Top 10 RWA Protocols by TVL: Blackrock BUIDL, Maker RWA, Ethena, ONDO, USUAL Take Lead

Last week, March 18, the TVL in RWAs surpassed $10 billion mark, making the sector 7th biggest category in DeFi market. As of today, the TVL has surged to an AHT of $10.783 billion, showcasing the rising demand for tokenized assets and institutional participation in blockchain finance. Today, crypto analyst TOP 7 ICO ranked top RWAs protocols, which mainly contribute to this $10.783 billion TVL.

###Top RWA protocols

###Blackrock BUIDL

According to the data, Blackrock BUIDL is the largest RWA project, amassing a TVL valued at $1.64 billion. With BUIDL’s dominant presence in the RWA sector, major financial institutions increasingly get attracted into the sector, laying the foundation for more institutional money entering the cryptocurrency market.

###Maker RWA

Next is MakerDAO, a second largest RWA protocol with $1.29 billion TVL. Maker is one of the first crypto projects to integrate RWA as collateral, with about 46% of its DAI algorithmic stablecoin backed by RWA. This approach helps stabilizing DAI’s value and boosting the protocol’s earnings. Reports shows that 48% of Maker’s annual incomes come from RWA.

###Ethena

Ethena Labs followed as the third biggest RWA protocol, holding $1.18 billion TVL. It is a protocol with a mission to provide a decentralized, crypto-focused alternative to fiat money. Its USDtb stablecoin is a new form of tokenized financial device, backed by Blackrock money market fund. With the growing demand for stablecoin-backed funds, Ethena is experiencing a significant rise in TVL.

###Ondo Finance

Ondo Finance came in as the fourth largest RWA protocol, holding $1 billion TVL. It bridges traditional finance and the DeFi landscape by tokenizing fixed-income instruments, providing investors with an advanced and stable approach to generate returns. In 2023, its USDY, a yield-focused stablecoin backed by US treasury, recorded a 641% growth. Its achievement highlights the robust demand for high-liquidity, low-risk RWA assets.

###Usual Money

Usual Money settled as the fifth largest RWA project with a TVL of $779 million. It is a decentralised fiat-backed stablecoin provider with a mission to provide security and stability within the crypto landscape through its decentralized tokens. Its multi-chain infrastructure collects RWAs from major protocols, including Ondo, Blackrock BUIDL, Hashnote, and Mountain Protocol, to back its USD0 stablecoin.

###Others

Other major RWA projects, which also appeared in this list include Hashnote USYC, Tether Gold, Franklin Templeton, Paxos Gold, and Spiko. Hashnote USYC holds a TVL of $760 million, making it the sixth biggest RWA project. It is followed by Tether Gold (XAUT) with a $746 million TVL.

Franklin Templeton scooped the eighth place with $671 million TVL. Lastly, Paxos Gold and Spiko occupied positions 9 and 10 with $649 million TVL and $204 million TVL, respectively