Tokenized real-world assets hit $46.2 billion across 36 chains

About $46.2 billion of real-world assets now live onchain, spread across 36 blockchains. That figure excludes stablecoins, so this is the slower, more paperwork-heavy side of tokenization: bonds, funds, credit, and stocks.

Where the $46 billion actually sits

According to Token Terminal data, the onchain RWA market reached approximately $46.2 billion to $46.3 billion as of late September 2026. Depending on how you count, those assets sit on 35 to 36 networks.

Ethereum dominates with a share of around 48%, or roughly $22.2 billion. BNB Chain sits in second place with $5.5 billion, about 12% of the total. Stellar and zkSync Era each hold about $3.3 billion, while Solana carries $3.0 billion.

Treasuries still run the show, but stocks are moving fast

By asset type, US Treasury bills are the biggest category at roughly $13.9 billion. Active yield strategies follow at about $10.7 billion, with credit funds at approximately $6.5 billion.

The more interesting movement is in tokenized stocks. The category posted the strongest growth over the past 30 days, adding around $592 million in market cap.

Depending on who you ask, the number changes

Not every data provider agrees on the size of the market. As of October 1, 2026, rwa.xyz reported distributed onchain RWA value of $38.61 billion across 39 networks. That same dataset puts Ethereum at roughly $16.7 billion. So rwa.xyz counts more chains but a smaller total, leaving a gap of several billion dollars between the two trackers.

The difference comes down to methodology. Trackers make different calls about which assets count as “distributed,” how to treat assets that sit on one chain but are represented on another, and which products qualify as RWAs at all.

Background: from experiment to asset class

Tokenization means creating a blockchain-based token that represents ownership of a traditional asset. The token can move, settle, and plug into software much faster than the paper-and-intermediary system it replaces.

Holder growth has increased notably, with millions of addresses now involved in RWAs. McKinsey projects that the tokenized asset market, excluding stablecoins, could reach $2 trillion by 2030. Broader estimates that fold in trade finance and related assets run as high as tens of trillions in potential issuance.

What this means

Only about 7% to 12% of tokenized assets are currently being used in decentralized finance, which means most of this value sits in wallets rather than working as collateral or liquidity.

Risks remain. Regulatory frameworks are still developing, data providers disagree on the market’s size by billions, and the leap from $46 billion to $2 trillion by 2030 is a forecast, not a guarantee.

The things to track from here are whether tokenized equities sustain their momentum, whether DeFi utilization climbs out of the single digits and low teens, and whether competing chains can chip away at Ethereum’s roughly 48% share as institutional adoption deepens.