Finance

RWA TVL Hits New All-Time High as Tokenization Wave Accelerates in November

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The tokenized Real World Asset (RWA) market continues its rapid climb, closing November with another major milestone.

Total on-chain RWA TVL has reached $2.979 billion, marking a 10% month-over-month jump and signaling intensifying adoption across institutional and DeFi rails. According to data from rwa.xyz, the sector now records more than 539,000 unique holders, underscoring the growing mainstream appetite for yield-bearing, blockchain-native financial products.

The surge reflects renewed interest from global institutions, stronger DeFi integrations, and product designs increasingly optimized for compliance and liquidity. With long-term forecasts predicting multi-trillion-dollar expansion, November’s figures highlight that RWAs are no longer an experimental niche, they are becoming one of crypto’s most important building blocks.

U.S. Treasuries Lead the Charge as Tokenized Debt Demand Grows

Tokenized U.S. Treasuries remain the strongest-performing RWA category. The segment now sits at an estimated $6–8 billion in market size, with more than $1 billion added in the last 30 days alone. Much of this demand comes from institutions seeking stable, regulated yield during volatile crypto cycles.

On-chain U.S. Treasury products appeal to asset managers for two reasons:

They offer exposure to safe government debt while enabling instant settlement and global liquidity. This combination continues to pull treasury products deeper into blockchain-based ecosystems.

Meanwhile, private credit continues to dominate the broader RWA landscape with an estimated $12–13 billion in tokenized value. The asset class benefits from higher yields, predictable repayments, and clear demand from institutional buyers. As more lenders migrate operational processes on-chain, private credit is expected to remain the largest RWA segment for years.

A handful of RWA protocols now lead the market, shaping the design, liquidity, and institutional trust that define the sector.

BlackRock’s BUIDL Fund: The New Institutional Standard

BlackRock’s BUIDL fund continues to dominate Treasury tokenization. It now holds $2.5–2.9 billion in AUM, capturing more than 40% of the entire market. The fund recently expanded to a multi-chain framework, increasing accessibility and enabling smoother integrations with exchange partners and DeFi platforms.

BUIDL’s rapid growth highlights how deeply institutional participation has taken root. It also demonstrates the demand for regulated, transparent, high-liquidity RWA products that meet traditional finance standards.

Ondo Finance maintains its strong momentum with more than $1.3 billion in TVL, driven primarily by its yield-bearing stablecoin suite, especially USDY. The platform has positioned itself as a bridge between traditional fixed-income products and on-chain stablecoin utility.

USDY’s growth reflects a new class of stablecoins backed by real income-generating assets rather than pure reserves. This shift is reshaping stablecoin design, pushing the sector closer to fully collateralized, revenue-driven models.

Centrifuge Crosses $1B While Unlocking Private Credit Markets

Centrifuge surpassed $1 billion in TVL, powered by its focus on private credit, invoice financing, and asset-backed loan pools. More than $8 billion in total assets have been tokenized through Centrifuge to date, a benchmark that positions the platform as one of the longest-standing and most mature players in the RWA ecosystem.

Its institutional credit sources and partnerships with regulated lending entities continue to attract capital seeking diversified returns.

How RWA Product Design Is Evolving: The Dual-Rail Model Takes Over

November’s data shows a clear trend in RWA product design:

The dual-rail model is emerging as the industry standard.

Private Rails for Institutions

Large financial institutions prefer permissioned chains where they can enforce:

  •  KYC compliance
  •  transfer restrictions
  •  regulatory audits
  •  controlled settlement environments

These private rails act as the primary issuance layer for regulated assets.

Once issued, asset wrappers are exported to public blockchains to unlock liquidity and composability. Standards like ERC-8004 are gaining adoption, enabling institutions to maintain compliance while allowing user-facing liquidity on networks like Ethereum, Polygon, and Base.

This dual-rail approach gives institutions control without sacrificing market reach.

RWA Assets Gain DeFi Composability

RWAs are increasingly used as collateral in major DeFi protocols, including:

  •  Aave
  •  MakerDAO
  •  Flux Finance
  •  Maple
  •  Goldfinch

The integrations unlock new opportunities such as:

  •  fixed-yield positions
  •  leverage on cash-flow-backed assets
  •  diversified stablecoin collateral
  •  low-risk lending markets

However, KYC and whitelisting remain the norm, especially on institutional-grade RWA collateral pools. DeFi is absorbing RWAs, but with a compliance-first pathway.

Long-Term Forecast: RWA Market to Hit $16–30 Trillion by 2030

According to projections from Boston Consulting Group and Standard Chartered, the RWA market could reach $16–30 trillion by 2030. This would represent roughly 10% of global assets, marking one of the largest technological transitions in modern financial history.

Analysts expect the next phase of tokenization to escalate in 2026 and beyond, driven by:

  •  equities moving on-chain
  •  commercial and residential real estate tokenization
  •  expanded private credit markets
  •  tokenized cash instruments
  •  migration of global bonds to blockchain rails
  •  growth of tokenized illiquid assets

These transitions are already underway, supported by both public-chain infrastructure and regulated institutional frameworks.

Challenges Ahead: Centralization and Regulation Define the Pace

Despite rapid growth, two variables remain critical:

1. Centralization Concerns

Most current RWA products rely on custodians, issuers, trust companies, and centralized oracles. This creates operational concentration that the industry will need to address as it expands.

2. Regulatory Clarity

Tokenized securities, yield products, and cross-border instruments still face uneven regulatory landscapes. While institutions are accelerating adoption, clear frameworks will determine which jurisdictions scale first.

RWAs Close November at Record Highs, And the Market Shows No Signs of Slowing

With new ATHs, accelerating institutional participation, and billions flowing into both Treasuries and private credit, RWAs are now positioned as a core pillar of the global blockchain economy. November’s surge reinforces that on-chain financial instruments are growing not only in size but in maturity.

The next wave, equities, bonds, real estate, and global credit markets, may be even larger.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/rwa-tvl-hits-new-all-time-high-as-tokenization-wave-accelerates-in-november/