The RWA market excluding stablecoins has grown 18.2x in three years to $44.7B, with $2.9B deposited into DeFi and $243.5M traded on DEXs in the past 24 hours.
DeFi & Yields ·
The real-world asset market excluding stablecoins has reached $44.7 billion after expanding 18.2-fold over the past three years. This growth reflects broader adoption of tokenized assets that grant retail and institutional participants exposure to traditional instruments including bonds, commodities, and equities while simultaneously generating revenue streams for asset issuers, decentralized finance platforms, and blockchain networks.
Activity in the sector remains robust. Over a 24-hour period, $2.9 billion flowed into DeFi protocols accepting RWA tokens, while decentralized exchanges processed $243.5 million in RWA trading volume. These metrics suggest meaningful liquidity and ongoing interest in the asset class among both passive depositors and active traders.
What remains unclear is whether this growth trajectory reflects lasting structural demand or cyclical market enthusiasm, how regulatory changes may impact issuance and trading volumes ahead, and which specific RWA categories—if any—are driving the majority of recent expansion.