Real-world assets (RWAs) now a $10 billion category

Real-world assets (RWAs) are now a $10 billion category, according to data curated by DeFiLlama, with Maker, BlackRock's BUIDL and Ethena's USDtb each accounting for more than $1 billion in total value locked (TVL).

Real-world asset (RWA) DeFi protocols have hit a record-high $10 billion in total value locked (TVL), according to DeFiLlama data.

The category is largely driven by Treasury-backed tokens, with the top three protocols—Maker, BlackRock's BUIDL and Ethena's USDtb—each reporting more than $1 billion in TVL.

Of the three, USDtb—a stablecoin designed in contrast to Ethena's USDe—has seen the fastest growth, adding over 1,000% in TVL in the last month. USDtb is backed by tokenized BlackRock money-market fund shares, whereas USDe uses crypto-assets and perpetual futures strategies for crypto-driven yields.

The Treasury-backed tokens hit a record $4.2 billion in the first quarter, CoinDesk previously reported. The category is driven by growth in Ondo Finance's OUSG and USDY tokens, BlackRock and Securitize's BUIDL, Franklin Templeton's BENJI and Superstate's USTB.

The category dominates in an analysis by data aggregator RWA.xyz, which tracks 36 protocols. The next highest category, tokenized commodities, comes in at $1.26 billion, with Paxos Gold leading with TVL of just over $500 million.

This aligns with crypto analysts' observations that safer assets are in greater demand amid bearish crypto sentiment, with T-bills offering better returns than what's offered for yield with major DeFi protocols like Compound.