Share this article
Real-World Assets Cross $10 Billion in Total Value Locked: DeFiLlama
Growth comes from increases in TVL on Ethena USDtb and BlackRock's BUIDL.
Updated Mar 21, 2025, 9:11 p.m. Published Mar 21, 2025, 10:06 a.m.
What to know:
- Real-world assets have grown into a $10 billion category, with Maker, BlackRock's BUIDL and Ethena's USDtb, each accounting for more than $1 billion in total value locked (TVL) .
- USDtb, a stablecoin backed by tokenized BlackRock money-market fund shares, has seen the fastest growth with over 1,000% TVL growth in the last month.
- Treasury-backed tokens dominate, reflecting investor preference for safer assets amid bearish crypto sentiment.
Real-world assets (RWAs) are now a $10 billion category, according to data curated by DeFiLlama, with Maker, BlackRock's BUIDL and Ethena's USDtb each accounting for more than $1 billion in total value locked (TVL).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Of the three, USDtb — a stablecoin designed to contrast with Ethena's USDe — has had the fastest growth, adding over 1,000% in TVL in the last month.
USDtb is backed by tokenized BlackRock money-market fund shares whereas USDe uses crypto-assets and perpetual futures strategies for crypto-driven yields.
CoinDesk previously reported that Treasury-backed tokens reached a record $4.2 billion market cap in the first quarter, driven by growth in Ondo Finance's OUSG and USDY tokens, BlackRock and Securitize's BUIDL, Franklin Templeton's BENJI and Superstate's USTB.
Treasury-backed tokens dominate, according to data aggregator RWA.xyz. The next highest category, tokenized commodities, comes in at $1.26 billion, with Paxos Gold leading with TVL of just over $500 million.
Analysts say this reflects investor preference for safer assets amid bearish crypto sentiment, with T-bills outperforming what's offered for yield with major DeFi protocols like Compound.
Read more: RWA Tokenization: What Does It Mean to Tokenize Real-World Assets?
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
