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 ·
Real-world assets onchain have expanded to $38.8B, with the market composition shifting well beyond tokenized Treasuries. Treasuries comprise roughly $16B of the total, while commodities, stocks, and credit segments have grown to approximately $5B, $2.9B, and billions collectively. An asset screener now tracks 3,414 assets, of which 2,954 are stocks, reflecting the diversification into equities and alternative instruments across multiple 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 Ondo tokenized stocks such as SPYon and QQQon have begun serving as collateral in decentralized finance lending protocols, signaling a functional shift in how onchain RWA markets operate. This development marks a transition from a simple tokenize-and-hold model toward a more complex flow: tokenization, trading, collateralization, borrowing, and composability across protocols.
The expansion raises questions about which infrastructure layers—including lending protocols, credit platforms, and tokenized securities distributors—will capture the most value as RWA integrations deepen. Maple currently manages $4.77B in assets under management with $22.15M in annualized revenue and has begun protocol revenue buybacks, though the extent to which similar models will scale across competing platforms remains uncertain.