Real-world asset (RWA) protocols have moved from “narrative” to measurable on-chain scale, led by tokenized U.S. Treasury products, private credit rails, and commodity-backed tokens. Below is a TVL-first ranking of the top 10 RWA protocols, with yield notes where a clear on-chain/issuer-reported rate is available. TVL figures are from DefiLlama, while the indicative “7D APY” comes from RWA.xyz when applicable.
How this list is ranked (TVL) and how yield is shown
- Ranking: Total Value Locked (TVL) / on-chain assets tracked on DefiLlama.
- Yield: “7D APY” is shown only when a protocol’s flagship product reports it clearly on RWA.xyz; otherwise, it’s marked as variable or not published.
1) Securitize (BUIDL): TVL: $2.422B
Securitize leads TVL largely via BlackRock’s tokenized money market fund footprint. Indicative yield: RWA.xyz shows BUIDL 7D APY ~3.58%.
2) Tether Gold (XAUt): TVL: $2.268B
A dominant on-chain tokenized gold product. Yield: typically 0% (commodity exposure rather than income).
3) Ondo Finance: TVL: $1.916B
Ondo is a major gateway for tokenized short-duration U.S. Treasury exposure across multiple chains. Indicative yield: OUSG 7D APY ~3.54% on RWA.xyz (varies with rates/fees).
4) Paxos Gold (PAXG): TVL: $1.473B
Another heavyweight in on-chain gold-backed RWAs. Yield: generally 0% (price exposure to gold).
5) Circle USYC: TVL: $1.42B
USYC brings tokenized money market fund exposure (Treasuries + reverse repo) into DeFi collateral flows. Indicative yield: RWA.xyz lists USYC 7D APY (shown on the asset page; it changes with market conditions).
6) Centrifuge Protocol: TVL: $1.343B
Centrifuge is a core private credit and tokenized fund infrastructure layer, enabling multiple issuers/strategies. Yield: variable by pool/fund rather than one protocol-wide APY.
7) Ethena USDtb: TVL: $851.35M
USDtb is a treasury-backed stablecoin product tracked under RWA on DefiLlama. Yield: RWA.xyz shows APY fields as not displayed/published on the asset view (holders may not receive a direct token APY).
8) WisdomTree: TVL: $705.69M
WisdomTree’s on-chain suite spans tokenized funds across asset classes. Yield: depends on the specific WisdomTree product; many are not presented as a single “yield token.”
9) Superstate USTB: TVL: $593.88M
USTB targets short-duration U.S. government securities in a tokenized fund wrapper. Indicative yield: RWA.xyz shows USTB 7D APY on its asset page (rate changes with market conditions).
10) Spiko: TVL: $544.66M
Spiko’s tokenized money market funds cover government debt products (USTBL/EUTBL). Indicative yield: RWA.xyz shows USTBL 7D APY ~4.58% (varies over time).
