Real-World Assets Surpass $10 Billion in TVL, Driven by Ethena USDtb and BlackRock’s BUIDL
The total value locked (TVL) in real-world assets (RWAs) has now exceeded $10 billion, according to data from DeFiLlama. Leading the category are Maker, BlackRock’s BUIDL, and Ethena’s USDtb, each holding over $1 billion in TVL.
Among these, USDtb has seen the most rapid growth, surging by over 1,000% in the past month. Unlike Ethena’s USDe, which generates yield through crypto-assets and perpetual futures strategies, USDtb is backed by tokenized BlackRock money-market fund shares.
Previously, CoinDesk reported that the market capitalization of Treasury-backed tokens hit a record $4.2 billion in Q1 2025, fueled by the expansion of Ondo Finance’s OUSG and USDY, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB.
Treasury-backed tokens continue to dominate the RWA sector, according to data from RWA.xyz. The second-largest category, tokenized commodities, holds $1.26 billion in TVL, with Paxos Gold leading at just over $500 million.
Analysts suggest this trend reflects investors’ preference for safer assets amid weak crypto market sentiment, as Treasury yields currently offer more attractive returns compared to major DeFi protocols like Compound.
