RWA Market Surpasses $10 Billion... Funds Flow to U.S. Treasury-Backed Tokens

# Tokenized Real-World Assets Market Reaches $10 Billion, Led by Maker and BlackRock’s BUIDL The market for tokenized real-world assets (RWAs) has grown to $10 billion, according to a report from CoinDesk on October 21. The data, sourced from DeFi data platform DeFiLlama, shows that Maker, BlackRock’s BUIDL, and Aesina’s USDtb are leading this growth, each holding over $1 billion in total value locked (TVL). Among these, USDtb has experienced the most rapid growth, with its TVL surging over 1,000% in the past month. USDtb is backed by tokenized shares of BlackRock’s money market fund. In contrast, another stablecoin from the same issuer, USDe, generates returns through a structure based on cryptocurrencies and perpetual futures strategies. Previously, CoinDesk reported that the market capitalization of tokenized U.S. Treasury assets hit a record high of $4.2 billion in the first quarter. This growth has been driven by projects like Ondo Finance’s OUSG and USDY, BlackRock and Securitize’s BUIDL, Franklin Templeton’s BENJI, and Superstate’s USTB. According to specialty data analytics firm RWA.xyz, the most funded asset type in the current market is U.S. Treasury-based tokens. Commodities-based tokens follow, with a market size of $1.26 billion. Among them, Paxos Gold leads with approximately $500 million in TVL.