The Real-World Asset (RWA) tokenization sector has reached a new milestone, surpassing $10.2 billion in total value locked (TVL), according to DefiLlama. Leading the charge are Maker’s RWA, BlackRock’s BUIDL, Ethena’s USDtb, and Ondo Finance, which collectively account for over $4 billion in TVL.
Top RWA Platforms by TVL
Per the latest data from DefiLlama:
- Maker RWA – $1.298 billion
- BlackRock BUIDL – $1.232 billion
- Ethena USDtb – $1.142 billion
- Ondo Finance – $987 million
While Maker’s RWA posted a 23% decline, other platforms saw notable growth, with USDtb surging by 1,177% in the past 30 days, becoming the best-performing asset in the sector.
Treasury-Backed Tokens Hit $4.2 Billion Market Cap
The market for tokenized Treasury products reached a record $4.2 billion in Q1 2025, driven by:
- Ondo’s OUSG and USDY
- BlackRock and Securitize’s BUIDL
- Franklin Templeton’s BENJI
- Superstate’s USTB
These products are outpacing other RWA categories such as tokenized commodities, which collectively hold $1.26 billion, with Paxos Gold (PAXG) leading at just over $500 million.
Market Conditions and Volatility in the Broader Crypto Sector
While RWA assets held relatively steady, the crypto market faced muted recovery following the Federal Reserve’s recent meeting:
- Bitcoin, Ethereum, and XRP shed at least 1% of their gains.
- The RWA market rebounded to $48.6B, after dipping to $40.9B last week, although it fell 3% today.
Still, the RWA sector posted a 0.5% weekly gain, driven by strong performances from large-cap tokens like:
- Chainlink (LINK) – Up 8% Thursday, down 2.89% Friday
- Avalanche (AVAX) – Up Thursday, down 1.42% Friday
Top Performing RWA Tokens Today
- Stobox (STBU): +15%
- XDC Network (XDC): +7.4%
- Music Protocol (RECORD): +5%
- Zebec Network (ZEBEC): +4%
- LUMIA: +4.6%
- IXS: +3.7%
Biggest Losers This Week
- Brickken (BKN): -11.9%
- Propy (PRO): -11.34%
- Alvara Protocol (ALVA): -9%
Outlook for the RWA Sector
- Bitwise projects the RWA market to surpass $100 billion by the end of 2025, signaling continued investor interest in tokenized real-world assets.
- Platforms like Ondo Finance and BlackRock’s BUIDL are paving the way for institutional-grade RWA offerings.
- As Treasury-backed tokenization grows, the RWA sector could become one of the fastest-growing segments of decentralized finance (DeFi).
Hidden Insight
As regulators warm to tokenized securities and Treasury-backed products dominate, RWAs are on track to transform institutional finance. Firms like Ondo and BlackRock are positioning themselves at the heart of this next wave of DeFi evolution.