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- RWAs in DeFi have reached $10 billion in TVL, with Maker, BlackRock’s BUIDL, and Ethena’s USDtb leading the market.
- Ethena’s USDtb surged over 1,000% in a month, driven by its backing of BlackRock’s BUIDL and attractive returns.
- Analysts predict RWAs will surpass $50 billion in market capitalization by the end of 2025 as investor interest grows.
Real world assets have officially cemented their place in decentralized finance, smashing past the $10 billion total value locked milestone. Once a niche concept, RWAs are now a driving force behind DeFi’s explosive growth, fueled by heavyweights like Maker RWA, BlackRock’s BUIDL, and Ethena’s USDtb.
With tokenized treasury-backed assets hitting record highs and institutional giants jumping in, the RWA market is poised for an even bigger breakout. Could RWAs be the bridge that finally brings traditional finance into the blockchain revolution.
RWAs Reach Significant Milestone
Real world assets in defi have surpassed $10 billion in total value locked, according to data from DeFiLlama. The market has expanded rapidly, driven by the strong performance of Maker RWA, BlackRock’s BUIDL, and Ethena’s USDtb, each exceeding $1 billion in TVL. Ethena’s USDtb recorded the fastest growth, surging over 1,000% in the past month.
Tokenized treasury-backed assets have seen increased adoption, with Treasury-backed tokens reaching a record $4.2 billion market capitalization in the first quarter of 2025. Ondo Finance’s OUSG, BlackRock and Securitize’s BUIDL, and Franklin Templeton’s BENJI have attracted substantial investment. Tokenized commodities follow as the next largest category, led by Paxos Gold, which holds over $500 million in TVL.
Top Three RWAs Dominate Market Share
The top three RWA platforms account for 36% of the market’s total TVL. Maker RWA leads with $1.298 billion, followed by BlackRock’s BUIDL at $1.232 billion and Ethena’s USDtb at $1.182 billion. Maker’s RWA is backed by real estate and tokenized treasury bonds, while BUIDL functions as a tokenized money-market fund on Ethereum. Ethena’s USDtb, primarily backed by BlackRock’s BUIDL, has gained popularity due to its stability and attractive returns.
Investors are more and more turning to tokenized RWAs to stock funds against market flakiness and change their portfolios. Smart contracts enhance transparency and security, while blockchain end broker, reducing costs and settlement times. These advantages have accelerated adoption, with analysts predicting RWAs will surpass $50 billion in market capitalization by the end of 2025.
Ethena’s Growth and Market Positioning
Ethena’s USDtb has emerged as a key player in the space, with TVL soaring from $90.13 million at the start of March to over $1.14 billion. Its appeal lies in its hybrid backing, comprising 90% of BlackRock’s BUIDL and 10% a mix of USDT and USDC. In March, Ethena’s TVL spiked after unlocking 2.07 billion ENA tokens, valued at $752 million, which were used for staking and stablecoin minting.
With more token unlocks expected in 2025 and attractive yields drawing fresh capital, Ethena could rise further in the TVL rankings. As regulatory frameworks evolve and institutions recognize blockchain’s potential, the growth of RWAs in DeFi is set to accelerate in the coming years.
