DeFiLlama Data Shows Real-World Assets Now Worth Over $10 Billion in TVL

Real-World Assets Cross $10 Billion in TVL, Driven by Ethena USDtb and BlackRock’s BUIDL

The total value locked (TVL) in real-world assets (RWAs) has officially surpassed $10 billion, according to DeFiLlama. Leading this expansion are Maker, BlackRock’s BUIDL, and Ethena’s USDtb, each holding more than $1 billion in TVL.

USDtb has seen the most significant surge, with its TVL skyrocketing by over 1,000% in just the past month. Unlike Ethena’s USDe, which relies on crypto-assets and perpetual futures for yield, USDtb is backed by tokenized BlackRock money-market fund shares, offering a more traditional financial approach.

According to previous reporting by CoinDesk, Treasury-backed tokens hit a record $4.2 billion market capitalization in Q1 2025, fueled by strong inflows into Ondo Finance’s OUSG and USDY, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB.

Data from RWA.xyz shows that Treasury-backed tokens continue to dominate the RWA sector, while tokenized commodities follow with $1.26 billion in TVL. Paxos Gold leads the commodity category, holding just over $500 million.

Market analysts suggest that investors are favoring lower-risk assets as bearish sentiment lingers in the crypto space. With U.S. Treasury yields surpassing the returns offered by major DeFi protocols like Compound, traditional finance-backed assets have become an attractive alternative.

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