TL;DR:
- The total market value of tokenized real-world assets (RWA) stood at $46 billion as of September 24, 2026.
- Ethereum holds $22.2 billion in tokenized assets, accounting for 48.4% of the global capitalization spread across 35 blockchains.
- Issuers Sky and Securitize lead the sector by assets under management, posting $4.5 billion and $4.2 billion respectively.
Metrics from Token Terminal reveal that Ethereum is the absolute leader in the tokenized RWA market after capturing a 48.4% market share out of a total of $46 billion.
The milestone confirms a significant concentration of institutional value on the leading smart contract network. According to the Token Terminal report as of 18:00 UTC on the aforementioned date, tokenized assets on Ethereum totaled $22.2 billion across an infrastructure shared among 35 decentralized networks.
BNB Chain took the second spot in the sector with $5.5 billion logged, capturing 11.9% of the global share. Meanwhile, Stellar and zkSync Era recorded roughly $3.3 billion each, representing allocations of 7.2% and 7.1% respectively.
Solana locked in fifth place with $3.0 billion in assets under management, equivalent to 6.5% of the total market capitalization.
Other networks held more moderate footprints within the ecosystem. XRP Ledger posted $2.5 billion (5.3%), Avalanche reached $1.8 billion (3.9%), Arbitrum One accumulated $1.3 billion (2.8%), and Injective reported $1.1 billion (2.3%). The Layer 2 network Base logged $355.5 million, accounting for 0.8%, while the remaining $1.7 billion (3.8%) was distributed among multiple smaller protocols.
Institutional Issuer Breakdown and Capital Growth
Token Terminal records cataloged 129 active issuing entities in the tokenized RWA vertical. Sky ranked at the top of the market with $4.5 billion issued, representing 9.9% of global volume.
Securitize claimed second place with $4.2 billion (9.2%). Close behind were Ondo Finance with $3.5 billion (7.6%), Tether with $2.8 billion (6.0%), and Spiko with $2.6 billion (5.6%).
Traditional finance institutions also solidified their technical footprint. Franklin Templeton recorded $2.5 billion (5.4%), Circle $2.4 billion (5.3%), Tradable logged $2.3 billion (5.0%), Justoken registered $2.2 billion (4.9%), and Paxos amassed $1.9 billion (4.0%). The remaining balance of $17.1 billion, representing 37.2%, was dispersed among smaller-scale issuers.
Historical charts from the analytics platform show an initial low-adoption phase dating back to early 2022, followed by sustained acceleration beginning in 2024 and extending through September 2026. Comparative figures from August 26, 2026, placed total valuation at $44.7 billion. At that point, investment funds comprised 76.4% of all instruments ($34.1 billion), followed by commodities at $7.7 billion (17.3%) and tokenized equities at $2.8 billion (6.3%).
Additionally, an independent reading of total value locked (TVL) across RWA issuers showed $26.6 billion distributed over 20 networks on August 13, 2026. On that date, Ethereum held $15.1 billion, representing 56.6% of the audited total, while zkSync Era maintained $4.2 billion (15.7%).
The U.S. Commodity Futures Trading Commission (CFTC) scheduled a review of its regulatory guidelines regarding blockchain-based financial instruments following the disclosure of these aggregate secondary market volumes.
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