Tokenised real-world assets (RWAs) now exceed $10 billion in value, according to DeFiLlama, as investors shift toward stable, yield-bearing assets like US Treasury-backed tokens and money-market funds.
This milestone reflects changing dynamics in crypto markets, where demand is increasingly driven by regulated and institutional-grade products.
Data also shows that BlackRock, Maker, and Ethena are leading the RWA expansion, with Ethena’s stablecoin USDtb growing over 1,000% in total value locked (TVL) over the past month.
Treasury-backed tokens have emerged as the most dominant subcategory, reaching $4.2 billion in market cap during Q1 2025.
Treasury RWAs reach $4.2 billion
Recent data confirms that Treasury-backed tokens have reached a record $4.2 billion in market cap in the first quarter of 2025.
These include Ondo Finance’s OUSG and USDY, Franklin Templeton’s BENJI, Superstate’s USTB, and BUIDL — a collaborative offering from BlackRock and Securitize.
According to RWA.xyz, this segment dominates the RWA category, outpacing others by a wide margin.
The appeal of these tokens lies in their underlying exposure to US Treasury bills and regulated money-market fund shares.
As crypto markets remain volatile and decentralised finance (DeFi) protocols struggle to offer attractive risk-adjusted yields, institutional and retail investors are increasingly allocating capital to tokenised versions of government-backed instruments.
The surge in Treasury-linked RWA products is seen by analysts as a signal of market preference for safe, yield-generating assets during a period of bearish crypto sentiment.
USDtb grows 1,000% in a month
Ethena’s USDtb stablecoin has experienced the fastest rise in total value locked among all RWA projects, growing by more than 1,000% over the past month.
Unlike Ethena’s original USDe — which relies on a crypto-collateralised model with perpetual futures strategies — USDtb is backed by tokenised BlackRock money-market fund shares.
The rapid increase in USDtb’s TVL highlights the growing appetite for stablecoins underpinned by traditional financial assets rather than algorithmic or crypto-native reserves.
This shift also indicates increasing investor trust in tokenised regulated products, especially those tied to asset managers like BlackRock.
USDtb’s rise positions Ethena among the top three RWA protocols, alongside Maker and BUIDL, each with more than $1 billion in TVL, according to DeFiLlama.
This reaffirms the trend of centralised, regulated stablecoins gaining ground over decentralised options as users seek less volatile, yield-bearing alternatives.
Top RWA players pass $1 billion
With Maker, BlackRock’s BUIDL, and Ethena’s USDtb each crossing $1 billion in TVL, they now collectively account for over 30% of the entire $10 billion RWA category.
MakerDAO has historically dominated the RWA space through its integration of real-world collateral, while BUIDL, built on Securitize’s platform, tokenises money-market fund shares managed by BlackRock.
These protocols are driving the institutionalisation of the RWA category by offering products that align more closely with traditional finance while remaining on-chain.
This shift also reflects a broader convergence between crypto infrastructure and legacy financial systems, especially as regulations around stablecoins tighten in markets like the US and EU.
The $10 billion RWA milestone demonstrates increasing confidence in bridging traditional finance with blockchain infrastructure. It also supports broader adoption of tokenised treasuries, which offer greater accessibility, transparency, and efficiency.
Commodities lag with $1.26 billion
While treasury-backed RWAs continue to gain traction, tokenised commodities remain a distant second, with a total TVL of $1.26 billion. Among these, Paxos Gold (PAXG) leads with just over $500 million in locked value.
Other commodity-linked products lag significantly behind, further emphasising the dominance of government-backed, tokenised debt instruments.
Data shows that gold-backed tokens like PAXG have attracted steady but comparatively limited investment.
Analysts suggest this reflects the difference in yield offerings, with tokenised T-bills currently outperforming DeFi lending protocols and gold-based tokens.
RWA growth is expected to continue in 2025, especially with the rise of institutional-grade stablecoins and tokenised funds. With digital asset firms increasingly integrating traditional products, the boundaries between DeFi and traditional finance continue to blur.
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