Ethereum Leads $46B Tokenized RWA Market With 48.4% Share

The market capitalization of tokenized real-world assets (RWA) reached $46 billion on Thursday, according to Token Terminal data (on Sep 24 at 6:00 pm UTC). Ethereum held the largest share at $22.2 billion, representing 48.4% of the total.

Token Terminal data showed the market spread across 35 chains. BNB Chain ranked second with $5.5 billion, or 11.9%. Stellar and zkSync Era each recorded $3.3 billion, accounting for 7.2% and 7.1%, respectively. Solana held $3.0 billion, or 6.5%. 

XRP Ledger followed with $2.5 billion (5.3%), Avalanche with $1.8 billion (3.9%), Arbitrum One with $1.3 billion (2.8%), and Injective with $1.1 billion (2.3%). Base accounted for $355.5 million, or 0.8%. The remaining $1.7 billion, or 3.8%, was distributed among other networks. 

Charts tracking market capitalization by chain from early 2022 showed a period of limited activity followed by a sustained increase that accelerated through 2025 and into 2026. Ethereum remained the primary contributor throughout the period, with other chains showing greater visibility in later stages.

RWA market issuer distribution

Token Terminal data (on Sep 24 at 6:00 pm UTC) listed 129 issuers. Sky held the largest position at $4.5 billion, or 9.9% of the total. Securitize followed with $4.2 billion (9.2%). Ondo Finance recorded $3.5 billion (7.6%), Tether $2.8 billion (6.0%), and Spiko $2.6 billion (5.6%). 

Franklin Templeton accounted for $2.5 billion (5.4%), Circle $2.4 billion (5.3%), Tradable $2.3 billion (5.0%), Justoken $2.2 billion (4.9%), and Paxos $1.9 billion (4.0%). The remaining $17.1 billion, or 37.2%, was attributed to other issuers. 

Charts showing market capitalization by issuer indicated a similar pattern, with gradual growth in earlier years followed by a sharper increase beginning around 2024 and continuing through 2026.

Comparison with prior figures

As earlier reported by The Crypto Times, Token Terminal data from August 26, 2026, placed the overall market capitalization of tokenized real-world assets at $44.7 billion, representing a cumulative increase of 5,672.8% from baseline levels at that time. 

Funds formed the largest category in that report, with a market capitalization of $34.1 billion, or 76.4% of the total. Commodities followed at $7.7 billion (17.3%), and tokenized stocks accounted for $2.8 billion (6.3%). 

A separate token terminal measurement of total value locked held by real-world asset issuers recorded $26.6 billion across 20 chains on August 13. Ethereum accounted for $15.1 billion, or 56.6% of that total. zkSync Era held $4.2 billion (15.7%), Avalanche $1.9 billion (7.0%), Solana $1.8 billion (6.6%), and Stellar $1.1 billion (4.0%). 

Arbitrum One represented 3.0%, BNB Chain 2.4%, Sei EVM 1.0%, Offchain 1.0%, and XRP Ledger 0.8%, with the balance distributed among the remaining networks. 

That TVL figure reflected a 174.6% increase. Charts for the metric showed relative stability in earlier years, followed by growth beginning in 2024 and extending through 2026, with Ethereum remaining the largest contributor as other networks added visibility over time.

Also Read: RWA Perp Volume Hits $117B as On-chain Share Reaches 86%