The real-world asset (RWA) sector in decentralized finance (DeFi) has gained traction over the last two months after a multi-month consolidation period. According to The Block, which tracks DefiLlama data, the total value locked (TVL) hit a record $6.6 billion on August 31 before correcting to $5.75 billion as of this writing. Still, many leading RWA projects continue to increase.
Some of the RWA projects that continue to expand their TVL include Usual Money, Hashnote USYC, and Ondo Finance.
Usual Money Is Top Monthly Performer
On September 4, Usual Money reached a record TVL of $222.5 million. It has gained over 50% over the past month, being the best monthly performer among all RWA protocols. The project started with zero liquidity in mid-July, showing exponential growth following the launch.
Usual is a decentralized fiat-backed stablecoin issuer that redistributes ownership and value through its native USUAL token.
Powered by a multi-chain infrastructure, Usual aggregates RWAs from leading protocols, such as BlackRock BUIDL, Ondo, Mountain Protocol, and Hashnote to back its native permissionless stablecoin, USD0.
Hashnote Surpasses $250M in TVL
Hashnote is also making waves, breaking the $250 million mark on September 3. It had less than $50 million at the end of May. At the beginning of August, we reported that Hashnote had surged over 280% within 3 months to reach $177 million.
USYC is the tokenized version of Hashnote’s Short Duration Yield Fund (SDYF), which is exposed to short-term US Treasury Bills.
Ondo Reaches New TVL Record at $600M
Ondo is the largest multi-chain RWA project. At the end of April, we reported that Ondo hit the $350 million milestone. Earlier this month, it hit a record $603 million.
USDY and OUSG remain Ondo’s two most popular products. The two tokens are exposed to short-term US Treasury Bills. USDY makes up over 55% of Ondo’s TVL.
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