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Real-World Assets Cross $10 Billion in Total Value Locked: DeFiLlama
Growth comes from increases in TVL on Ethena USDtb and BlackRock's BUIDL.
What to know:
- Real-world assets have grown into a $10 billion category, with Maker, BlackRock's BUIDL and Ethena's USDtb, each accounting for more than $1 billion in total value locked (TVL) .
- USDtb, a stablecoin backed by tokenized BlackRock money-market fund shares, has seen the fastest growth with over 1,000% TVL growth in the last month.
- Treasury-backed tokens dominate, reflecting investor preference for safer assets amid bearish crypto sentiment.
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).
STORY CONTINUES BELOW
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Of the three, USDtb — a stablecoin designed to contrast with Ethena's USDe — has had 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.
CoinDesk previously reported that Treasury-backed tokens reached a record $4.2 billion market cap in the first quarter, driven by growth in Ondo Finance's OUSG and USDY tokens, BlackRock and Securitize's BUIDL, Franklin Templeton's BENJI and Superstate's USTB.
Treasury-backed tokens dominate, according to data aggregator RWA.xyz. The next highest category, tokenized commodities, comes in at $1.26 billion, with Paxos Gold leading with TVL of just over $500 million.
Analysts say this reflects investor preference for safer assets amid bearish crypto sentiment, with T-bills outperforming what's offered for yield with major DeFi protocols like Compound.
Read more: RWA Tokenization: What Does It Mean to Tokenize Real-World Assets?
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
