PANews reported on January 23 that according to The Block, the total locked value (TVL) in the RWA protocol has reached US$7.3 billion, an increase of more than 200% compared to a year ago, among which government securities protocols continue to expand their share of the market. Usual Protocol and Hashnote USYC lead the field with approximately US$1.48 billion in TVL respectively.

The composition of RWA TVL has changed significantly, with government securities now accounting for about two-thirds of total RWA TVL, compared to 36% a year ago. This change indicates growing market confidence in regulated government-backed digital assets, while also indicating that the market is maturing as protocols focus on traditional financial instruments.