The market capitalization of tokenized real-world assets (RWA) reached $46 billion on September 24, with Ethereum holding the largest share at $22.2 billion, or 48.4% of the total, according to Token Terminal data.
The tokenized RWA market was spread across 35 blockchain networks, with BNB Chain ranking second at $5.5 billion, or 11.9%. Stellar and zkSync Era each accounted for about $3.3 billion, while Solana held $3 billion, or 6.5%.
The onchain RWA market stands at $46.3B, excluding stablecoins
U.S. T-bills lead at $13.9B, followed by yield or active strategies at $10.7B and credit funds at $6.5B
Tokenized stocks recorded the largest market cap increase over the past 30 days, adding $591.9M pic.twitter.com/tnYE0Zpg6M
— Token Terminal 📊 (@tokenterminal) September 22, 2026
The figures show how quickly the tokenization market has expanded across multiple blockchain networks. However, Ethereum still makes up about half of the total market value that Token Terminal tracks.
Stellar recorded $3.3 billion, or 7.2% of the market, after Ethereum and BNB Chain, while zkSync Era recorded $3.3 billion, or 7.1%. With $3 billion, Solana came next.
Significant sums were also retained by other networks. Avalanche held $1.8 billion, or 3.9%, while XRP Ledger controlled $2.5 billion, or 5.3%. Injective had $1.1 billion, or 2.3%, and Arbitrum One had $1.3 billion, or 2.8%. Base held $355.5 million, equal to 0.8%. The remaining $1.7 billion was spread across other networks.
Token Terminal’s data also showed 129 issuers participating in the tokenized RWA market.
Tether held $2.8 billion, followed by Spiko at $2.6 billion and Franklin Templeton at $2.5 billion. Circle accounted for $2.4 billion, Tradable $2.3 billion, Justoken $2.2 billion and Paxos $1.9 billion. Other issuers collectively represented $17.1 billion, or 37.2% of the market.
In recent years, the expansion has quickened. Tokenized RWA market capitalization charts reveal little activity in the early years, significant increase starting about 2024, and further acceleration through 2025 and 2026. Despite the growing visibility of competing networks, Ethereum continued to be the biggest contributor.
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