tl;dr
The tokenized real-world assets (RWA) sector has exceeded $10 billion in total value locked (TVL) for the first time, marking an all-time high of nearly $10.4 billion TVL. This sector has shown significant growth, outperforming the broader crypto market year-to-date. BlackRock's tokenized money fund...
RWA protocols have surpassed $10 billion in total value locked (TVL) for the first time on March 18, marking a new all-time high of nearly $10.4 billion TVL by March 21. This growth has positioned the RWA sector as the best-performing segment in the crypto market year-to-date. The TVL of RWA protocols has shown a 30% increase in 2025 and an almost 140% year-on-year rise, showcasing significant growth compared to the previous year. In March 2023, RWA protocols had less than $1 billion in TVL, indicating a staggering 1,054% growth.
Notably, BlackRock's tokenized money fund BUIDL leads the market with over $1.4 billion in TVL, showing a 140% growth in the past 30 days. MakerDAO's RWA vault follows closely with a $1.3 billion market size, despite a 30% decrease in the same period. Ethena Labs' stablecoin USDtb is the third-largest RWA protocol by TVL, surpassing $1 billion almost three months after its launch and reaching almost $1.2 billion at present, with a notable 1,222% growth in the past month.
Most RWA protocols are currently tokenizing treasury bills, with potential opportunities for the tokenization of bonds, equities, and broader financial markets. Patrick Scott, the head of growth at DefiLlama, highlighted that the tokenization of various asset types is already underway and is expected to scale rapidly in the future.
The growth of BUIDL and USDtb is interconnected, with the stablecoin issued by Ethena Labs holding 90% of its backing in BUIDL shares. This demonstrates the close relationship between the two assets, with nearly 76% of BlackRock's fund TVL being propelled by a DeFi application. Moreover, BUIDL could potentially receive a $500 million boost from MakerDAO's Spark protocol, following a successful participation in the Tokenization Grand Prix competition.
Despite RWA-related tokens being down 1% year-to-date, the sector has outperformed the average year-to-date crypto market performance, which has seen a negative 39% trend. Mantra (OM) is the best-performing RWA token, experiencing a price increase of over 83% this year. Additionally, the recently launched Plume (PLUME) has witnessed a 30% increase over the past 30 days, making it the second-best-performing token in the sector.
Overall, the RWA sector's performance is notably strong, surpassing not only the average year-to-date crypto market performance but also outperforming other popular crypto narratives such as memecoins and AI-related tokens.