Tokenized RWA value by chain tells a different story than CT does.

1. Ethereum — $16.0B (46.73%)
2. BNB Chain — $4.0B (11.58%)
3. Solana — $3.3B (9.57%)
4. Stellar — $3.0B (8.78%)
5. Avalanche — $2.1B (6.13%)
The next five: Liquid, zkSync Era, Arbitrum, Polygon and XRP Ledger all combine for less than $4B.
That’s still less than one-quarter of Ethereum’s tokenized RWA market.
Two details stand out.
– Stellar ranks ahead of Solana and every L2 while receiving almost none of the narrative attention.
– Ethereum isn’t simply leading. It’s becoming the default. Nearly half of all tokenized RWAs live on one chain.
Institutions aren’t choosing Ethereum because it’s the fastest chain.
They’re choosing the chain with the deepest liquidity, the most mature custody infrastructure, the broadest legal precedent and the ecosystem counterparties already trust.
Those advantages compound.
The RWA conversation often gets framed as a multi-chain race.
The allocation data suggests something different.
Until a major issuer launches or migrates a flagship tokenized asset away from Ethereum, the market isn’t deciding who leads.
It’s reinforcing the same answer every quarter.