In 2025, the cryptocurrency world underwent a major shift with the rise of Real-World Asset (RWA) tokenization, bringing traditional assets like real estate and stocks into the world of decentralized finance (DeFi).
TVL Crosses $10 Billion!
The total value locked (TVL) in RWAs surpassed $10 billion, marking a growing trend towards tokenizing real-world assets for faster settlements, fractional ownership, and 24/7 trading.
Notably, Real-world asset (RWA) tokenization is gaining momentum, proving to be one of the most resilient sectors during the crypto market slump. Major players like Maker, BlackRock’s BUIDL, and Ethena’s USDtb each hold over $1 billion in TVL, with USDtb seeing a remarkable 1,000% TVL growth last month.
Treasury-backed tokens hit a record $4.2 billion market cap in Q1, led by Ondo Finance’s OUSG and USDY, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB. Tokenized commodities follow at $1.26 billion, with Paxos Gold leading at over $500 million in TVL.
RWA: The Top Performer, Key developments
RWA has been the top performer in crypto this year, with an average growth of 237%. While most sectors struggled, Bitcoin, privacy coins, and exchange tokens saw some profits.
The top RWA crypto projects are Mantra, which hit an all-time high on Feb. 23, and ONDO. PENDLE, once a top 100 player, has dropped to 131 in 2025. Crypto analyst rektdiomedes remains extremely bullish on RWAs, especially Maple Finance, predicting a major growth in securitization and capital market infrastructure within the crypto industry. If the trend continues, Maple Finance could benefit greatly, as it specializes in institutional credit and on-chain capital markets.
Beesdies, key developments include partnerships like RWA Inc. and Novastro, which bring AI-driven solutions for better security and compliance. This shift is seen as a key moment for DeFi, making financial markets more accessible and efficient, with predictions that RWAs could become dominant in the sector.
RWA Value Doubled In The Past Year
The DeFi Investor recently shared that the total value of RWAs has doubled in the past year, now surpassing $18 billion, with most of that value coming from Private Credit.
BUIDL- The Largest Tokenised RWA
BlackRock’s BUIDL, has hit $1 billion in assets, making it the largest tokenized RWA. Meanwhile, Hashnote, the issuer of a tokenized money market fund acquired by Circle in January, ranks second with nearly $900 million, showing the biggest one year change.
Li Lang, CEO of HashKey OTC, believes that tokenizing sustainable assets, such as renewable energy projects and carbon credits, is an exciting opportunity for 2025. RWAs are now being integrated with Layer-1 and Layer-2 blockchain solutions to enhance scalability and lower transaction costs, addressing major barriers to adoption.
RWA To Surpass Defi?
While he acknowledges that a potential bear market could create challenges, he believes RWAs are more resilient than other speculative assets. Liang believes that whether RWAs surpass DeFi depends on institutional adoption and clear regulations.
