Ethereum Dominates Tokenized RWA Market With 48.4% Share

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

BNB Chain ranked second with $5.5 billion, or 11.9%, followed by Stellar and zkSync Era, each with about $3.3 billion, accounting for 7.2% and 7.1%, respectively. Solana held $3.0 billion, or 6.5%.

The tokenized RWA market has seen significant growth since the beginning of 2022, with Ethereum remaining the primary contributor throughout the period. The charts tracking market capitalization by chain show a sustained increase that accelerated through 2025 and into 2026.