The RWA industry has experienced a 600% growth since 2023.
My Tier List of RWA protocols 🧵
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➣ Bull 🐂
@Securitize: The largest tokenization platform by onchain RWA value, it's behind BlackRock’s BUIDL ($2.38b AUM) and handles $1b+ in monthly transfer volume.
@OndoFinance: Clear product–market 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 🦀
@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 Moody’s “A” 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 🐻
@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 platform’s RWA manages just $900k in value, a tiny fraction of its competitors. Its growth is slow and inenthusiastic, so Bear for now.
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What protocol did I miss?
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