The tokenized Real World Assets (RWA) sector first surpassed its $10 billion total value (TVL) on March 18, and registered its record high of nearly $10.4 billion on March 21.
In addition to TVL’s growth, the RWA sector has become the best-performing segment of the crypto market each year.
RWA Protocol’s TVL increased by 30% in 2025, approximately 140% year-on-year. LEAP is even more important compared to March 2023, when RWA protocol TVL reached 1,054% growth, with a RWA protocol growth of less than $1 billion.
Tokenization represents real-world assets in the digital blockchain environment.
BlackRock’s tokenized money fund Buidl leads the market with over $1.4 billion in TVL, up 140% over the past 30 days. Buidl is closely followed by Makerdao’s RWA Vault, a $1.3 billion market size, despite a 30% decline over the same period.
Ethena Labs’ Stablecoin USDTB is the third largest RWA protocol by TVL, surpassing $1 billion almost three months after its launch and reaching nearly $1.2 billion from press time. The total value of USDTBs locked over the past month has risen by 1,222%.
Defillama’s growth director Patrick Scott emphasized that most RWA protocols represent the Treasury bill. However, he believes that bonds, stocks, “and “the whole financial market” will eventually move the chain.
Scott Added:
“Hypertokenization is not a theory, it’s already happening. The question isn’t whether more assets are tokenized, but how quickly they scale.”
defi promotes tradfi
The growth of Buidl and USDTB is directly related. Stablecoin, issued by Ethena Labs, holds 90% of Buidl’s stock support.
According to USDTB Transparency pagemore than $1 billion in support consists of Buidl. As a result, almost 76% of BlackRock’s fund TVL are driven by the Defi application.
Plus, Buidl will soon receive a $500 million boost from Makerdao’s Spark protocol. Black Rock, Centrifuge and Superstar, I won the Token Grand Prix Competition, earn investment intentions from Spark.
However, this allocation is scheduled to be voted on April 3rd and is subject to approval of Sky (formerly Makerdao) governance.
RWA breaks the market average
According to Artemis data, RWA-related tokens have fallen by 1% since the start of the year. Despite this negative performance, the sector outperformed the average annual crypto market performance of minus 39%.
Mantra (OM) is the best-performing RWA token, with prices rising by over 83% this year. Meanwhile, the recently launched plume (Plume) has grown 30% over the past 30 days, making it the second best performance token in the sector.
Moreover, the performance of the RWA sector is even more remarkable than other popular cryptography stories. Memokines have averaged around 47.5% this year, while AI-related tokens have lost almost 58% of their value over the same period.
