The tokenized real-world belongings (RWA) sector surpassed $10 billion in complete worth locked (TVL) for the primary time on March 18, registering an all-time excessive on March 21 at practically $10.4 billion TVL.
Together with the expansion in TVL, the RWA sector has change into the best-performing section of the crypto market year-to-date.
The TVL of RWA protocols jumped 30% in 2025 and virtually 140% year-on-year. The leap is much more important in comparison with March 2023, when RWA protocols had lower than $1 billion in TVL, reaching 1,054% development.
Tokenization represents an asset from the true world within the blockchain’s digital atmosphere.
BlackRock’s tokenized cash fund BUIDL leads the market with over $1.4 billion in TVL, rising 140% prior to now 30 days. BUIDL is adopted carefully by MakerDAO’s RWA vault and its $1.3 billion market measurement regardless of its 30% lower in the identical interval.
Ethena Labs’ stablecoin USDtb is the third-largest RWA protocol by TVL, surpassing $1 billion virtually three months after its launch and reaching virtually $1.2 billion as of press time. USDtb’s complete worth locked prior to now month soared by 1,222%.
DefiLlama head of development Patrick Scott highlighted that almost all RWA protocols are tokenizing treasury payments. But, he believes that bonds, equities, “and all the monetary markets” will ultimately transfer on-chain.
Scott added:
“Hyper-tokenization isn’t a idea, it’s already taking place. The query isn’t if extra belongings shall be tokenized, however how briskly it can scale.”
DeFi propels TradFi
The expansion of BUIDL and USDtb is straight associated. The stablecoin issued by Ethena Labs holds 90% of its backing in BUIDL shares.
In response to USDtb’s transparency web page, over $1 billion of its backing consists of BUIDL. In consequence, practically 76% of BlackRock’s fund TVL is propelled by a DeFi utility.
Moreover, BUIDL might quickly obtain a $500 million enhance from MakerDAO’s Spark protocol. BlackRock, together with Centrifuge and Superstate, received the Tokenization Grand Prix competitors, incomes an funding intention from Spark.
Nonetheless, the allocation stays topic to Sky (previously MakerDAO) governance approval, with a vote scheduled for April 3.
RWA beats market common
In response to Artemis information, RWA-related tokens are down 1% year-to-date. Regardless of this unfavorable efficiency, the sector outperformed the typical year-to-date crypto market efficiency of unfavorable 39%.
Mantra (OM) is the best-performing RWA token, with its worth climbing over 83% this 12 months. In the meantime, the just lately launched Plume (PLUME) is up 30% over the previous 30 days, making it the second-best-performing token within the sector.
Moreover, the RWA sector’s efficiency is much more outstanding than different well-liked crypto narratives. Memecoins have fallen roughly 47.5% on common this 12 months, whereas AI-related tokens misplaced practically 58% of their worth over the identical interval.
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