On March 18, 2025, AMINA Bank and DeFiLlama reported that total value locked (TVL) in onchain real-world assets (RWAs) had surpassed $10 billion, highlighting one of the fastest-growing trends in crypto. Tokenizing real-world assets—such as real estate, bonds, and commodities—into blockchain-based digital tokens is reshaping global finance by enhancing liquidity, transparency, and accessibility.2
The tokenization of RWAs is not new—it has been discussed and done for a while now. However, it looks like we are finally achieving escape velocity for one of the most interesting and impactful blockchain use cases.
What Are RWAs and Why They Matter
RWAs refer to tangible or traditional financial assets—real estate, gold, equity, diamonds, collectible sports cards, cash, IP, or bonds—that are represented as tokens on blockchain networks. These digital representations allow for 24/7 trading, fractional ownership, and streamlined settlement.13 The market potential is immense, with estimates suggesting RWA tokenization could encompass hundreds of trillions of dollars in global value.3
Tokenization also consolidates clearing, custody, and compliance into a single on-chain layer, reducing costs and counterparty risk.3 It brings real-world value into the decentralized finance (DeFi) ecosystem, making it more efficient and inclusive.
Rapid Growth and Key Players
From 2020 to 2024, RWA TVL grew 200% annually. In 2025, RWA-related tokens reached a combined market cap of $33.56 billion, with leading assets like MANTRA (OM), Ondo (ONDO), and XDC Network (XDC) driving adoption.24
Gold-backed tokens have become a standout sub-sector. Their TVL more than doubled from under $2 billion in late 2024 to over $4 billion by March 2025, fueled by inflation fears and rising gold prices.2
Institutional Momentum and Infrastructure
RWA tokenization is gaining traction across institutional finance:
- ATME launched a gold-backed token for accredited investors.2
- Blue Hat Interactive and Axis Capital announced a large-scale gold tokenization initiative.2
- Aave Labs introduced "Horizon," enabling tokenized MMFs as collateral for DeFi liquidity.2
Chainlink has emerged as a critical infrastructure provider, offering oracle services like Proof of Reserve and CCIP to ensure RWAs remain verifiably backed and cross-chain compatible. Swift, DTCC, and ANZ have all piloted RWA integrations using Chainlink's decentralized infrastructure.3
Challenges and Outlook
Despite strong momentum, the RWA space faces hurdles: regulatory fragmentation, custody risks, limited secondary liquidity, and the need for seamless cross-chain interoperability.123 However, growing institutional participation and the maturation of RWA-specific protocols suggest these issues are being actively addressed.
Conclusion
RWAs are bridging TradFi and DeFi, offering stable, transparent, and globally accessible financial products. As protocols like Ondo, Maple, and MakerDAO expand, and infrastructure players like Chainlink enable secure interoperability, the tokenization of real-world assets is well positioned to transform the global financial system.
Footnotes
1. Coinbase. (2024). What are Real-World Assets (RWAs)? https://www.coinbase.com/learn/crypto-glossary/what-are-real-world-assets-rwa
2. AMINA Bank AG. (2025). Bringing the World Onchain: Crypto Market Monitor – March 18, 2025
3. Chainlink. (2025). Real-World Assets (RWAs) Explained. https://chain.link/education-hub/real-world-assets-rwas-explained
4. Forbes. (2025). Top Real World Assets (RWAs) Coins Today By Market Cap. https://www.forbes.com/digital-assets/categories/real-world-assets-rwa/?sh=695e88e31126
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