Market Intelligence
Real-World Assets & Tokenized Treasuries
On-chain protocols bringing real-world assets — tokenized U.S. Treasuries, gold, and private credit — onto public blockchains, ranked by total value locked.
| # | Protocol | Chain | TVL | 24h |
|---|---|---|---|---|
| 1 | Circle USYC | Multi-Chain | $3.10B | +0.00% |
| 2 | BlackRock BUIDL | Multi-Chain | $3.05B | +0.00% |
| 3 | Tether Gold | Multi-Chain | $2.97B | -0.07% |
| 4 | Ondo Yield Assets | Multi-Chain | $2.57B | +0.58% |
| 5 | Paxos Gold | Ethereum | $1.88B | -0.09% |
| 6 | Centrifuge Protocol | Multi-Chain | $1.64B | +0.00% |
| 7 | Spiko | Multi-Chain | $1.17B | 0.00% |
| 8 | Ondo Global Markets | Multi-Chain | $982.72M | 0.00% |
| 9 | Blockchain Capital | zkSync Era | $974.72M | +0.00% |
| 10 | Anemoy Capital | Multi-Chain | $870.69M | +0.00% |
| 11 | Invesco USTB | Multi-Chain | $753.70M | -0.07% |
| 12 | Ethena USDtb | Ethereum | $727.07M | +0.04% |
| 13 | WisdomTree | Multi-Chain | $725.59M | +0.00% |
| 14 | Hastra | Multi-Chain | $401.46M | +0.57% |
| 15 | xStocks | Multi-Chain | $307.94M | -5.08% |
| 16 | Re | Multi-Chain | $246.49M | +0.64% |
| 17 | OpenTrade | Multi-Chain | $224.23M | +0.67% |
| 18 | OnRe | Solana | $215.00M | +1.07% |
Total value locked via DefiLlama. Informational only, not financial advice.
What real-world assets are
“Real-world assets” (RWA) is the umbrella term for traditional, off-chain assets — government bonds, money-market funds, gold, real estate, private credit — represented as tokens on a blockchain. The fastest-growing corner is tokenized U.S. Treasuries: on-chain tokens backed by short-dated government debt that pass through a yield, offered by both crypto-native issuers and large traditional asset managers.
Read the category through The Aperture: the near lens is the live total value locked and which protocols lead; the wide lens is that RWA tokens carry the risks of both worlds — the credit and rate risk of the underlying asset, plus smart-contract, custody and regulatory risk on-chain. Learn the fundamentals in our glossary and DeFi explainer, and see live stablecoin data alongside. Informational, not financial advice.