- BlackRock BUIDL leads RWA sector, holding $1.88B and growing 5.66% in TVL.
- Ethena USDtb and Usual show strong growth, each with over $800M in TVL.
- Sky RWA faces decline, while smaller RWA projects like Spiko see gains.
The integration of Real World Assets (RWAs) into decentralized finance (DeFi) has reached a new milestone, with total value locked (TVL) in RWA protocols surpassing $9.2 billion as of March 2025. This surge highlights the growing convergence between traditional finance (TradFi) and DeFi.
According to Intotheblock data, significant player in this space, BlackRock’s BUIDL protocol, alone holds approximately $1.88 billion, accounting for nearly 20% of the total TVL. With RWAs steadily gaining traction, questions about their role in the future of crypto are becoming more pressing.
Real World Assets (RWA) in #DeFi are heating up.
— champagne mami 💕 (@EkponoAkwaowo) April 8, 2025
TVL just hit $9.2B as of March 2025 — with @BlackRock's BUIDL alone locking in $1.88B 👀
The line between TradFi & DeFi keeps getting thinner.
Are RWAs the future of crypto? 🤔
Data:@intotheblock. pic.twitter.com/d151qFcgRD
Leading Players in the RWA Ecosystem
Among the top RWA protocols, BlackRock BUIDL stands out, having seen a notable 5.66% increase in TVL during the week ending April 6, 2025. This growth has contributed significantly to the overall market expansion.
Following closely is Ethena USDtb, with $1.43 billion in TVL, reflecting a 5.31% gain. Ondo Finance, another key player, holds $994.7 million, remaining stable with no change in assets locked during the same period.
Despite the impressive gains of the top protocols, other assets have faced challenges. Sky RWA, once a major competitor, has seen a sharp decline of 30.73%, now holding $722.2 million in TVL. Conversely, Usual has shown impressive growth, with its TVL increasing by 6.97%, reaching over $803 million. This performance positions Usual as a rising star in the RWA sector.
Diverse Performance Across the Sector
The fluctuation in TVL across various RWA protocols suggests that while the sector as a whole is expanding, individual assets are experiencing varying levels of success. Hashnote USYC, which dropped 12.93%, now stands at $638.4 million, signaling a potential shift in investor sentiment. On the other hand, Tether Gold has experienced a modest increase of 1.95%, reaching $768.9 million, indicating stable, albeit slower, growth.
Moreover, the “Other” category, which encompasses a range of smaller RWA projects, shows a healthy increase of 2.69%, bringing the collective TVL to $1.69 billion. Among these, Franklin Templeton and Paxos Gold remain stable, with minor gains of 0.78% and 3.69%, respectively. Meanwhile, Spiko has posted a 5.09% growth, reaching $218.3 million.
