Maker RWA, BlackRock BUIDL, Ethena USDtb, and Ondo Finance TVL surpasses $4 billion

According to the decentralized total value locked (TVL) aggregator DefiLlama, the total Real World Tokenization (RWA) market has reached $10.2 billion in assets locked. Among the best-performing platforms are Maker’s RWA, BlackRock BUIDL, Ethena USDtb, and Ondo Finance, which have clocked a total TVL of over $4 billion.

DefiLlama’s ranking places RWA protocols seventh among defi platforms, ahead of liquid restaking, basic trading, and collateralized debt positions (CDP), which stand at $8.9, $7.8, and $5.5 billion.

The RWA market continues its upward growth trend, doubling its November 2024 values, and is up about 30% since January 1, 2025. 

RWA, BUIDL, USDtb and ONDO top RWA TVL charts

Per DefiLlama, the Maker’s RWA leads the assets with $1.298 billion, followed by BUIDL, USDtb, and ONDO, which have $1.232, $1.142, and $0.987 billion, respectively.

All the defi platforms have had a positive market change in assets locked within the past month, bar RWA, the collateralized asset from MakerDAO, which counted a 23% deficit.  

The best performer in the quadrant was USDtb, Ethena’s stablecoin backed by tokenized BlackRock money fund equities, in contrast to the platform’s crypto-backed USDe. It has experienced the biggest growth within the last 30 days, surging by 1,177%.

The market for Treasury-backed tokens reached a record $4.2 billion market capitalization in the first quarter. The value uptrend has been driven by the growth of Ondo Finance’s OUSG and USDY tokens, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB.

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Data from aggregator RWA.xyz shows that Treasury-backed tokens dominate the tokenization market, far surpassing other asset categories. The next largest category, tokenized commodities, has a total market value of $1.26 billion, with Paxos Gold leading at just over $500 million in total value locked (TVL).

Bitwise projects that the global real-world asset (RWA) market will surpass $100 billion by 2025, a growth of over 200% from 2024 levels.

RWA market counts losses in a week of mute crypto market recovery

RWA assets have feathered quite well this past business week compared to the broader crypto market. Bitcoin, Ethereum, and XRP had all shown signs of a price recovery after the Federal Reserve’s meeting concluded on Wednesday, but have now shed at least 1% of the gains they had garnered.

RWA’s market capitalization had rebounded to $48.6 billion after briefly dipping to $40.9 billion late last week, although it has dropped by 3% today. Still, the sector posted a 0.5% increase this week, largely driven by the strong performance of several large-cap RWA tokens.

Chainlink (LINK) and Avalanche (AVAX) led the market with the most gains this week, having risen by 8% on Thursday and dropped 2.89% and 1.42% in the early trading hours of Friday, respectively. Seven of the ten largest RWA tokens by market capitalization are currently in a bloodbath. 

Stobox (STBU) emerged as the best performer today, going up over 15%, followed by XDC Network (XDC), which increased 7.4%. Music Protocol (RECORD) went up by 5%, Zebec Network (ZEBEC) rose 4%, LUMIA (LUMIA) gained 4.6%, and IXS (IXS) climbed 3.7%, rounding out the top five gainers intraday.

According to Coinmarketcap’s insights, this week’s top losers are Brickken (BKN), Propy (PRO), and Alvara Protocol (ALVA), which declined by 11.9%, 11.34%, and 9%, respectively. 

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