | $3.11B |
| 2 | BlackRock BUIDL | Multi-Chain | +0.01% | $3.05B |
| 3 | Tether Gold | Multi-Chain | -0.31% | $2.92B |
| 4 | Ondo Yield Assets | Multi-Chain | -0.14% | $2.55B |
| 5 | Paxos Gold | Ethereum | -0.90% | $1.84B |
| 6 | Centrifuge Protocol | Multi-Chain | +0.09% | $1.64B |
| 7 | Spiko | Multi-Chain | -0.50% | $1.20B |
| 8 | Ondo Global Markets | Multi-Chain | +0.61% | $952.49M |
| 9 | Anemoy Capital | Multi-Chain | +0.03% | $870.88M |
| 10 | Ethena USDtb | Ethereum | +0.00% | $727.02M |
| 11 | WisdomTree | Multi-Chain | 0.00% | $725.58M |
| 12 | Invesco USTB | Multi-Chain | -5.06% | $721.95M |
| 13 | Hastra | Multi-Chain | +1.49% | $390.88M |
| 14 | xStocks | Multi-Chain | +0.48% | $325.40M |
| 15 | Re | Multi-Chain | -0.77% | $246.82M |
| 16 | OpenTrade | Multi-Chain | +0.50% | $229.24M |
| 17 | OnRe | Solana | +0.15% | $217.53M |
| 18 | OpenEden TBILL | Multi-Chain | +0.11% | $212.54M |
| 19 | DigiFT | Multi-Chain | +1.24% | $181.50M |
| 20 | RealT Tokens | xDai | +0.01% | $156.81M |
| 21 | Midas RWA | Multi-Chain | +3.55% | $116.79M |
| 22 | Apollo Diversified Credit Securitize Fund | Multi-Chain | +0.02% | $115.15M |
| 23 | Mantle Index Four Fund | Mantle | -1.13% | $114.56M |
| 24 |  Frax USD | Ethereum | -1.59% | $109.22M |
| 25 | RAAC | Ethereum | +1.34% | $108.63M |
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.