This is the year-to-date blockchains edition of RWA Activity on the Terminal, a joint report from RWA Foundation and Token Terminal. It tracks which blockchains have grown the most in 2026, by market cap across five sectors and by asset holders across the same five.
All figures are taken strictly from Token Terminal as of October 6, 2026. Growth figures cover the year to date, from January 1 to October 6. No third-party data has been added, and no figures have been adjusted or estimated.
Market cap refers to circulating asset market cap as reported by Token Terminal. Holders refers to addresses holding a non-zero balance, summed across assets without removing duplicates. Each chart shows the chains listed by Token Terminal for that sector. Market cap covers stablecoins, tokenized funds, tokenized commodities, tokenized stocks and tokenized credit funds. Holders covers the same five sectors.
01Overview
Across all RWAs excluding stablecoins, BNB Chain has added the most overall market cap this year so far at $3.7 billion. Stellar (+$2.7 billion), XRP Ledger (+$2.4 billion), Solana (+$1.6 billion) and Avalanche (+$1.0 billion) have each added $1 billion or more. zkSync Era (+$804.2 million), Ethereum (+$456.0 million), Sei EVM (+$259.7 million), X Layer (+$234.1 million) and Injective (+$206.3 million) complete the top 10.
No single chain leads every sector. Tron leads stablecoins, Stellar leads tokenized funds, XRP Ledger leads commodities, BNB Chain leads stocks and Solana leads credit. On holders, BNB Chain leads three of the five sectors and Ethereum leads the other two.
02Stablecoins
Tron has added $12.7 billion in stablecoin market cap this year, about half of the growth across the top 10. HyperEVM is second at $6.5 billion. The two have added $19.2 billion between them, more than three times the other eight combined.
X Layer added $1.2 billion, followed by Solana (+$955.3 million) and XRP Ledger (+$949.5 million). Robinhood Chain (+$792.6 million), Polygon (+$597.7 million), Tempo (+$539.1 million), Arc (+$532.3 million) and Base (+$413.7 million).
Holder growth followed a different order. BNB Chain added 38.3 million stablecoin holder addresses, about three times Celo (+12.8 million), the next chain. Ethereum added 9.8 million and Tron 6.6 million. Polygon (+5.4 million), Base (+4.9 million), Arbitrum One (+4.8 million) and Solana (+4.6 million) were close together, with Algorand (+2.2 million) and Plasma (+567,100) completing the top 10.
Tron added the most stablecoin market cap and the fourth most holders. HyperEVM added the second most market cap and does not appear in the top 10 by holders. BNB Chain and Celo lead holders and do not appear in the top 10 by market cap.
03Tokenized funds
Stellar has added $2.7 billion in tokenized fund market cap this year and BNB Chain $2.5 billion. The two account for about 63% of the growth across the top 10. Solana added $1.0 billion and zkSync Era $804.2 million. Avalanche (+$375.2 million), Sei EVM (+$259.7 million), Injective (+$206.3 million), XRP Ledger (+$182.1 million), Monad (+$116.0 million) and Base (+$50.1 million) followed.
Fund holder growth is measured in thousands. Ethereum added 7,400 holder addresses, more than twice the next chain. Base (+2,800), Plasma (+2,600), XRP Ledger (+2,500) and Polygon (+2,400) were close together, followed by Berachain (+1,700). Tron (+897), Stellar (+840), OP Mainnet (+701) and Robinhood Chain (+403) completed the top 10.
Stellar added the most fund market cap and 840 holder addresses. BNB Chain added $2.5 billion and does not appear in the top 10 by fund holders. Ethereum leads fund holders and does not appear in the top 10 by fund market cap growth.
04Tokenized commodities
XRP Ledger has added $2.2 billion in tokenized commodity market cap and Ethereum $1.6 billion. Together they account for about 90% of the growth across the chains shown. Avalanche added $334.5 million and BNB Chain $57.5 million. Base (+$14.2 million), Robinhood Chain (+$13.3 million), Solana (+$12.6 million) and HyperEVM (+$6.4 million) followed.
Commodity holders were spread more evenly. BNB Chain added 90,800 holder addresses, Celo 74,600, Ethereum 68,000, Robinhood Chain 62,100 and Solana 59,300. The next chain, Base, added 4,800. Arc (+1,500), Sui (+1,200), HyperEVM (+946) and Plasma (+654) completed the top 10.
XRP Ledger added the most commodity market cap and does not appear in the top 10 by commodity holders.
05Tokenized stocks
BNB Chain has added $1.2 billion in tokenized stock market cap this year, more than Solana (+$562.5 million) and Ethereum (+$511.8 million) combined. Avalanche added $300.9 million, X Layer $234.1 million, Arbitrum One $156.7 million and Robinhood Chain $145.1 million. Base (+$35.2 million), Stellar (+$17.1 million) and Ink (+$11.4 million) completed the top 10.
Three chains account for about 95% of tokenized stock holder growth across the top 10. BNB Chain added about 1.8 million holder addresses, Robinhood Chain about 1.5 million and Solana about 1.2 million. Base added 105,300, Ethereum 52,000 and X Layer 41,900. Arbitrum One (+5,800), Ink (+4,200), HyperEVM (+1,700) and OP Mainnet (+1,400) followed.
Robinhood Chain added the second most stock holders and the seventh most stock market cap. Avalanche added the fourth most market cap and does not appear in the top 10 by stock holders.
06Tokenized credit funds
Solana has added $237.1 million in tokenized credit market cap this year, about 41% of the growth across the chains shown. Monad added $105.7 million and Arbitrum One $97.0 million. zkSync Era (+$70.2 million), Stellar (+$38.0 million) and Base (+$21.6 million) followed, with Avalanche (+$6.3 million) and BNB Chain (+$1.0 million).
Credit holder growth is small and evenly spread at the top. Ethereum added about 2,000 holder addresses, Base and Plasma about 1,900 each and Solana about 1,300. Robinhood Chain added 133.
Solana added the most credit market cap and the fourth most credit holders. Ethereum and Plasma are in the top three by holders and do not appear among the chains shown for credit market cap growth.
07Where chains appear
A few chains show up across most of the report.
- BNB Chain leads RWA market cap growth, tokenized stock market cap, and holder growth in stablecoins, commodities and stocks. It is second in tokenized funds.
- Solana appears in the top 10 in all five market cap sectors, leading credit and placing second in stocks and third in funds.
- Stellar leads tokenized funds with $2.7 billion and is second across all RWAs.
- XRP Ledger leads commodities with $2.2 billion and is third across all RWAs.
- Ethereum and Base appear in all five holder sectors. Robinhood Chain appears in four.
08Conclusion
Year to date, RWA growth has been spread across chains by sector. Tron and HyperEVM have taken most of the stablecoin market cap growth, Stellar and BNB Chain most of the tokenized fund growth, and XRP Ledger and Ethereum most of the commodity growth.
BNB Chain added the most holder addresses in stablecoins, commodities and stocks, and added 38.3 million in stablecoins alone.
As in the earlier editions, the chains adding the most market cap are often not the chains adding the most holders. HyperEVM, Stellar and XRP Ledger rank at or near the top by market cap in their sectors and low or outside the top 10 by holders.
All figures are sourced strictly from Token Terminal as of October 6, 2026, and reflect the year to date. This report is for informational purposes only and is not investment advice.