Real-World Assets Top $10 Billion in TVL, Led by Ethena USDtb and BlackRock’s BUIDL
The real-world asset (RWA) sector has reached a major milestone, surpassing $10 billion in total value locked (TVL), according to DeFiLlama data. Maker, BlackRock’s BUIDL, and Ethena’s USDtb each contribute over $1 billion to this growing market.
USDtb has emerged as the fastest-growing asset in the category, experiencing a remarkable 1,000% surge in TVL over the past month. While Ethena’s USDe generates yield through crypto-assets and perpetual futures, USDtb is backed by tokenized BlackRock money-market fund shares, providing a more traditional financial foundation.
CoinDesk previously reported that Treasury-backed tokens hit a record $4.2 billion in market capitalization during the first quarter of 2025, driven by inflows into Ondo Finance’s OUSG and USDY, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB.
According to RWA.xyz, Treasury-backed tokens dominate the RWA space, with tokenized commodities ranking second at $1.26 billion in TVL. Paxos Gold leads this sector, holding just over $500 million.
Analysts attribute this shift to investors seeking safer alternatives amid prolonged bearish conditions in the crypto market. With Treasury yields currently outpacing returns from major DeFi platforms like Compound, traditional finance-backed digital assets are becoming an increasingly attractive option.
