Real-World Asset Tokenisation Crosses $20 Billion On-Chain: The Protocols Leading the Charge

Total tokenised real-world assets on public blockchains have crossed $20 billion — a milestone that would have seemed implausible as recently as 2022, when the category barely registered in DeFi TVL data. The growth has been driven by tokenised US Treasuries, private credit markets, and the entry of major financial institutions including BlackRock, Franklin Templeton, and UBS into the on-chain asset space.

RWA tokenisation has emerged as one of the few DeFi narratives with clear institutional backing and real-world utility — moving capital that would otherwise remain in traditional finance onto programmable, composable on-chain infrastructure.

Tokenised Treasuries: The Dominant Category

Tokenised US Treasuries account for the largest share of the RWA market, with approximately $8 billion on-chain across various products. BlackRock's BUIDL ($2B+), Ondo Finance's OUSG and USDY ($800M+), Franklin Templeton's FOBXX ($400M+), and Superstate's USTB are the leading products.

The appeal is straightforward: US Treasuries currently yield approximately 4.5–5% annually, offering a risk-free base rate that DeFi yield strategies can be built on top of. Tokenised Treasuries allow on-chain protocols to offer this base yield to users holding stablecoin-equivalent assets — a fundamentally better alternative to holding USDC in an idle wallet.

Ondo Finance's USDY product has been particularly successful in the DeFi-native market, as it can be used directly as collateral in DeFi lending protocols — giving holders both the Treasury yield and the ability to borrow against their position.

Private Credit: The Growth Frontier

Private credit tokenisation is growing rapidly but remains earlier stage than tokenised Treasuries. Maple Finance, Centrifuge, and Goldfinch originate loans to real-world borrowers — fintech companies, trade finance businesses, and emerging market lenders — using on-chain smart contracts, with repayments flowing directly to token holders.

Maple Finance has processed over $2 billion in cumulative loan originations since 2021, recovering from a 2022 default event related to FTX counterparty exposure to post record origination volumes in 2025–2026. Its SYRUP token governance model has attracted institutional lenders back to the platform.

The private credit category offers higher yields than Treasuries (typically 8–15% annualised) but carries meaningful credit and liquidity risk. Borrower defaults can and do occur — a fundamental difference from the risk-free nature of tokenised Treasuries.

DeFi Integration: Where RWA Meets Protocol

The most significant development in the RWA space is the deepening integration between tokenised real-world assets and established DeFi lending protocols. Aave has voted to accept tokenised Treasuries (specifically Ondo's OUSG) as collateral in its lending markets, allowing institutional holders to borrow stablecoins against their Treasury positions — creating a bridge between TradFi yield and DeFi borrowing capacity.

MakerDAO (now Sky Protocol) has been one of the most aggressive early adopters of RWA as collateral, holding approximately $1.5–2 billion in tokenised Treasuries and real-world loans as backing for USDS/DAI — a strategy that has materially improved the protocol's revenue and reduced its dependence on volatile crypto collateral.

The $20B milestone is likely just the beginning. Boston Consulting Group has projected that the tokenised asset market could reach $16 trillion by 2030 — representing a significant transfer of global financial infrastructure to public blockchain rails.