What is total value locked (TVL)?

TVL refers to the total amount of assets staked or locked in a protocol.

Why are RWA protocols important?

RWA protocols bridge traditional assets with decentralized finance, enhancing liquidity and accessibility.

The top players include Circle USYC, BlackRock BUIDL, and Tether Gold.

Data · Global · 5 min read

By RWA Radar Research · Published 2026-06-10

Key Takeaways

Circle USYC leads RWA protocols with a total value locked (TVL) of approximately $3.01 billion.
BlackRock BUIDL follows closely with a TVL of around $3.00 billion.
Tether Gold ranks third with a TVL of about $2.90 billion.
Ondo Yield Assets has a TVL of approximately $2.64 billion, placing it fourth.
Paxos Gold and Centrifuge Protocol have TVLs of $1.86 billion and $1.63 billion, respectively.

01Overview of RWA Protocols

As of June 10, 2026, the RWA sector has seen significant growth, with the top protocols achieving impressive total value locked figures.

The data from DefiLlama highlights the competitive landscape among these protocols.

The leading RWA protocols have surpassed $3 billion in total value locked.

02Key Players in the Market

Circle USYC and BlackRock BUIDL are neck and neck at the top of the rankings.

Tether Gold and Ondo Yield Assets also show strong performance, indicating a robust market.

03Market Implications

The substantial TVL in these protocols suggests growing investor confidence in RWA assets.

This trend may lead to increased innovation and competition within the sector.

04FAQ

What is total value locked (TVL)?: TVL refers to the total amount of assets staked or locked in a protocol.
Why are RWA protocols important?: RWA protocols bridge traditional assets with decentralized finance, enhancing liquidity and accessibility.
Who are the top players in the RWA market?: The top players include Circle USYC, BlackRock BUIDL, and Tether Gold.

05Sources