According to ME News, on December 29th (UTC+8), DefiLlama data shows that RWA protocols have surpassed DEXs to become the fifth largest category in decentralized finance (DeFi) by total value locked (TVL). RWA protocols currently have approximately $17 billion locked, a significant increase from approximately $12 billion in the fourth quarter of 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. Furthermore, rising gold and silver prices have injected new momentum into the tokenized commodities market, which has reached a market capitalization of nearly $4 billion, primarily driven by products such as Tether Gold and Paxos Gold. (Source: ME)