Real-world assets (RWAs) in the decentralized finance (DeFi) sector have surged past $19 billion in on-chain value as of December, surpassing decentralized exchanges (DEXs) to become the fifth-largest sector in DeFi. This growth is primarily driven by $8.7 billion in tokenized U.S. Treasurys, reflecting increasing institutional adoption of blockchain-based financial instruments. The rise of RWAs highlights a significant shift in DeFi, as traditional financial assets are increasingly being integrated into blockchain ecosystems.