Tokenization platform and DeFi protocol Ondo Finance’s total value locked (TVL) broke over the $2 billion mark this week, marking a record high, according to DefiLlama data. The figure is more than double its TVL from early March of last year.
The move highlights the rapid growth of real-world assets (RWAs) on-chain, particularly tokenized securities and U.S. Treasuries. As The Defiant reported previously, 2025 was a breakout year for the tokenized RWA sector, and analysts estimate that the total value of RWAs on blockchains could reach about $2 trillion by 2030 under base-case scenarios.
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