Top 10 RWA Protocols by TVL: Blackrock BUIDL, Maker RWA, Ethena, ONDO, USUAL Take Lead

Last week, March 18, the TVL in RWAs surpassed $10 billion mark, making the sector 7th biggest category in DeFi market. As of today, the TVL has surged to an AHT of $10.783 billion, showcasing the rising demand for tokenized assets and institutional participation in blockchain finance. Today, crypto analyst TOP 7 ICO ranked top RWAs protocols, which mainly contribute to this $10.783 billion TVL.

Top Real World Assets Protocols by Total Value Locked

Among the top #RWAs protocols by TVL, BlackRock BUIDL leads with $1.64B, followed by Maker RWA at $1.29B, and Ethena USDtb at $1.18B. TVL on #RWA amount to ~$10.7B$BUIDL $MKR $ENA $ONDO $USUAL $USYC $XAUT $PAXG

🔗… pic.twitter.com/3BhwjrdZjP

— TOP 7 ICO | Crypto News & Analytics (@top7ico) March 25, 2025

Top RWA protocols

Blackrock BUIDL

According to the data, Blackrock BUIDL is the largest RWA project, amassing a TVL valued at $1.64 billion. With BUIDL’s dominant presence in the RWA sector, major financial institutions increasingly get attracted into the sector, laying the foundation for more institutional money entering the cryptocurrency market.

Maker RWA

Next is MakerDAO, a second largest RWA protocol with $1.29 billion TVL. Maker is one of the first crypto projects to integrate RWA as collateral, with about 46% of its DAI algorithmic stablecoin backed by RWA. This approach helps stabilizing DAI’s value and boosting the protocol’s earnings. Reports shows that 48% of Maker’s annual incomes come from RWA.

Ethena

Ethena Labs followed as the third biggest RWA protocol, holding $1.18 billion TVL. It is a protocol with a mission to provide a decentralized, crypto-focused alternative to fiat money. Its USDtb stablecoin is a new form of tokenized financial device, backed by Blackrock money market fund. With the growing demand for stablecoin-backed funds, Ethena is experiencing a significant rise in TVL.

Ondo Finance

Ondo Finance came in as the fourth largest RWA protocol, holding $1 billion TVL. It bridges traditional finance and the DeFi landscape by tokenizing fixed-income instruments, providing investors with an advanced and stable approach to generate returns. In 2023, its USDY, a yield-focused stablecoin backed by US treasury, recorded a 641% growth. Its achievement highlights the robust demand for high-liquidity, low-risk RWA assets.

Usual Money

Usual Money settled as the fifth largest RWA project with a TVL of $779 million. It is a decentralised fiat-backed stablecoin provider with a mission to provide security and stability within the crypto landscape through its decentralized tokens. Its multi-chain infrastructure collects RWAs from major protocols, including Ondo, Blackrock BUIDL, Hashnote, and Mountain Protocol, to back its USD0 stablecoin.

Others

Other major RWA projects, which also appeared in this list include Hashnote USYC, Tether Gold, Franklin Templeton, Paxos Gold, and Spiko. Hashnote USYC holds a TVL of $760 million, making it the sixth biggest RWA project. It is followed by Tether Gold (XAUT) with a $746 million TVL.

Franklin Templeton scooped the eighth place with $671 million TVL. Lastly, Paxos Gold and Spiko occupied positions 9 and 10 with $649 million TVL and $204 million TVL, respectively.

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