RWAs Overtake DEXs as Fifth Largest Category in DeFi by TVL

Real-world asset (RWA) protocols have become a major success in decentralized finance (DeFi) in 2025, rising to become the fifth-largest category by total value locked (TVL), currently sitting around $17 billion, up from $12 billion in Q4 2024. This growth is driven by institutional interest in yield-bearing assets like tokenized Treasurys and private credit, supported by improving regulatory clarity, according to Vincent Liu of Kronos Research. While Ethereum remains the dominant settlement layer for public chains, permissioned infrastructure like Canton Network captures significant institutional market share. Looking ahead to 2026, the focus is expected to shift from headline TVL to liquidity, integration with traditional finance (TradFi), and secondary market usage. Furthermore, tokenized commodities like gold and silver are gaining traction, moving from niche assets to macro-relevant ones, which reinforces adoption beyond simple yield narratives.

(Source：Cointelegraph)