Ethereum L1 Tops Public Networks With Over $19B in Tokenized Assets

Ethereum remains the largest public blockchain for tokenized real-world assets (RWAs), with more than $19 billion in tokenized funds market capitalization, according to recent data from Token Terminal.

Data visualizations from Token Terminal show Ethereum leading in both stablecoins and tokenized funds. Stablecoin market cap across tracked chains reached approximately $297.3 billion, with Ethereum holding around $167 billion. 

In tokenized funds, the total market cap stood at $34.7 billion, with Ethereum accounting for roughly $19.3 billion. Other networks ranked behind Ethereum, including BNB Chain at $3.6 billion, zkSync Era at $3.2 billion, and Stellar at $2.3 billion.

What is driving growth in tokenized funds

The growth of tokenized funds has accelerated since late 2024, with further expansion through 2025 and into 2026. Key assets contributing to this growth include sUSDS, sUSDe, IBENJI, syrupUSDC, USDY, BUIDL, JTRSY, and others.

Many of these products represent tokenized versions of U.S. Treasuries, money market funds, and yield-bearing products from traditional asset managers. BlackRock’s BUIDL and similar offerings have contributed to institutional participation on Ethereum.

However, competition among blockchain networks is increasing. BNB Chain, Solana, Stellar, and other networks have gained traction in specific areas. Solana, for example, has seen activity in RWA transfers and wallet adoption, supported by lower transaction costs and higher throughput for certain applications.

As tokenization expands, issuers are increasingly adopting multi-chain strategies to balance factors such as cost, transaction speed, and access to different user bases.

Factors driving momentum

Institutions are increasingly experimenting with on-chain representations of traditional assets for benefits like 24/7 trading, faster settlement, and programmable compliance. 

Stablecoins remain the largest category overall, serving as foundational infrastructure, while tokenized funds and Treasuries have seen the fastest recent growth amid demand for yield in a high-interest-rate environment.

Recent data also points to continued expansion in tokenized asset markets. In April 2026, DeFiLlama reported that tokenized real-world assets had grown from approximately $1 billion to $28 billion over three years. The active RWA market increased from about $4.1 billion at the start of 2025 to $25.2 billion by March 2026.

Partnerships between traditional finance giants and blockchain projects continue, with experiments in tokenized equities, real estate, and credit products. Regulatory clarity in certain jurisdictions has also supported measured adoption.

Why RWA growth still faces challenges

While Ethereum’s $19+ billion milestone in tokenized funds signals institutional interest, the broader RWA narrative warrants caution. Much of the growth concentrates in low-risk, yield-bearing products like tokenized Treasuries that largely replicate existing financial rails rather than revolutionize them. 

High gas fees on Ethereum L1, even with layer-2 scaling, continue to limit retail accessibility and true composability. Centralization risks persist through reliance on a few large issuers and custodians, potentially undermining decentralization promises. 

Regulatory uncertainties loom large; future crackdowns or stringent compliance requirements could stall momentum. Moreover, in a higher-for-longer interest rate environment, the appeal of these products may diminish if traditional yields fall. 

Tokenization has yet to meaningfully address deeper issues like liquidity fragmentation or systemic risk transfer from TradFi to crypto infrastructure. 

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