According to ChainCatcher, RWA protocols have surpassed DEXs to become the fifth largest category in decentralized finance (DeFi) by total value locked (TVL). According to DefiLlama data, RWA protocols currently have approximately $17 billion locked, a significant increase from approximately $12 billion in Q4 2024. Vincent Liu, Chief Investment Officer of Kronos Research, stated that RWA growth is primarily driven by "balance sheet incentives rather than experimental demand." Higher interest rates have made tokenized Treasury bonds and private credit high-yield on-chain assets, while improved regulatory environments have lowered the entry barrier for institutional investors. Tokenized US Treasury bonds remain the dominant product, with funds including BlackRock's BUIDL, Circle's USYC, Franklin Templeton's BENJI, and Ondo's OUSG driving this segment to billions of dollars in size. In addition, rising gold and silver prices have injected new momentum into the tokenized commodities market, which has a market capitalization of nearly $4 billion, mainly dominated by products such as Tether Gold and Paxos Gold.