DeFiLlama Reports Real-World Assets Reaching $10 Billion in Total Value Locked

Real-World Assets Reach $10 Billion in TVL, Led by Ethena USDtb and BlackRock’s BUIDL

The total value locked (TVL) in real-world assets (RWAs) has officially crossed the $10 billion mark, according to DeFiLlama data. Maker, BlackRock’s BUIDL, and Ethena’s USDtb each contribute over $1 billion to this growing sector.

USDtb has experienced the most explosive growth, increasing by more than 1,000% in the past month. Unlike Ethena’s USDe, which relies on crypto-assets and perpetual futures for yield, USDtb is backed by tokenized shares of BlackRock money-market funds.

CoinDesk previously reported that Treasury-backed tokens reached an all-time high of $4.2 billion in market capitalization during Q1 2025, driven by the expansion of Ondo Finance’s OUSG and USDY, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB.

According to RWA.xyz, Treasury-backed tokens continue to lead the RWA sector, with tokenized commodities ranking second at $1.26 billion in TVL. Paxos Gold is the frontrunner in this category, holding just over $500 million.

Analysts attribute this shift to investor demand for lower-risk assets as bearish sentiment grips the crypto market. With Treasury bills currently offering higher yields than major DeFi protocols like Compound, traditional finance-backed tokens have gained significant traction.