On-chain inflows continue to surge, and traditional rails are experiencing mass inflows. The trend is well illustrated by exchange-traded product (ETP) provider WisdomTree’s real-world asset (RWA) fund — the WisdomTree Government Money Market Digital Fund (WTGXX) has exploded in value over the last three months, reaching new highs last week.
WTGXX, which represents tokenized U.S. treasuries across several blockchain networks, added another $330 million to its total value locked in just one day last week, taking its total to over $931 million as of today, Aug. 18. The influx marks a 90% increase over the past month, and a 722% increase since May, according to RWAxyz data.
The fund is primarily on Ethereum, with $919 million of its TVL on the second largest blockchain. The rest of WTGXX value is on Arbitrum and Stellar.
The RWA market has grown exponentially over the last two years, from $8.6 billion the beginning of 2024, to $26.6 billion as of August 2025. The surge is led by tokenized private credit loans, which currently account for 59% of the total RWA market, and on-chain tokenized treasury funds like WTGXX and BlackRock’s BUIDL.
BUIDL is the largest tokenized treasury fund, with $2.4 billion assets under management (AUM), while WTGXX is now the third largest, thanks to its recent TVL surge.
The growth in WTGXX comes alongside an ecosystem-wide expansion led by Ethereum’s strong price action recently. Over the last week, the Ethereum and Solana ecosystems have hit new highs, while DeFi lending markets are also at all-time highs as capital pours on-chain.
RWA tokenization platform Centrifuge recently surpassed the $1 billion mark in TVL, per data from DefiLlama.