Composable TradFi: RWAs in DeFi
Mapping the growth of RWAs in DeFi
Real-World Assets & Tokenisation
Castle Labs tracks how real-world assets move onchain, from tokenised treasuries and commodities to private credit, equities, funds, and the DeFi markets built around them. The research covers issuance, settlement, liquidity, collateral design, regulation, and the infrastructure institutions need before tokenisation can move beyond passive wrappers.
$25.7B
RWA protocol TVL tracked
$3.5B
BlackRock BUIDL TVL (largest)
25
RWA protocols tracked
Sources: DeFiLlama RWA protocols (2026-09-15).
Questions Covered
Which real-world assets are moving onchain?
Castle covers tokenised treasuries, commodities, private credit, equities, funds, and the infrastructure used to issue, settle, custody, and distribute them.
How are RWAs being used inside DeFi?
The research follows RWA collateral in lending markets, fixed-rate products, vault strategies, liquidity design, redemption, and the controls required for offchain assets to remain usable onchain.
What makes an RWA product institutional-grade?
Castle evaluates legal structure, asset quality, custody, compliance, liquidity, pricing, settlement, and the routes through which investors can enter and exit a product.
Latest RWAs Research
Showing 1-8 of 8 articles
·Deep DivesRWAs
Beyond Tokenisation: Making RWAs Useful Onchain
These days, it’s all about RWAs, with a race involving every protocol and ecosystem, rushing to list new assets and boasting about their market size or asset count.
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·Deep DivesTrading
The Evolution of RWA Trading Onchain: Variational Swaps
Perpetual futures (perps) have become one of the strongest instruments for digital asset trading.
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·RWAsDeep Dives
RWAs: A Blueprint for the Future of Mantle
While most metrics are down across the board, the RWA sector is the only one showing consistent growth, with tokenised stocks among the fastest-growing RWA categories right now.
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·RWAsDeFi
69 Trillion: The Tokenisation Opportunity
69 Trillion: The Tokenisation Opportunity — research from Castle Labs.
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·RWAsDeFi
OpenEden: On The EDEN Token, Roadmap and Bringing more RWAs Onchain
OpenEden: On The EDEN Token, Roadmap and Bringing more RWAs Onchain — research from Castle Labs.
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·RWAsDeFi
Mantle's RWA Push: Over $150k in Builder Prizes in their Global Hackathon
Mantle's RWA Push: Over $150k in Builder Prizes in their Global Hackathon — research from Castle Labs.
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·RWAsDeFi
A Deep Dive Into Arbitrum's RWA Sector
A Deep Dive Into Arbitrum's RWA Sector — research from Castle Labs.
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·RWAsDeFi
Blurring the Boundaries between DeFi and TradFi: An Introduction to the Real World Assets sector
A Castle Research Report
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Research for your market
Castle works with protocols, investors, and market teams on category research, competitive analysis, and distribution.