The 15.7 billion in ETH looks stable, but multi-chain diversification is now a foregone conclusion—institutions choosing which chains to use is even more realistic than choosing tokens.

a16z indicates that Ethereum continues to lead in the tokenized asset space, consistent with its first-mover advantage in DeFi and institutional adoption. Currently, the tokenized asset sizes on major chains are: Ethereum $15.7 billion, BNB Chain $4 billion, Solana $2.2 billion, Stellar $1.7 billion, Liquid Network $1.5 billion, XRP Ledger, ZKsync Era, and Arbitrum each approximately $1 billion. a16z points out that tokenized assets are not concentrated on a single blockchain but are spreading across multiple chains based on standards such as cost, liquidity, and compliance, and a multi-chain coexistence pattern is taking shape.