Key Highlights Multiplifi’s TVL jumped to roughly $187M, tripling in less than a week. On-chain data shows that most of the inflow occurred in a single day, not through gradual deposits. The surge was driven by rwaUSD activation and Centrifuge-backed RWA pipelines, not DeFi incentives. Multiplifi, the DeFi protocol, has seen its total value locked (TVL) surge to nearly $187 million this week after a single large on-chain inflow reshaped the protocol’s balance sheet almost overnight. The jump occurred as tokenized real-world assets were moved into the platform, following Multiplifi’s integration with Centrifuge and the launch of rwaUSD, rather than through steady user deposits. The timing suggests a pipeline deployment of institutional assets, marking a deliberate shift in how capital is entering the protocol. TVL Per Chain. Source: DefiLlama RWAUSD emerges as the largest TVL component Token composition data shows that roughly 67% of Multiplifi’s TVL is now concentrated in rwaUSD, a stablecoin backed 1:1 by short-term U.S. Treasuries, dollar deposits, and cash equivalents. The asset is issued by BitGo, with branding and ecosystem services provided by World Liberty Financial. Tokens Breakdown. Source: DefiLlama The rwaUSD has grown fast. In the past 30 days, its market cap reached $4.93 billion, while monthly transfer volume jumped above $32 billion. Active addresses nearly doubled in the same period, reinforcing that the capital flowing into Multiplifi is operational liquidity rather than idle TVL. Speculative chatter is happening on social media that the TVL surge stems from its strategic shift toward infrastructure-focused partnerships rather than traditional farming. Users point to the newly launched $50M RWA-backed stablecoin vault, a collaboration with AFI Protocol on Base, as the likely catalyst for this massive liquidity influx. Seems this was the reason @multiplifi TVL surged soo much. Thinking multiplifi would do more partnerships like this. Infra as opposed to the normal stablefarms we know. Also today is the last day to sell your crystals. So sell now if you have thoughts of selling. gMultipli https://t.co/9xGR1NVtpN pic.twitter.com/XoMviOnjqT — Jux (@Jameel69420) January 28, 2026 RWA momentum extends beyond one protocol Multiplifi’s partnership with Centrifuge brings tokenized AAA CLO exposure, including JAAA, alongside tokenized equity and Treasury instruments into a unified collateral framework. Instead of farming incentives, the protocol positions itself as infrastructure: enabling yield on tokenized stocks, borrowing against them, and turning RWAs into productive balance-sheet assets. The surge comes amid broader expansion in tokenized real-world assets. Over the past 30 days, total on-chain RWA value climbed to $24.02 billion, with asset holders up more than 34%, according to RWA.xyz . Tokenized Treasuries, private credit, and equities are increasingly being treated as long-duration infrastructure flows rather than speculative DeFi rotations. Solana’s real-world asset (RWA) ecosystem has crossed $1 billion in on-chain value , marking a key milestone for tokenized finance on public blockchains. The growth is coming from tokenized Treasury funds and yield products, which tend to be longer-term and help keep on-chain activity steady even as markets cool. In that context, Multiplifi’s TVL jump looks less like a one-off anomaly and more like a preview. As large RWA pipelines move on-chain, growth may arrive in blocks—not drips—reshaping how TVL should be interpreted across DeFi. Also read: Ethereum To Rollout ERC-8004 On Mainnet To Empower AI Agents