💰 Top 10 RWA Projects by Actual Revenue (January–February 2026)

Forget about TVL — these projects are actually making real money:

1️⃣ ONDO — $15.2 million
2️⃣ LINK — $12.8 million
3️⃣ CFG — $9.5 million
4️⃣ MPL — $7.3 million
5️⃣ KTA — $6.1 million
6️⃣ PLUME — $4.8 million
7️⃣ MANTRA — $3.9 million
8️⃣ CHEX — $2.7 million
9️⃣ LCX — $2.2 million
🔟 RSR — $1.8 million

📊 Key Takeaways:
— ONDO confidently leads in actual revenue within the RWA sector
— LINK is establishing itself as the infrastructure backbone for asset tokenization
— CFG demonstrates a sustainable income model in the on-chain lending segment
— The market is gradually shifting from narratives to real business models

Opinion:
The RWA market is entering a new phase — investors are starting to evaluate projects not by TVL and hype, but by actual revenue and business model sustainability. The revenue leaders today are laying the foundation for the next institutional cycle of real asset tokenization.
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