There’s now almost $35B in tokenized RWAs onchain.

Most of it comes from tokenized Treasuries and private credit.
Don’t get me wrong, these are useful products. But most of the capital stays in passive yield strategies.
IMO, a more useful category to follow is active strategies. These are tokenized funds whose portfolios rebalance, run basis trades, or move between different strategies as markets change.
It makes sense that this is the smallest RWA category by a wide margin, since minting a token against a T-bill is much easier than managing a live strategy.
Current leaders:
→ Biggest ETH L2: @Mantle_Official ($120M)
→ Biggest EVM network: @avax ($459.3M)
→ Biggest network: @StellarOrg ($685.8M)
My long-term bet is Ethereum ($389M). I'm also closely watching its L2 ecosystem, especially Mantle, as it has almost a third of ETH's value and it's leading the category among ETH L2s.
Overall, Mantle saw 27.4% QoQ growth to $247.5M in Q1 2026 in Total Distributed Value.
The aggressive launch by Franklin Templeton of its tokenized US Equity Index ETF (USPXX) and @maplefinance expansion on Mantle only adds to its momentum.
I'm expecting this category to grow a lot more over time.