@ethereum holds $16.75 billion in distributed real-world assets. That is 42.9% of the $39.00 billion on all 39 chains that rwa.xyz tracks, and more than BNB Chain, Solana, Stellar and Avalanche hold together.
The world's largest asset managers and banks issue here first. This report covers the chain first, then the builders, each in its own section with its own numbers.
01Ethereum is the home of tokenized assets
Ethereum leads every chain in distributed RWA value. BNB Chain holds $6.09 billion, Solana $4.39 billion, Stellar $3.56 billion and Avalanche $1.63 billion, per rwa.xyz. Those four chains hold $15.67 billion together, still less than Ethereum alone.
The @ethereumfndn supports the protocol, and @Etherealize_io works with banks and asset managers that want to build on it. Token Terminal counts 214 core developers, up 14.4% in 30 days, and 9.0 million monthly active users. $105.5 billion in ETH is staked to secure the chain, the security budget behind every tokenized fund that settles on it.
02Ethereum holds 285,604 RWA holders and 3,220 assets
Ethereum had 285,604 RWA holder addresses as of October 21, up 6.35% in 30 days, per rwa.xyz. It carries 3,220 RWAs. The assets moved $6.14 billion in 30 days.
Value sits with institutions. WisdomTree's WTGXX holds $843 million across 72 holders, Superstate's USTB $587 million across 81 and J.P. Morgan's JLTXX $739 million across 4, per rwa.xyz, however around $240 million of that value is not on n Ethereum. Gold and stablecoins bring the retail base, with PAXG alone at 106,872 holders and XAUT at 61,726.
03Treasuries and gold lead by value
Tokenized Treasury funds hold about $5.81 billion of the top 400 Ethereum RWAs on rwa.xyz. Gold and other commodities hold about $5.05 billion, led by Tether's XAUT at $3.01 billion and Paxos's PAXG at $1.81 billion. Active strategies add $1.84 billion and asset-backed credit adds $1.68 billion.
The largest non-stablecoin assets are XAUT, PAXG, Ondo's USDY at $1.26 billion, WisdomTree's WTGXX at $843 million, Maple's syrupUSDC at $798 million and J.P. Morgan's JLTXX at $739 million. Token Terminal counts $16.7 billion in tokenized funds and $5.2 billion in tokenized commodities on the chain.
04Stocks grow fast on Ethereum
Token Terminal counts $841.3 million in tokenized stocks on Ethereum, up 10.9% in 30 days. rwa.xyz shows about $729 million in its top 400 assets. Ondo, xStocks and Superstate issue most of them, from S&P 500 ETFs to single company shares.
05Half of all stablecoins live on Ethereum
Ethereum holds $146.91 billion in stablecoins across 26.93 million holders on rwa.xyz. That is about 50.5% of the $290.39 billion stablecoin market. DefiLlama counts $143.35 billion in dollar stablecoins and Token Terminal counts $161.5 billion. The sources define stablecoins differently, but all three put Ethereum first.
These dollars moved $1.75 trillion in 30 days. They are the cash leg for every other RWA on the chain.
Stablecoin issuers make up 54.4% of Ethereum's $310.0 billion app TVL on Token Terminal, and RWA issuers another 4.9%, across 118 apps. Tether at $89.1 billion and Circle at $48.1 billion are the two largest apps on the chain, ahead of Aave at $25.1 billion. Sky at $13.5 billion, Spark at $10.2 billion and Morpho at $7.6 billion also rank in the top ten, and all three hold or lend against tokenized assets.
06L2s carry the next wave of tokenized assets
The eight Ethereum scaling networks below give issuers cheaper and faster rails, and they hold $3.10 billion in distributed RWAs together on rwa.xyz as of October 21, 2026.
@zksync holds $949 million, almost all of it issued by @Securitize. @the_matter_labs builds Prividium, a private ZKsync validium that posts proofs of its state to Ethereum while keeping transaction data off chain. It runs the Cari Network's bank tokenized deposit pilot, which has more than 30 banks signed up, per Cari.
@arbitrum holds $814 million across 7,421 assets, the most of the eight. @Spiko_finance, @Paxos, @USDai_Official, @Securitize and @FTDA_US issue the most value there, per the rwa.xyz league table.
@RobinhoodApp has run Robinhood Chain, its own Arbitrum based chain on Ethereum, since July 1, 2026, per Robinhood. It holds $186 million and 1,628,335 RWA holders, more than Ethereum's 285,604. @chainlink prices every Stock Token, per Robinhood.
@0xPolygon and @0xPolygonFdn host $506 million and 22,942 holders on Polygon PoS, a sidechain that checkpoints to Ethereum. @Spiko_finance, Cashlink and @Reental_co lead, with Reental in tokenized real estate.
@base, built by @coinbase, holds $360 million and 92,215 holders. @multiplifi, @FTDA_US, @MidasRWA, @centrifuge and @KAIO_xyz lead.
@Mantle_Official holds $224 million, most of it issued by @Securitize, and @xStocksFi lists 1,471 stock tokens there.
@inkonchain, the L2 from @krakenfx, holds $39 million, led by @xStocksFi. Ink and Base both run on the OP Stack from @Optimism, whose own chain holds $26.6 million, mostly from @Securitize.
07Banks and governments chose Ethereum
J.P. Morgan Asset Management launched MONY, its first tokenized money market fund, on public Ethereum in December 2025. Fidelity, UBS, Société Générale and Santander also issue on the chain. The European Investment Bank issued its first digital bond on public Ethereum in 2021.
Regulators in the U.S., Hong Kong and El Salvador oversee assets on Ethereum, per the regulatory data on rwa.xyz. These are rules and public issuers rather than investable products.
08BlackRock and Securitize
@BlackRock launched BUIDL, its first tokenized fund on a public blockchain, on Ethereum in March 2024. @Securitize is its transfer agent and tokenization platform, and @BNYglobal is custodian and administrator. BUIDL holds $452 million on Ethereum across two share classes, per rwa.xyz.
Securitize also runs Apollo's ACRED at $28.8 million, VanEck's VBILL at $20.9 million and its own AAA CLO fund STAC at $104 million on Ethereum. The BlackRock Daily Reinvestment Stablecoin Reserve Vehicle adds $50.4 million.
BUIDL invests 100% of its assets in cash, U.S. Treasury bills and repurchase agreements, with a $5 million minimum. It launched with Anchorage Digital Bank, BitGo, Coinbase and Fireblocks in its first group of partners. It pays dividends as new tokens each month, and investors can move tokens 24/7 to other approved investors. BUIDL started on Ethereum and later added Aptos, Arbitrum, Avalanche, Optimism and Polygon, per The Block. Spark, Ethena and other DeFi protocols hold it as a reserve asset.
09Ondo
@Ondo issues USDY, the largest tokenized Treasury product on Ethereum at $1.26 billion, and OUSG at $135 million, per rwa.xyz. Ondo runs 460 RWAs on the chain worth $2.1 billion.
USDY has 1,400 holders and OUSG has 66. Its Global Markets stocks include SPYon at $41.5 million across 2,128 holders, QQQon at $27.2 million across 1,760 holders and IVVon at $60.1 million across 207, per rwa.xyz. Strategy's STRC preferred trades as STRCon at $60.2 million, and TLTon, HIMSon and IBITon add $71.2 million together.
10Tether and Paxos
@tether issues USDT, the largest asset on Ethereum at $75.51 billion across 15.26 million holders, and XAUT, tokenized gold at $3.01 billion, per rwa.xyz.
@Paxos issues PAXG at $1.81 billion across 106,872 holders, PYUSD for @PayPal at $1.85 billion and USDG for the @global_dollar network at $378 million. Paxos runs five Ethereum assets worth $4.1 billion. PYUSD has 112,603 holders and grew 11.5% in 30 days on Token Terminal. NYDFS regulates PAXG, and rwa.xyz lists USDG under Singapore rules.
11Circle
@circle issues USDC, at $45.14 billion across 9.06 million holders on Ethereum, per rwa.xyz. It also issues EURC at $354 million and USYC, a tokenized money fund, at $39.4 million. rwa.xyz lists USDC under the EU's MiCA rules and EURC under U.S. money transmitter licenses. Aave named USYC as an upcoming collateral asset when Horizon launched.
12Sky, Spark and Grove
@SkyEcosystem issues USDS at $6.74 billion and DAI at $4.08 billion on rwa.xyz. Its allocators, Spark and Grove, put that capital into tokenized funds.
Spark ran the Tokenization Grand Prix and in its first round put $500 million into BUIDL, $300 million into USTB and $200 million into JTRSY. Steakhouse Financial reviewed 39 applicants. Spark then committed another $1 billion to the same three funds, for $2 billion in total.
@grovedotfinance launched in June 2025 with a $1 billion allocation from Sky into JAAA, its first deployment under Sky's mandate. Grove Labs, a subsidiary of @SteakhouseFi, incubated it.
13WisdomTree and J.P. Morgan Kinexys
@WisdomTreeFunds runs WTGXX, a Treasury money market fund registered under SEC Form N-1A, at $843 million across 72 holders on Ethereum, per rwa.xyz. WisdomTree is also part of the Aave Horizon network.
@jpmorgan issues JLTXX at $739 million and MONY at $103 million through Kinexys Digital Assets. JLTXX is registered under the Investment Company Act of 1940, per rwa.xyz. J.P. Morgan seeded MONY with $100 million and investors can subscribe with cash or USDC. MONY charges 16 basis points with a $1 million minimum and invests only in U.S. Treasuries and repo backed by Treasuries, per J.P. Morgan Asset Management.
14Maple
@maplefinance runs syrupUSDC at $798 million across 3,241 holders and syrupUSDT at $239 million on Ethereum, per rwa.xyz. Maple holds about $1.04 billion on the chain. syrupUSDC is also among the larger RWA collateral assets on Morpho, per Morpho Watch
15Superstate and Invesco
@SuperstateInc runs USTB at $587 million on Ethereum, managed with @InvescoUS, per rwa.xyz. Its Crypto Carry Fund USCC, run with @Bitwise, holds $95.5 million. Both were launch collateral on Aave Horizon. USTB also won $300 million in the first round of Spark's Tokenization Grand Prix.
16Centrifuge and Janus Henderson
@centrifuge tokenizes the Janus Henderson Anemoy Treasury Fund JTRSY at $327 million and the AAA CLO fund JAAA at $210 million on Ethereum, per rwa.xyz. @anemoycapital manages the funds for Centrifuge. Both funds were launch collateral on Aave Horizon. JTRSY won $200 million in Spark's first Grand Prix round and holds an AA+f rating from S&P. JAAA is run by the team behind Janus Henderson's $21 billion AAA CLO ETF, and Grove seeded it with $1 billion.
17Aave Horizon, Morpho and Pendle
@aave launched Horizon in August 2025, a lending market on Ethereum where qualified institutions borrow stablecoins against tokenized assets. Launch collateral came from Superstate and Centrifuge, with Circle's USYC to follow. Horizon reached more than $450 million in net deposits by November 2025, when VanEck's VBILL joined. Its network also includes Ethena, KAIO, OpenEden, Ripple, Securitize and WisdomTree, and lenders can supply GHO, RLUSD and USDC. Llama Risk and Chaos Labs provide risk management.
@Morpho runs vaults and markets that take syrupUSDC, PRIME and other RWA tokens as collateral. RWA deposits on Morpho total $1.85 billion across all chains, with $758 million in loans, up 8.0% in 30 days. Morpho holds $7.60 billion in total deposits on Ethereum. @pendle_fi lets users trade the yield on sUSDe, USD0 and other RWA backed dollars.
18Ethena
@ethena issues USDe at $3.79 billion across 51,108 holders and sUSDe at $1.20 billion on Ethereum, per rwa.xyz. Ethena runs about $5.0 billion on the chain, fourth among Ethereum platforms. Its USDtb, at $476 million across 293,964 holders, launched in December 2024 with about 90% of its reserves in BUIDL, in partnership with Securitize. It moves to Base, Solana and Arbitrum through LayerZero. Issuance, redemption and reserve management moved to @Anchorage Digital Bank on October 13, 2025, and rwa.xyz lists USDtb under the GENIUS Act.
19Hastra and Figure
@HastraFi issues PRIME, home equity credit from @Figure, at $459 million across 240 holders on Ethereum, per rwa.xyz. It is the largest asset-backed credit token on the chain after Maple's syrup tokens. PRIME is also Morpho collateral, with $263.3 million posted as collateral on Ethereum.
20Chainlink and RedStone
@chainlink brings price feeds, Proof of Reserve and cross-chain transfer to RWAs. Aave Horizon uses Chainlink NAVLink for net asset values on its collateral. @redstone_defi publishes NAV feeds for tokenized funds that DeFi markets use as collateral. Together these oracles let lending markets such as Aave Horizon and Morpho price BUIDL, JTRSY, PRIME and other fund tokens in real time.
21Libeara and ChinaAMC
Libeara tokenizes Hong Kong money market funds on Ethereum. ChinaAMC's USD Digital Money Market Fund CUMIU holds $554 million, Bosera's BELIF $104 million and ChinaAMC's HKD fund CAMMF $92.2 million, per rwa.xyz. Libeara runs about $819 million across its top Ethereum assets, more than any other non-U.S. fund platform on the chain. A&I CAMC's RMB money fund AICRT adds $34.7 million. The funds sit under Hong Kong's professional investor exemption, with the HKMA as regulator
22Plume and Nest
@plumenetwork's Plume Vaults hold $80.5 million on Ethereum, per DefiLlama. Its @NestCredit vault product runs the Nest BlackOpal LiquidStone II vault nOPAL at $37.0 million across 487 holders on rwa.xyz. nOPAL holds OpalAccess LiquidStone, an asset-backed credit strategy.
23The builders on Ethereum
24TradFi banks
@UBS issues uMINT, a tokenized money market fund from UBS Asset Management, through UBS Tokenize on Ethereum.
@SG_Forge, the digital asset arm of @SocieteGenerale, issues the EURCV and USDCV stablecoins and digital bonds on Ethereum, at $168 million.
@sygnumofficial, the Swiss digital asset bank, tokenizes Fidelity International's FILQ liquidity fund on Ethereum, at $25.6 million.
@bancosantander issued a $20 million bond end to end on public Ethereum in 2019.
@GoldmanSachs runs GS DAP, its tokenization platform, and works with BNY on tokenized money market funds.
@Citi runs Citi Token Services and publishes research on tokenized markets.
@StateStreet works on fund tokenization and digital asset custody for asset managers.
HSBC runs Orion for tokenized bonds and issues a tokenized gold product.
25TradFi asset managers
@Fidelity issues the Fidelity Digital Interest Token FDIT, a tokenized Treasury fund, on Ethereum at $21.9 million.
Fidelity International runs the FILQ USD digital liquidity fund on Ethereum through Sygnum.
@vaneck_us issues VBILL, its tokenized Treasury fund, through Securitize, and VBILL is collateral on Aave Horizon.
Apollo tokenized its diversified credit fund ACRED through Securitize.
Hamilton Lane and KKR tokenized private market funds through Securitize.
Franklin Templeton runs Benji, its onchain fund platform, through Franklin Templeton Digital Assets.
@galaxyhq issues tokenized shares and runs onchain credit and trading.
Amundi manages the Spiko Amundi overnight swap funds on Ethereum, at $131 million across two share classes.
Fasanara Capital manages Midas mF-ONE and mGLOBAL, at $98 million together.
Mubadala Capital tokenized its MCAS fund through KAIO, at $20.5 million on Ethereum.
Deutsche Bank's asset manager DWS backs AllUnity, the EURAU euro stablecoin.
26Tokenized treasuries and funds
@FTDA_US issues BENJI and iBENJI, its tokenized money fund shares, at $233 million on Ethereum.
@MidasRWA issues mTBILL, mF-ONE, mHYPER and other liquid yield tokens, at $309 million.
@Spiko_finance issues U.S. and EU T-bill funds and Amundi overnight swap funds, at $247 million.
@theo_xyz issues thBILL, a short duration Treasury token, as part of $163 million on Ethereum.
@OpenEden_X runs its TBILL vault and the USDO dollar, at $40 million.
Arca Labs issues ArCoin, a tokenized Treasury fund.
Hashnote launched USYC, now issued by Circle.
Stablecoins
@Ripple issues RLUSD at $1.41 billion on Ethereum.
@worldlibertyfi issues USD1, through @BitGo, at $1.39 billion.
@falconfinance issues USDf at $1.73 billion, backed in part by tokenized assets.
@usualmoney issues USD0, backed by tokenized T-bills, at $542 million.
@fraxfinance issues frxUSD, at $302 million on rwa.xyz.
@FDLabsHQ issues FDUSD at $196 million.
@m0 runs the M programmable stablecoin layer, at $182 million.
@withAUSD issues AUSD at $77 million.
@Visa settles in USDC on Ethereum, and @Mastercard settles in stablecoins with partner banks.
@stripe runs stablecoin payments and Bridge, its stablecoin issuance platform.
@brale_xyz lets companies issue their own stablecoins.
@monerium issues EURe, an e-money euro token.
@Quantoz issues EURQ and USDQ under MiCA.
AllUnity issues EURAU, a euro stablecoin.
Schuman Financial issues EURØP, and StablR issues EURR.
Stasis issues EURS.
@frankencoinzchf issues ZCHF, the Swiss franc stablecoin.
@GMOTrust issues GYEN and ZUSD.
@StraitsX issues XSGD, the Singapore dollar stablecoin.
BCP Technologies issues tGBP, Agant issues GBPA and AUDC issues an Australian dollar stablecoin.
Rupiah Token issues IDRT and Transfero issues BRZ.
@MNEE_cash issues MNEE, a dollar stablecoin.
@elixir issues deUSD, @infiniFi issues iUSD, @protocol_fx issues fxUSD and @InverseFinance issues DOLA.
@LiquityProtocol issues BOLD, @synthetix issues sUSD and @OriginProtocol issues OUSD.
@RiverdotInc issues satUSD and @UnitasLabs runs the Unitas stablecoin.
Cap issues cUSD, Level issues lvlUSD, Resolv issues USR and Neutrl issues a synthetic dollar.
Angle issued EURA and USDA, Mountain Protocol issued USDM, Beanstalk issues BEAN and JUSD Finance issues JUSD.
27Credit
@re issues reUSD, reinsurance backed yield, at $354 million.
@paretocredit runs credit vaults for @FalconXGlobal and @RockawayX, at $178 million.
@saturn_credit issues sUSDat, at $153 million.
@multiplifi runs yield vaults against tokenized assets, at $152 million.
@3janexyz issues USD3, onchain credit lines, at $110 million.
@avalonfinance_ runs bitcoin backed credit and USDa, at $87 million.
@opentrade_io runs Perimeter Protocol yield vaults, at $76 million.
@gaib_ai finances AI compute, at $16 million.
@humafinance runs PayFi credit, with Ethereum TVL on DefiLlama.
@goldfinch_fi runs private credit funds onchain.
@BrilaFinance, formerly TrueFi, runs an onchain credit marketplace.
@ClearpoolFin runs institutional credit pools.
@WildcatFi runs configurable credit lines.
@AccountableData verifies credit vaults onchain.
@AnzenFinance issues USDz and @csigmafinance runs private credit pools.
Credefi lends to small businesses, Florence Finance funds euro SME loans and Credit Coop runs revenue based credit lines.
Ember, Piku Finance, R2 Protocol and Lend.xyz also run credit and yield products on Ethereum.
28Real estate
@PropyInc runs onchain property title and escrow.
RealT tokenizes U.S. rental homes.
DigiShare issues the PRPTY real estate token, at $20 million.
@Vault_St turns tokenized assets into yield products.
@tangibleDAO tokenizes real estate.
MetaWealth sells fractions of property.
29Commodities
@matrixdock issues XAUm gold, at $22.4 million on Ethereum.
@KinesisMonetary issues KAU gold and KAG silver.
@DGLD_Official issues DGLD, a gold token.
BT Asset Hub issues AZG gold, at $128 million.
CACHE Gold issues CGT, Aurus issues tGOLD and Gold Token SA issues a gold token.
30Tokenized stocks
@xStocksFi issues tokenized stocks with @BackedFi, including STRCx at $127 million, and @krakenfx distributes them.
@DinariGlobal issues dShares, tokenized U.S. stocks.
@SwarmMarkets issues licensed stock and bond tokens.
@Gemini offers tokenized stocks and issues GUSD.
@Sharplink, the Ethereum treasury company, tokenized its shares through Superstate.
@coinbase runs Base and offers institutional custody.
Tenbin also issues tokenized assets.
31Custody
@FireblocksHQ runs a tokenization engine and custody for issuers.
@BitGo issues USD1 and runs institutional custody.
@DigitalAssets runs custody and the FDIT platform for Fidelity.
@CopperHQ and @komainu run regulated institutional custody.
Zodia Custody runs custody backed by Standard Chartered.
32Compliance and identity
Tokeny runs ERC-3643, the T-REX permissioned token standard, and the ERC3643 Association runs the standard.
@0xPredicate runs onchain policy and compliance checks.
Quadrata issues an onchain identity passport.
@chainalysis and @trmlabs run compliance analytics.
InvestReady checks investor accreditation.
33DeFi
@Uniswap and @CurveFinance give RWA dollars deep liquidity.
@Balancer and @0xfluid run pools and lending for RWA dollars.
@eulerfinance runs lending markets that take RWA collateral.
@SteakhouseFi and @gauntlet_xyz curate RWA vaults.
@Ostium runs perpetuals on stocks, FX and commodities.
34L2s
@0xPolygon holds $506 million in distributed RWAs on rwa.xyz.
@Mantle_Official builds for RWAs, @inkonchain is Kraken's L2 and @LineaBuild is Consensys's L2.
@Optimism builds the OP Stack and @Scroll_ZKP runs a ZK rollup.
35Oracles and infra
@PythNetwork and @ChronicleLabs bring price and asset data onchain.
@The_DTCC works on tokenizing assets that DTC holds.
@Nasdaq proposed trading tokenized securities.
@Broadridge runs DLR, its tokenized repo platform.
@Tradeweb traded tokenized Treasuries in onchain pilots.
@Brickken runs a tokenization suite, at $8.2 million on Ethereum per DefiLlama.
@IxsFinance runs a regulated settlement layer for tokenized RWAs.
@KAIO_xyz tokenizes institutional funds, at $39 million on Ethereum.
@AssetoFinance tokenizes funds, at $267 million.
@DigiFTTech runs a regulated exchange for tokenized funds, at $142 million.
@enzymefinance runs Onyx, the vault platform behind OpalAccess LiquidStone, at $45 million.
@MercadoBitcoin tokenizes Brazilian fixed income, at $33 million.
@ArchaxEx runs a UK regulated tokenization venue.
@tZERO and @INX_Group run regulated venues for tokenized securities.
@joinrepublic issues tokenized investment notes.
@Consensys builds MetaMask and Linea.
Libre tokenizes funds for institutions, Ownera runs FinP2P, Taurus runs tokenization and custody, Zoniqx runs ERC-7518 tokens, and NUVA and Forte build tokenization tools.
@RWA_xyz, @tokenterminal and @DefiLlama track the market.
36Governments and public bodies
The European Investment Bank issued digital bonds on public Ethereum.
The Wyoming Stable Token Commission issues FRNT, a state stable token.
The SEC, the Hong Kong Monetary Authority, NYDFS and El Salvador's CNAD oversee major assets on Ethereum.
37Conclusion
Ethereum holds the most RWA value, the most assets and the most stablecoins of any chain. With its L2s, it holds close to half of the market.
The builders cover every part of finance. BlackRock, J.P. Morgan, Fidelity, WisdomTree and Franklin Templeton issue funds. Tether, Circle and Paxos issue the dollars and the gold. Sky, Aave, Morpho and Pendle put those assets to work. When the largest firms bring a fund onchain, Ethereum is where they start.
Securitize, Maple, Plume, Dinari and Brickken are proud members of RWA Foundation but have no influence on the opinions of this report. Token Terminal is RWA Foundation's data partner. Data throughout this article was gathered on the 21st of October, 2026. This report is for informational purposes only and is not investment advice.