RWA protocols cross $10B in TVL for the first time, sector leads YTD performance

The tokenized real-world assets (RWA) assemblage surpassed $10 cardinal successful full worth locked (TVL) for the archetypal clip connected March 18, registering an all-time precocious connected March 21 astatine astir $10.4 cardinal TVL.

Along with the maturation successful TVL, the RWA assemblage has go the best-performing conception of the crypto marketplace year-to-date.

The TVL of RWA protocols jumped 30% successful 2025 and astir 140% year-on-year. The leap is adjacent much important compared to March 2023, erstwhile RWA protocols had little than $1 cardinal successful TVL, reaching 1,054% growth.

Tokenization represents an plus from the existent satellite successful the blockchain’s integer environment.

BlackRock’s tokenized wealth money BUIDL leads the marketplace with implicit $1.4 cardinal successful TVL, increasing 140% successful the past 30 days. BUIDL is followed intimately by MakerDAO’s RWA vault and its $1.3 cardinal marketplace size contempt its 30% alteration successful the aforesaid period.

Ethena Labs’ stablecoin USDtb is the third-largest RWA protocol by TVL, surpassing $1 cardinal astir 3 months aft its motorboat and reaching astir $1.2 cardinal arsenic of property time. USDtb’s full worth locked successful the past period soared by 1,222%.

DefiLlama caput of maturation Patrick Scott highlighted that astir RWA protocols are tokenizing treasury bills. Yet, helium believes that bonds, equities, “and the full fiscal markets” volition yet determination on-chain.

Scott added:

“Hyper-tokenization isn’t a theory, it’s already happening. The question isn’t if much assets volition beryllium tokenized, but however accelerated it volition scale.”

DeFi propels TradFi

The maturation of BUIDL and USDtb is straight related. The stablecoin issued by Ethena Labs holds 90% of its backing successful BUIDL shares.

According to USDtb’s transparency page, implicit $1 cardinal of its backing consists of BUIDL. As a result, astir 76% of BlackRock’s money TVL is propelled by a DeFi application.

Additionally, BUIDL could soon person a $500 cardinal boost from MakerDAO’s Spark protocol. BlackRock, on with Centrifuge and Superstate, won the Tokenization Grand Prix competition, earning an concern volition from Spark.

However, the allocation remains taxable to Sky (formerly MakerDAO) governance approval, with a ballot scheduled for April 3.

RWA beats marketplace average

According to Artemis data, RWA-related tokens are down 1% year-to-date. Despite this antagonistic performance, the assemblage outperformed the mean year-to-date crypto marketplace show of antagonistic 39%.

Mantra (OM) is the best-performing RWA token, with its terms climbing implicit 83% this year. Meanwhile, the precocious launched Plume (PLUME) is up 30% implicit the past 30 days, making it the second-best-performing token successful the sector.

Furthermore, the RWA sector’s show is adjacent much singular than different fashionable crypto narratives. Memecoins person fallen astir 47.5% connected mean this year, portion AI-related tokens mislaid astir 58% of their worth implicit the aforesaid period.

The station RWA protocols transverse $10B successful TVL for the archetypal time, assemblage leads YTD performance appeared archetypal connected CryptoSlate.