RWA Protocols Cross $10B TVL, Leading Crypto’s Year-to-Date Surge

The tokenized real-world assets (RWA) sector reached a major milestone by crossing $10 billion in total value locked (TVL) for the first time, with an all-time high of nearly $10.4 billion recorded on March 21, 2025. Spearheaded by BlackRock’s tokenized money fund BUIDL, which now holds over $1.4 billion in TVL and experienced a 140% growth in the last 30 days, the sector has emerged as the best-performing segment of the crypto market this year. MakerDAO’s RWA vault, despite a 30% decrease in TVL over the same period, still commands significant market size at $1.3 billion, and other protocols continue to innovate in asset tokenization. Notably, the RWA token Mantra (OM) has surged over 83% this year, while the recent entrant Plume (PLUME) has risen 30% in just the past month. Industry experts note that tokenizing treasury bills is just the beginning and that bonds, equities, and broader financial markets may soon move on-chain. With potential boosts such as a proposed $500 million injection from MakerDAO’s Spark protocol awaiting governance approval, the sector’s momentum underscores a pivotal shift where decentralized finance (DeFi) begins propelling traditional finance (TradFi).