RWA market expands to $38.8B onchain with diversification beyond Treasuries into equities, commodities, and credit; Ondo Stocks surpasses $1B TVL with tokenized stocks now used as DeFi collateral.
DeFi & Yields ·
Onchain real-world assets have grown to $38.8B, with the composition shifting beyond a Treasury-dominated market toward diversified asset classes including roughly $16B in Treasuries, $5B in commodities, $2.9B in stocks, and billions more in credit instruments. An asset screener now tracks 3,414 total holdings, of which 2,954 are stocks, reflecting the expanding menu of tokenizable instruments available on major blockchains.
Ondo Stocks has crossed $1B in total value locked, offering more than 260 tokenized U.S. stocks and ETFs on Ethereum, Solana, and BNB Chain. Notably, some of these tokenized equities—including SPYon and QQQon—have begun circulating as collateral in decentralized finance lending protocols, signaling a shift in how these assets function within blockchain infrastructure.
The evolution reflects a maturing market structure: tokenized assets are no longer limited to a simple earn-yield model but are being integrated into lending, borrowing, and composability workflows. Maple Finance exemplifies this expansion, reporting $4.77B in assets under management and $22.15M in annualized protocol revenue, with buybacks funded from revenue. Whether this multi-asset RWA narrative can sustain growth at scale—and how regulatory frameworks will adapt—remains to be tested.