RWA Protocols Hit $11B in TVL, with Analysts Saying Growth Is Just Getting Started

• TVL in real-world asset protocols tops $10 billion.
• Ethereum and Solana lead RWA tokenization.
• Analysts see RWAs and stablecoins as trillion-dollar crypto use cases.

Real-world asset (RWA) protocols have crossed $10 billion in total value locked (TVL), data from IntoTheBlock shows. 

The milestone reflects rising interest in tokenized assets, especially on the Ethereum and Solana blockchains. One analyst sees RWAs and stablecoins as crypto’s two biggest real-world use cases.

How Fast is RWA TVL Growing?

The total value locked in RWA protocols grew from under $4 billion in May 2024 to more than $11 billion by March 2025. That’s a major jump in capital flowing into tokenization platforms. 

The data shows strong demand for on-chain takes on traditional assets like real estate, commodities, and private credit.

Related: ‘Lowers Barriers’: Deaton on RWA Access; Armstrong Calls It ‘Future Infra’

Driving this growth, Ethereum and Solana are key platforms for RWA tokenization. Both networks offer smart contract capabilities that enable secure and decentralized asset issuance, custody, and transfer. Ethereum has wide adoption and deep liquidity; Solana offers faster speeds and lower fees.

Analyst Sees RWA as a Trillion-Dollar Use Case

Highlighting this trend, crypto influencer Martyparty shared the TVL chart on X, emphasizing that “Real World Asset TVL continues to grow.” He stressed that RWA tokenization, alongside stablecoins, represents trillion-dollar opportunities for the crypto industry. The ongoing rise in TVL reflects broader market confidence in tokenizing real-world value.

RWAs offer a bridge between traditional finance and decentralized platforms. Tokenization allows users access to traditionally illiquid markets while improving efficiency and transparency.

RWA Market Cap and 24-Hour Volume Climb

According to CoinGecko, the total market cap of RWA tokens has risen to over $34.7 billion—a 1.5% increase in the past 24 hours. Top contenders include Chainlink, Stellar, Ondo, BlackRock’s BUIDL, and Algorand.

Government securities account for the largest share of the RWA market, consistently accounting for 45–50% of total value. Commodities and asset-based finance also represent significant segments, while private equity and real estate hold smaller but growing portions of the market.

Related: Tapping the $30 Trillion Real World Assets Market: Top 5 RWA Projects Profiled

Leading the way, especially in tokenized government bonds, are big names like Franklin Templeton and Ondo Finance lead in the issuance of tokenized government securities, underscoring the increasing involvement of traditional finance in accelerating RWA adoption.