The tokenization of real-world assets (RWAs) has expanded into a $230 billion market by 2025, bridging traditional finance with decentralized infrastructure. This report examines the top ten RWA protocols, including Ondo Finance, which manages $1.4 billion in tokenized treasuries, and Plume Network, a dedicated Layer-1 blockchain with over 180 projects. The analysis highlights key trends such as the dominance of tokenized U.S. Treasuries, significant institutional engagement, and the emergence of clear regulatory frameworks, forecasting a market size of $16-30 trillion by 2030.