Which blockchains host tokenized real-world assets, and why
Where tokenized real-world assets live, from Ethereum and Solana to Canton and Provenance, and how to read chain market share data.
Key takeaways
- Tokenized real-world assets (RWAs) sit on two kinds of ledgers: public blockchains anyone can read and use, and permissioned networks where only approved institutions run nodes and see data.
- As of October 6, 2026, RWA.xyz tracks about $38.8 billion of freely transferable (“distributed”) RWAs, and Ethereum hosts roughly 43% of that value.
- The far larger “represented” category, about $389 billion on RWA.xyz’s network view, is dominated by Canton Network (about $347 billion) and Provenance (about $23.5 billion).
- Issuers increasingly launch the same product on several chains at once, which makes interoperability and consistent record keeping as important as the choice of any single chain.
What the RWA blockchain landscape is
A tokenized real-world asset is a digital record on a blockchain that stands for ownership of something that exists off-chain, such as a Treasury fund share, a loan, a bond or a commodity. The blockchain is the ledger that records who holds what. Choosing that ledger is a real decision for an issuer, because it shapes who can buy the token, how private the data is, how settlement works and which other applications the asset can plug into.
This guide maps where tokenized assets actually live, why issuers pick one network over another, and how to read the market share figures that data providers publish. It does not cover the asset types themselves; BlockWest Learn has separate guides on tokenized Treasuries, tokenized private credit and tokenized stocks.
Distributed vs represented: two ways to count
RWA.xyz, the most widely cited public data source for this market, splits assets into two buckets:
- Distributed assets are tokens that holders can transfer between wallets on the chain, and in many cases use in other on-chain applications such as lending markets.
- Represented assets are recorded on a blockchain but mirror an issuer’s or platform’s own books. They generally cannot move outside that issuer’s system, so the chain acts as a shared database rather than an open market.
The difference matters for any comparison of chains. A network can look small in one view and dominant in the other. Public chains lead on distributed value, while permissioned institutional networks account for most represented value.
Market share by chain
The table below uses RWA.xyz’s network dashboard as of October 6, 2026. Shares are calculated by BlockWest from those figures: distributed share is against the $38.80 billion distributed total, and represented share is against the $389.04 billion represented total shown on the same page. RWA.xyz excludes stablecoins from these RWA totals.
| Network | Type | Distributed value | Share of distributed | Represented value | Share of represented |
|---|---|---|---|---|---|
| Ethereum | Public layer 1 | $16.68B | 43.0% | $0.10B | under 0.1% |
| BNB Chain | Public layer 1 | $5.77B | 14.9% | none listed | 0% |
| Solana | Public layer 1 | $4.38B | 11.3% | $0.13B | under 0.1% |
| Stellar | Public layer 1 | $3.48B | 9.0% | $0.08B | under 0.1% |
| Avalanche | Public layer 1 with private subnets | $1.72B | 4.4% | $11.40B | 2.9% |
| ZKsync Era | Ethereum layer 2 | $0.97B | 2.5% | $1.98B | 0.5% |
| Arbitrum | Ethereum layer 2 | $0.96B | 2.5% | $0.03B | under 0.1% |
| Polygon | Public, Ethereum-aligned | $0.50B | 1.3% | $0.71B | 0.2% |
| XRP Ledger | Public layer 1 | $0.50B | 1.3% | $4.10B | 1.1% |
| Aptos | Public layer 1 | $0.20B | 0.5% | $0.57B | 0.1% |
| Plume | RWA-focused public chain | $0.16B | 0.4% | $0.03B | under 0.1% |
| Provenance | Purpose-built finance chain | $0.07B | 0.2% | $23.48B | 6.0% |
| Canton Network | Permissioned, privacy-first | none listed | 0% | $346.87B | 89.2% |
Two other details from the same dashboard: Base, Coinbase’s Ethereum layer 2, holds about $358 million distributed, and Liquid Network, a Bitcoin sidechain, holds about $1.62 billion distributed (4.2%).
Why issuers choose the chains they do
Ethereum and its layer 2s. Ethereum leads distributed RWAs because it has the longest operating record, the deepest pool of on-chain liquidity and the most mature tooling for custody, compliance controls and smart contract audits. Layer 2 networks (separate chains that settle back to Ethereum, such as Arbitrum, Base and ZKsync Era) offer lower transaction costs while inheriting part of Ethereum’s security. ZKsync stands out for its sizeable represented book, which reflects private credit platforms recording loans there.
High-throughput public chains. Solana, BNB Chain and Aptos compete on speed and low fees, and on access to large retail and trading user bases. BNB Chain’s distributed total is notable given its exchange-linked user base, and Solana has the second-largest holder count on RWA.xyz after BNB Chain.
Payments-oriented chains. Stellar was designed for payments and asset issuance, with built-in features issuers use for compliance, such as the ability to authorize holders. Franklin Templeton’s tokenized money fund was an early anchor there. The XRP Ledger plays a similar role and carries about $4.1 billion of represented assets.
Customizable networks. Avalanche lets institutions launch their own chains (formerly called subnets) with their own validator and access rules, which explains its large represented total alongside its public footprint. Polygon offers low-cost, Ethereum-compatible infrastructure that several asset managers and governments have used for pilots.
Purpose-built and permissioned networks. Canton Network, built around the Daml smart contract language, lets each institution run its own node and see only the transactions it is party to, with an encrypted coordination layer that cannot read the data. Participants include Broadridge, whose distributed ledger repo platform has run on Canton since 2021, and DTCC, which announced work to tokenize Treasury collateral there, according to Blockworks Research. Provenance, the chain behind Figure’s lending business, records home equity loans and other credit. Plume is a newer public chain built specifically for RWAs, with compliance tooling at the protocol level, though its tracked value remains small.
Public vs permissioned, privacy and interoperability
The core trade-off is openness against control. Public chains give composability, meaning a token can be used as collateral or traded in other applications without bespoke integrations. The cost is that transaction data is visible to anyone, which many banks and asset managers cannot accept for client positions or trading strategies.
Permissioned networks solve the privacy problem but limit who can participate, and their assets mostly stay within the issuing platform. That is why Canton’s very large represented figure should not be compared one-for-one with Ethereum’s distributed figure: they measure different things.
Multi-chain issuance is the industry’s answer to fragmentation. BlackRock’s BUIDL fund, issued with Securitize, launched on Ethereum and has since expanded to Solana, BNB Chain and several others, using cross-chain messaging such as Wormhole to move shares between networks. This lets an issuer reach different investor bases, but it adds operational complexity, because the transfer agent must keep one consistent record of ownership across every chain.
Risks and what to watch
- Measurement risk. Totals depend on the data provider’s definitions. RWA.xyz’s own pages showed different represented totals on the same day ($389 billion on the network view, $376 billion on its overview), so treat headline numbers as approximate.
- Concentration risk. A handful of large issuers drive most of each chain’s value, so one fund moving or redeeming can shift chain rankings quickly.
- Bridge and interoperability risk. Moving tokens between chains relies on bridging or messaging software, historically one of the most exploited parts of crypto infrastructure.
- Legal and operational risk. The token is only as good as the legal claim and the off-chain record behind it, whatever chain hosts it.
Looking ahead, watch whether permissioned networks such as Canton connect to public chains, whether Ethereum keeps its distributed lead as layer 2s and Solana grow, and whether RWA-specific chains like Plume win meaningful issuance from established managers.
Sources and further reading
Frequently asked questions
Which blockchain hosts the most tokenized real-world assets?
It depends on the measure. As of October 6, 2026, Ethereum holds about 43% of distributed RWA value on RWA.xyz, while Canton Network holds about 89% of represented value.
What is the difference between distributed and represented assets?
Distributed assets are tokens holders can transfer between wallets on-chain. Represented assets are recorded on a blockchain but mirror an issuer's own books and generally cannot move outside that system.
Why do banks use permissioned networks like Canton?
Permissioned networks let each institution see only the transactions it is party to and control who participates, which addresses client confidentiality and regulatory requirements that public chains do not.
Why do issuers launch the same fund on several chains?
Multi-chain issuance lets an issuer reach different investor bases and applications. The trade-off is added operational complexity and reliance on cross-chain messaging or bridges.
This explainer is reviewed and updated as the rules and the market change. Last reviewed October 6, 2026. It is educational content and not financial, legal or tax advice.