📑RWA Landscape
Over $15B in RWA TVL
RWAs have emerged as a key narrative in this market cycle, with over $15B in RWAs tokenized in the last three years (as of September 2025). U.S. Treasury Bills dominate the market, holding 75% market share with over $11B tokenized. Tokenized gold follows at $2.5B, while the remaining portion includes assets such as real estate, money market funds, and equities.
Almost all RWAs remain as idle assets
However, out of the $15B in tokenized RWAs, less than $100M (1%) have been able to achieve acceptance within the wider DeFi ecosystem. Most RWAs remain idle in user wallets, generating a steady 4-5% annual yield but lacking broader utility. The limited utility of onchain assets compared to their offchain counterparts discourages users from holding them onchain.
For example, with offchain real estate, owners can leverage 50% of the property’s value as a loan from a bank via a traditional mortgage. In contrast, tokenized real estate lacks the necessary infrastructure for similar functions, such as accurate and frequent real estate oracles for pricing, severely limiting the sector’s growth.
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