Top RWA Protocols in 2026: Value, Yields and Risk

Securitize and Ondo led the 2026 real-world asset (RWA) protocol rankings with $4.38 billion and $3.96 billion in distributed value, respectively, on Oct. 16. Treasury funds averaged a 3.60% seven-day yield, while higher returns came from credit and crypto strategies with added borrower, market and custody risks.

RWA.xyz defines distributed value as tokenized assets investors can hold and transfer through their wallets. It recorded $39.18 billion in distributed RWA value, compared with $352.65 billion in represented value for assets registered on ledgers but generally not transferable onchain. The platform counted 5.26 million RWA holders. Stablecoins were excluded.

DefiLlama recorded $34.865 billion in onchain RWA assets and $4.182 billion deployed in DeFi applications. Morpho Blue, Aave V3 and Aave Horizon RWA were the largest venues by value. RWA.xyz listed $14.90 billion across 117 tokenized Treasury funds, with an average seven-day yield of 3.60%.

Securitize ranked first with $4.38 billion across 39 assets and 2,008 holders. BlackRock’s BUIDL Treasury fund accounted for about $2.16 billion and had a sample yield of 3.84%. Securitize completed its business combination with Cantor Equity Partners II on July 1. Securitize Corp. began trading on the New York Stock Exchange under the SECZ ticker.

Ondo ranked second with $3.96 billion across 460 assets and 544,143 holders. Its USDY product held about $2.35 billion and had a sample yield of 3.68%. USDY is available to eligible non-U.S. holders who complete know-your-customer checks, while OUSG is intended for qualified purchasers. On July 27, Ondo introduced the Ondo Network, an execution layer that replaced its planned Ondo Chain. Ondo Perps was its first application.

Spiko ranked third with $2.81 billion across nine assets and 18,204 holders. About $1.8 billion was on Stellar. Its largest product, a euro-denominated overnight swap fund, held about $1.67 billion. Maple ranked fourth with $1.04 billion on RWA.xyz, while DefiLlama recorded $2.132 billion in onchain value. Maple’s main USDC pool had a 5.20% yield from lending to institutional borrowers.

Centrifuge held $1.01 billion across nine assets, including Janus Henderson’s AAA CLO fund and a Treasury fund. The Treasury fund had a sample yield of 3.30%. Superstate recorded $734 million. Its USTB Treasury fund yielded 3.57%, while its USCC crypto carry fund yielded 5.57%. USTB holds Treasury exposure, while USCC earns from differences between crypto spot and futures prices.

Midas and OpenEden ranked seventh and eighth, with $431.19 million and $299.67 million in onchain value. OpenEden’s TBILL vault held about $294.6 million and had a sample yield of 3.84%. Plume ranked ninth with $238.4 million in vault TVL. Its nOPAL vault had the highest sample yield in the comparison at 10.73%, generated through private credit.

Most leading products require KYC, business verification or allowlisted wallets for minting and redemptions. Treasury funds generally offer lower yields than credit products. Higher yields can reflect borrower defaults, collateral liquidations, basis-trade losses or limited liquidity. Redemption terms vary, and some tokens can be used as DeFi collateral while others are limited to approved wallets.

MANTRA ranked tenth by inclusion in the comparison rather than by size. RWA.xyz recorded $372,190 in distributed value and $117.65 million in represented value across eight assets. On Aug. 20, an attacker exploited an unsigned-integer underflow bug in an upstream module used by MANTRA Chain and moved 720.9 million MANTRA tokens from a burn address and a legacy multisig account that had not signed the transfers.

The chain halted for 30 hours and 13 minutes and resumed on Aug. 22 after validators installed a software patch. MANTRA reported that no customer account was debited, although the tokens entered circulation. The exploit followed the March 2 conversion of OM into MANTRA at a one-to-four ratio, which raised the token’s hard cap to 10 billion. Binance reopened spot trading on March 4.