The RWA industry has experienced a 600% growth since 2023.
My Tier List of RWA protocols đ§”
âž»
⣠Bull đ
@Securitize: The largest tokenization platform by onchain RWA value, it's behind BlackRockâs BUIDL ($2.38b AUM) and handles $1b+ in monthly transfer volume.
@OndoFinance: Clear productâmarket fit with tokenized treasuries: OUSG (mostly for institutions) and USDY as a yield-bearing dollar for retail. Real revenue-generating protocol with $55m in annualized fees.
@maplefinance: Onchain credit protocol at institutional scale with syrupUSDC (yield-bearing dollar) integrating across DeFi, adding instant-liquidity rails. Its TVL is up nearly 30x YTD: $100m -> $3b.
@centrifuge: It builds Infrastructure for tokenized financial products, such as private credit, funds, etc. It experienced a reboot recently, and its TVL is up more than 10x in 2025.
⣠Crab đŠ
@FTDA_US: BENJI is one of the leading US government money-market funds onchain. It combines mainstream MMF access with TradFi safeguards. Its TVL has been stagnant lately compared to competitors.
@goldfinch_fi: It brings institutional private-credit yield onchain and gives exposure to loans from managers like Apollo, Ares, Golub, etc. Current performance is mid-tier vs leaders: only $170m total loans $64m active.
@OpenEden_X: TBILL is a tokenized T-bill fund that has a Moodyâs âAâ rating, and they're growing adoption through their native YB stable USDO. It's a big potential, only in Crab cause it's smaller than Bull projects.
@Spiko_finance: Money-market fund EUTBL that tokenizes EU T-bills. Decent value ($400m) and growth, but distribution and DeFi composability are lagging.
⣠Bear đ»
@MANTRA_Chain: Despite its revolutionary RWA-L1 pitch, OM crashed ~90% in minutes amid forced liquidations. The trust damage and transparency risks remain strong. Unlikely for it to ever recover.
@TrueFiDAO: Pioneered unsecured crypto credit and reached $1.7b in historical loans, but just ~$7.75M active today. It was unable to preserve capital and user interest.
@SwarmMarkets: It's a multi-asset RWA platform for equities/treasuries onchain, yet the platformâs RWA manages just $900k in value, a tiny fraction of its competitors. Its growth is slow and inenthusiastic, so Bear for now.
âž»
What protocol did I miss?
Hope you enjoyed this post and found some new VALUABLE information.
If you wanna support me, I'd appreciate a like, reply, and RT <3
7.81K
1
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.