Tokenized Treasurys, private credit, and commodities push RWAs into the top tier of decentralized finance infrastructure.
Real-world assets (RWAs) have emerged as one of the fastest-growing segments in decentralized finance, overtaking decentralized exchanges to become the fifth-largest DeFi category by total value locked (TVL). This shift reflects a structural change in how onchain capital is deployed, with yield-bearing, real-world-linked instruments moving from experimentation into core financial use.
RWA TVL Growth Signals Structural Shift in DeFi
RWA protocols now secure approximately $17 billion in TVL, up from around $12 billion in late 2024. At the start of the year, RWAs were not even ranked among the top ten DeFi categories, highlighting the speed of adoption. This growth is being driven less by speculation and more by balance-sheet efficiency, as higher interest rates make tokenized Treasurys and private credit attractive onchain alternatives.
Most RWA value remains concentrated on Ethereum, which acts as the primary settlement layer for tokenized debt, funds, and credit products. While other networks such as BNB Chain, Solana, Avalanche, Polygon, and Arbitrum have gained traction, each still holds only low single-digit market share. The ecosystem remains issuer-heavy, with a small number of platforms accounting for the majority of deployed capital.
Tokenized US Treasurys continue to serve as the entry point for institutional capital, pushing the segment into the multi-billion-dollar range. As liquidity improves, focus is shifting from headline TVL figures toward who controls issuance, how RWAs are used as collateral, and where secondary trading activity develops.
Commodities Strengthen the RWA Narrative
Rallies in gold and silver have lifted tokenized commodities toward a $4 billion market capitalization, led by gold-backed products. These assets are increasingly viewed as macro-relevant collateral, benefiting from clearer custody and pricing standards.
Looking ahead, interoperability and cross-chain mobility are expected to define the next phase of RWA growth, positioning real-world assets as neutral, widely accepted building blocks across DeFi.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.