RWA & DeFi
RWA This Week: Tokenized Assets Near $40B in TVL Milestone
Tokenized assets are nearing a major milestone as institutional demand accelerates, but shifting leaders reveal a rapidly evolving RWA market.
1d ago 4,280
BLOCKINSIDERLoadingTokenized assets are nearing a major milestone as institutional demand accelerates, but shifting leaders reveal a rapidly evolving RWA market.
With the second week of August upon us, the one sector that has been crypto bear market resistant remains RWA (Real World Assets).
Not only are the tokenized assets enjoying growth, but so are the companies associated with this sector as demand continues to rise.
BlackRock launched two new onchain money market products on August 3. BSTBL, a tokenized share class of an existing BlackRock money market fund on Ethereum with BNY Mellon as transfer agent, and BRSRV, a newly created fund for digital-asset-native institutions with daily dividend reinvestment and multi-blockchain access via Securitize.
Both funds invest in cash, short-term Treasuries, and Treasury-backed repos, and are designed to qualify as compliant reserve assets for stablecoin issuers under the GENIUS Act, joining similar products from Morgan Stanley, State Street, and Fidelity.
Broadridge said its Distributed Ledger Repo (DLR) platform processed over $8 trillion in volume in July, averaging $365 billion a day, up 28% year-over-year and higher than June's $357 billion daily average, letting institutions settle repo transactions on distributed ledger tech.
Broadridge also runs onchain proxy voting used by Galaxy and Kraken parent Payward, and its own research found routing just 15% of eligible activity through DLR could cut intraday liquidity buffer needs by 8% to 17%, evidence that repo tokenization has quietly become core institutional funding infrastructure rather than an experiment.
CoinShares data showed tokenized RWA deposits in DeFi tripled to $7.4 billion even as broader DeFi TVL contracted 15%. The report highlighted that between Q2 '25 and Q2 '26, total DeFi deposits fell by approximately 15%.
This reflected both investor withdrawals and lower crypto asset prices. Over the same period, RWA deposits across lending platforms and DEXes reached $7.4 billion.
This shows that tokenized assets are growing organically as investors are moving their money. The reason behind this massive surge is financial utility rather than crypto market conditions alone.
As reported by BlockInsider, crypto market maker Wintermute registered its New York subsidiary, Wintermute USA LLC, as a broker-dealer with the SEC and FINRA on August 6, allowing it to trade stocks and options from its own account, provide liquidity to US exchanges, and OTC counterparties.
Wintermute will also be able to self-clear digital asset securities and act as an Authorized Participant for ETFs, including crypto-linked ones. The market maker handles over $10 billion in daily trading volume.
Kathleen Allman, mother of the late Ondo Finance founder Nathan Allman, sued in Delaware's Court of Chancery to remove CEO Ian De Bode and reclaim control of the company, alleging he improperly declared himself CEO and sole director days after her son's death without board approval.
Allman died unexpectedly in late May at 32; no cause of death has been disclosed, and the size of the disputed controlling stake remains redacted. De Bode calls the suit meritless and says he retains support from Ondo's lead investors and foundation. A legal ruling is awaited as the matter becomes further complicated.
The RWA market beyond the regulations and developments is made up primarily of tokenized assets, which have recently seen a shift in domination. Circle Internet Group took the lead as the Tokenized Stock with the highest value at $223 million.
This spot was previously occupied by Securitize Corp. for the longest time; however, the stock now sits in the second position, valued at $191 million. As more capital moves into the sector, such changes can continue.
Another sector of tokenized assets that is making waves is Tokenized US Treasury Bills. The market capitalization of these T-Bills reached $15 billion this week, rising from around $7 billion in Q1 this year.
However, while Circle leads in terms of value, most users still sit with SpaceX at 121,096. The next closest asset is NVIDIA with 102,600 users across xStocks and Robinhood, while Tesla commands the third spot with a meagre 32,814 users.
In terms of altcoin performance, XDC emerged as the best-performing RWA token. The crypto token posted a rise of 5% over the past week despite uncertain market conditions.
Trading at $0.026, the altcoin is sitting at a yearly low close to the 61.8% Fib line of $0.023. Losing it would result in a drop to $0.0200 or lower, which would mark a near 4-year low.
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