Summarize the on-chain data and fundamentals of various projects in the current RWA track

Top RWA projects' growth and financial milestones (as of March 2026)

$CFG
TVL: $1.234 billion
Core: Private credit continues to expand pools, Q1 fee revenue hits a new high, maintaining the leading position in on-chain lending

$PLUME ‌
Core: Real estate + carbon credit modules launched, multi-chain inflow of RWA +25%

$MORPHO ‌
TVL: $7.014 billion
Core: RWA collateralized lending explodes (+3x), institutions start using government bonds as collateral to leverage, new income highs

LINK
TVL: $27.5 million (RWA data layer)
Core: Oracles benefit from RWA pricing premiums, already becoming data providers for institutional assets

POLYX
TVL: $152 million
Core: Compliance track explodes, securities tokens + funds on-chain accelerate significantly

$ONDO
TVL: $2.848 billion
Core: Adding another $20 billion in US Treasuries + credit assets, institutional money (with BlackRock background) continues to flow in, new AUM highs

XLM
TVL: Low
Core: Cross-border payments + stablecoins + RWA trio, institutions start genuine usage

AVAX
TVL: $7.87 million (RWA portion)
Core: RWA subnet trading volume clearly increases, on-chain begins to see “real asset flows”

XDC
TVL: Very low
Core: Slowly developing trade finance and supply chain sectors, focusing on traditional finance implementation

XVS
TVL: $189 million
Core: RWA collateralized lending stabilizes, entering a phase of sustainable revenue generation

The only three projects truly worth paying attention to in the RWA track are: CFG, MORPHO, ONDO