Real-World Assets Now Exceed $10 Billion in Total Value Locked

Real-world assets (RWAs) have reached a $10 billion category, with significant contributions from:

Each has over $1 billion in total value locked (TVL). Notably, USDtb has experienced rapid growth, increasing over 1,000% in TVL within the last month. It is backed by tokenized BlackRock money-market fund shares.

In contrast, USDe utilizes crypto-assets and perpetual futures strategies for yields. Treasury-backed tokens have also seen growth, reaching a market cap of $4.2 billion, driven by:

  • Ondo Finance's OUSG and USDY
  • BlackRock and Securitize's BUIDL
  • Franklin Templeton's BENJI
  • Superstate's USTB

Tokenized commodities follow at $1.26 billion, with Paxos Gold leading at over $500 million in TVL. Analysts attribute this trend to investor preference for safer assets amid bearish crypto sentiment, with T-bills outperforming yields offered by major DeFi protocols.