Composable TradFi: RWAs in DeFi
Only about $3 billion of the $28 billion RWA market is used in DeFi. How Pendle, Morpho, Aave, Kamino and Fluid use RWAs, and the new redemption tools.
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.
$3.9B
RWA protocol TVL tracked
$475.7M
Ethena USDtb TVL (largest)
25
RWA protocols tracked
Sources: DeFiLlama RWA protocols (2026-10-16).
Start Here
Putting RWAs to work in DeFi
The growth of RWAs has led to over $32 billion of assets flowing onchain.
On RWAs and Institutional-Grade Assets: The Case of OpenEden
Tokenized RWAs doubled to over $29B in 2025. What makes an asset institutional-grade, using OpenEden's TBILL and USDO stablecoin as the case study.
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 1-10 of 10 articles
·RWAsMarkets
On Raydium, Solana, Stocks, and Memes
Raydium has been one of Solana's key protocols; its infrastructure is now fundamental to tokenised stocks, which have taken over Solana.
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·RWAsMarkets
Putting Tokenised Stocks to Work
Tokenised stocks have crossed $3B, but most of that capital still sits idle.
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·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
RWA perp volume went from under $1 billion in October 2025 to over $120 billion in August. How Variational swaps compare with perps on funding and execution cost.
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·RWAsDeep Dives
RWAs: A Blueprint for the Future of Mantle
Tokenised stocks are among the fastest-growing RWAs, with $1.6 billion distributed. How Mantle and Bybit built issuance, trading and redemption onchain.
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·RWAsDeFi
69 Trillion: The Tokenisation Opportunity
How tokenised stocks work across Ondo Global Markets, Kraken's xStocks and Hyperliquid perps, chasing a $69 trillion US equity market. Ondo holds $2.47b in TVL.
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·RWAsDeFi
OpenEden: On The EDEN Token, Roadmap and Bringing more RWAs Onchain
How OpenEden's EDEN token works, from staking for xEDEN at an 8.38% average APY to fee utility, plus the roadmap for USDO and growing its $225m tokenized value.
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·RWAsDeFi
Mantle's RWA Push: Over $150k in Builder Prizes in their Global Hackathon
Mantle's RWA hackathon offers over $150k in prizes across 6 tracks, with $15k per track and a $30k grand prize, as Mantle shifts to a regulated RWA ecosystem.
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·RWAsDeFi
A Deep Dive Into Arbitrum's RWA Sector
How Arbitrum grew its RWA sector past $350m TVL through STEP, STEP 2 and treasury programs, with issuers like Spiko, Franklin Templeton, Securitize and Ondo.
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·RWAsDeFi
Blurring the Boundaries between DeFi and TradFi: An Introduction to the Real World Assets sector
An intro to real world assets: tokenised treasuries, private credit and cross-chain rails like Chainlink CCIP, LayerZero and Axelar, with Maple, Ondo and Frax.
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Research for your market
Castle works with protocols, investors, and market teams on category research, competitive analysis, and distribution.