Private Credit is starting to look like one of the most important RWA categories in DeFi.
But the interesting part is not just TVL. It is how different the top protocols already look.
@centrifuge is still the clear scale leader with around $1.38B TVL, $5.15M fees in the last 30 days, and ~$412K revenue. Large TVL, real fee activity, and multi-chain distribution across 10 chains make it the center of gravity for private credit today.
@HastraFi is the interesting growth case. It already has ~$374M TVL and generated ~$1.46M fees in 30 days, but reported revenue is still $0. That does not mean the model is weak. It likely means the protocol is still prioritizing growth, yield pass-through, and distribution before revenue capture.
@Securitize is smaller by TVL at ~$196M, but its revenue quality stands out. It generated ~$613K fees and ~$112K revenue in 30 days, with deployment across 13 chains. That suggests a different kind of strength: institutional rails, broad distribution, and better revenue capture relative to fees.
@KAIO_xyz and
@MuDigitalHQ show the long tail is also worth watching. KAIO is still small, but fees equal revenue. Mu Digital has only ~$19M TVL, yet generated ~$243K fees in 30 days, which is unusually high relative to its size.
So the real signal is simple: Private Credit is no longer just one RWA bucket. It is becoming a real DeFi market with different winners in different layers.
⭢ Centrifuge leads on scale.
⭢ Hastra shows strong growth and fee activity.
⭢ Securitize looks stronger on revenue capture.
⭢ KAIO and Mu Digital show smaller players can still compete through efficiency and higher fee intensity.
That is why Private Credit is more interesting than tokenized bonds right now. Bonds have more market cap, but Private Credit has more DeFi behavior.
It has credit risk, duration, collateral structure, repayment risk, yield sources, and revenue models that DeFi can actually price, split, route, and rebuild into new products.
The next RWA winners may not be the protocols with the biggest TVL alone. They will be the ones that can turn real-world credit into active onchain markets.
Data via
@DefiLlama
Not every tokenized asset is equally onchain.
Bonds are by far the largest tokenized asset category with $15.2 billion in market cap. But only about 5% of that supply is being used in DeFi. Precious metals look similar: they’re onchain, but mostly just sitting there.
Smaller categories look different. Reinsurance tokens have 84% of their supply deployed in DeFi, while private credit sits at 33%. This makes sense: The categories with the highest DeFi usage were built for DeFi from the start, through protocols like Nexus Mutual and Maple Finance.
Much of what gets called “tokenization” today is actually closer to digitization: moving records onto blockchains without unlocking much more new functionality. This matters because one of the core value propositions of onchain financial systems is composability.