The market for tokenized real-world assets (RWA) expanded by 8.7% to $24.8 billion over the past month, even as the total value locked (TVL) in decentralized finance (DeFi) fell by 25% to $94.8 billion. Data from RWA.xyz indicates significant growth in tokenized U.S. Treasuries, commodities, and private credit, which increased by 10%, 20%, and 15% respectively. Sergej Kunz, co-founder of 1inch, attributes this trend to capital rotation within the crypto ecosystem, highlighting that tokenized Treasuries offer a 4% on-chain return with minimal risk. Meanwhile, Rico van der Veen, CEO of Programmable Credit Protocol, points out that RWA protocols provide unique benefits such as executable rights and regulatory clarity, which are not available in DeFi.