What are the biggest RWA protocols?

Here are the largest RWA (real-world asset) projects by market cap, per CoinGecko's RWA category data. I'll note that this bucket mixes two things: tokenized assets themselves (T-bill/gold funds) and the L1/L2 networks or infrastructure that RWA actually runs on.

Tokenized funds & RWA assets (the purest "RWA protocols"):

• BlackRock BUIDL — tokenized US Treasury fund (the biggest T-bill product), ~$2.82B cap
• Circle USYC — tokenized yield / short-term credit fund, ~$2.71B
• Tether Gold (XAUT) — tokenized gold, ~$2.64B
• Ondo USDY — Ondo's tokenized US Treasury yield product, ~$2.19B
• PAX Gold (PAXG) — tokenized gold, ~$1.86B
• Ondo (ONDO) — the protocol behind ONDO/OUSG/USDY, governance token ~$1.64B
• Spiko Amundi Overnight Swap Fund (EUR) — ~$1.21B
• Spiko EU T-Bills (EUTBL) — ~$881M
• Janus Henderson Anemoy Treasury Fund (JTRSY) — ~$846M
• Invesco Short Duration US Gov Securities (USTB) — ~$835M

RWA infrastructure (networks powering tokenization, larger caps but not assets themselves):

• Chainlink — oracle/data rails, ~$8.3B
• Stellar — the RWA-friendly L1, ~$6.0B
• Algorand — ~$789M
• Quant — enterprise RWA/overledger, ~$923M
• XDC Network — trade-finance focused L1, ~$558M

The trend is clear: the biggest players by market value are the tokenized Treasury funds (BlackRock, Ondo, Spiko, Janus Henderson) plus tokenized gold (Tether, PAX), with Ondo and Chainlink as the leading homegrown crypto RWA brands. All figures are live from the tool this turn.

BlackRock USD Institutional Digital Liquidity Fundbuidl#34 Circle USYCusyc#36 Tether Goldxaut#38 Ondoondo#53 PAX Goldpaxg#47

Want me to pull a full project report on any of these — e.g. Ondo, the tokenized-Treasury category leader in terms of ecosystem breadth?

Also tracked: Figure Helocfigr_heloc#9, Chainlinklink#18, Stellarxlm#20, Ondo US Dollar Yieldusdy#43, Spiko Amundi Overnight Swap Fund (EUR)eursafo#66, Blockchain Capitalbcap#70, Quantqnt#73, Spiko EU T-Bills Money Market Fundeutbl#74, Janus Henderson Anemoy Treasury Fundjtrsy#76, Invesco Short Duration US Government Securities Fundustb#78, Algorandalgo#81, Janus Henderson Anemoy AAA CLO Fundjaaa#88, XDC Networkxdc#98, Injectiveinj#106, Provenance Blockchainhash#110, YLDSylds#114, Ondo Short-Term U.S. Government Bond Fundousg#119, Kinesis Goldkau#122, OnRe Tokenized Reinsuranceonyc#138.