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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 | +0.08% | $3.55B |
| 2 | Tether Gold | Multi-Chain | -1.18% | $3.09B |
| 3 | Circle USYC | Multi-Chain | +0.01% | $3.01B |
| 4 | Ondo Yield Assets | Multi-Chain | +0.09% | $2.52B |
| 5 | Spiko | Multi-Chain | +0.31% | $2.40B |
| 6 | Paxos Gold | Ethereum | -1.21% | $1.90B |
| 7 | Centrifuge Protocol | Multi-Chain | +0.02% | $1.63B |
| 8 | Ondo Global Markets | Multi-Chain | +1.36% | $968.15M |
| 9 | Blockchain Capital | zkSync Era | +0.00% | $959.45M |
| 10 | Anemoy Capital | Multi-Chain | +0.02% | $871.80M |
| 11 | Invesco USTB | Multi-Chain | -0.30% | $776.10M |
| 12 | WisdomTree | Multi-Chain | +0.00% | $775.75M |
| 13 | Hastra | Multi-Chain | 0.00% | $537.82M |
| 14 | xStocks | Multi-Chain | +2.07% | $383.99M |
| 15 | Ethena USDtb | Ethereum | +0.51% | $357.70M |
| 16 | Re | Multi-Chain | +2.83% | $282.75M |
| 17 | OpenTrade | Multi-Chain | -0.13% | $262.51M |
| 18 | OnRe | Solana | +0.95% | $258.55M |
| 19 | OpenEden TBILL | Multi-Chain | -0.91% | $253.02M |
| 20 | VanEck Treasury Fund | Multi-Chain | +0.01% | $193.24M |
| 21 | DigiFT | Multi-Chain | -0.14% | $157.86M |
| 22 | RealT Tokens | xDai | -0.12% | $155.17M |
| 23 | R25 | Pharos | +0.04% | $131.14M |
| 24 | Midas RWA | Multi-Chain | -5.27% | $126.83M |
| 25 | Mantle Index Four Fund | Mantle | -0.01% | $118.61M |
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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