According to the latest data from Cryptorank, the RWA protocol has recorded another important milestone, with a total of $22 billion on a decentralized platform, up $11 billion from last month’s $11 billion TVL. This rise in TVL shows the growing acceptance of traditional tokenized financial products in the Web3 world. TVL is spread across 85 distributed platforms, with top platforms highlighted below.
Securitization of $3.5 billion ross at RWA value
Although the total RWA value reached $2.2 billion, @Securitize held a 31% share among the RWA protocols driven by @BlackRock $build, increasing supply by 46% over the last 30 days, and the total value of @SuperstateFunds has increased…pic.twitter.com
– cryptorank.io (@cryptorrank_io) May 6, 2025
Top 10 RWA Protocols by TVL
Securitization
According to the data, Securitize is the largest tokenization platform currently holding a $3.58 billion TVL, up 32.8% over the past 30 days. Total TVL in the RWA market reached $22 billion, while Securitize controls market share by 31%. This has encouraged BlackRock’s BULD. Securitize allows companies to tokenize traditional assets such as blockchain real estate, private equity and bonds, making ownership more affordable and accessible to global investors.
Tradeable
Tradable, a leading high-tech company specializing in making institutional investment products accessible to a wide range of investors, is currently the second largest RWA platform. The decentralized platform has recorded a total increase of 9.25% over the past month, with TVL now at $2.05 billion. Tradable’s vision is to bring Web3 technology to traditional financial companies, tokenizing institutional investment opportunities, and allowing larger investors to access profitable assets.
ondo
Ondo has emerged as the third largest RWA protocol, and currently owns a $1.09 billion TVL, an increase of 10.4% over the past month. Ondo is a Defi platform specializing in tokenizing RWAs such as money market funds, bonds and the US Treasury Department, making institutional investment products more accessible to investors around the world.
Pax
Paxos, the fourth on the list, currently owns a TVL of $776 million. Paxos is a tokenization platform known for tokenizing a variety of products, including Paxg (Paxos Gold), the flagship tokenized gold. The meaning here is that instead of buying physical gold, people can simply buy and trade gold that has been tokenized on the blockchain.
Superstar
Superstate is currently the fifth-largest RWA protocol, with a $746 million television owner, up 72.8% from the past month. It specializes in bringing traditional assets on-chain, focusing primarily on the symbolism of US government securities. By converting these traditional assets into virtual assets, companies allow for greater accessibility of these assets, allowing investors to interact with these products through blockchain.
Tokenized RWA Rising Market
TVL is an important indicator used to measure user demand for Defi by assessing the value of tokens deposited in the Defi network. Other major RWA protocols that also gained recognition of improved TVL include Franklin Templeton, Tether Holdings, Circle, Spico and agreements.
Franklin Templeton recorded a 4.45% increase, with TVL currently covered by $740 million. Tether Holdings settled in seventh place with the $635 million TVL. The eighth on the list is a circle with a $468 million TVL. Finally, Spiko and Pact recorded an increase in TVLS, reaching $244 million and $223 million, respectively.
These 10 protocols offer investors the privilege to access and invest in traditional assets through tokenization, offering new approaches to investment. According to the data, the RWA tokenization trend continues to gain huge popularity, with investors increasingly pouring their money into tokenized investment products. This trend is supported by the demand for more sophisticated and stable investment alternatives within the turbulent cryptocurrency market.
