The RWA sector is growing up slowly, but surely. Here's a breakdown of the top assets by active DeFi TVL right now Data: @DefiLlama https://t.co/ZJvXtcqktr 1) Janus Henderson Anemoy (JAAA) $387.94m Category: Tokenized Funds Asset class: Credit / corporate bonds Access: Permissioned A traditional asset manager bringing institutional-grade fixed income onchain. The #1 RWA by active TVL. 2) Hastra PRIME (PRIME) - $343.45m Category: RWA Yield / Wrapped Asset class: Yield-bearing RWA Access: Permissionless One of the few top-tier RWAs anyone can access without KYC gates. A big deal for open DeFi composability. 3) Tether Gold (XAUT) - $140.69m Category: Tokenized Gold Asset class: Allocated gold token Access: Permissionless Physically backed gold, fully onchain. Permissionless access makes it one of the most accessible hard asset RWAs in DeFi. 3) Superstate USTB - $128.33m Category: Tokenized Funds Asset class: Tokenized T-bills Access: Permissioned US Treasury exposure wrapped as a token. Superstate placing two products in the top 5 shows strong institutional demand for T-bill yields onchain. 5) Superstate Crypto Carry Fund (USCC) - $121.77m Category: Tokenized Funds Asset class: Mixed RWA fund Access: Permissioned A hybrid fund blending crypto and real-world yields. Unique in the top 10 - not purely TradFi, not purely DeFi. 6) OnRe Tokenized Reinsurance (ONyc) $110.16m Category: RWA Lending / Private Asset class: Reinsurance-backed Access: Permissionless Perhaps the most niche asset in the top 10. Tokenized reinsurance risk crossing $110m TVL is a signal of how far RWA innovation has truly come. 7, 8 & 9) ULTRA - $67.06m, Ondo OUSG - $38.59m, US Yield Coin (USYC) - $36.18m All tokenized T-bill / money market products. All permissioned. The T-bill trade is clearly dominant as it’s safe, yield-bearing, and familiar to institutions making their first onchain steps. 10/ mF-ONE (MF-ONE) - $25.42m Category: RWA Lending / Private Asset class: Private credit pool Access: Permissionless Private credit onchain, permissionless. One to watch as private credit tokenization picks up steam in 2025. Total TVL for RWAS’s is $1.62B, & the top 10 active TVL totals $1.4B, this shows there’s a lack of TVL depth. 7 of 10 are permissioned - institutions are leading 3 of 10 are permissionless but they include gold, reinsurance & yield RWAs T-bills dominate the asset class mix Asset diversity is growing: bonds, gold, mixed funds, reinsurance, private credit