Ethereum Dominates as On-Chain RWA Tokenization Hits Record Highs

Ethereum isn't just leading—it's lapping the competition. With real-world asset (RWA) tokenization surging to near-peak levels, the smart contract giant is proving why it remains the backbone of decentralized finance.

Why This Matters

Forget speculative NFTs—this is about trillions in tangible assets (think real estate, bonds, even fine art) getting digitized on-chain. And Ethereum's infrastructure? The only one scaling fast enough to handle the flood.

The Institutional Stampede

BlackRock's tokenized fund was just the start. Major banks are quietly backchanneling legacy assets onto Ethereum—because even Wall Street knows paper trails are so 2010.

The Cynical Take

Watch traditional finance 'discover' tokenization like it's some revolutionary concept—ignoring that DeFi has been doing it for years at 1/100th the cost.

Ethereum Dominates RWA

With stablecoins excluded, the largest segment of tokenized RWA is private credit with $15 billion onchain, followed by US treasury debt with $6.7 billion, then commodities at $1.8 billion.

Around 73% of US Treasurys are tokenized on Ethereum, which also dominates for stablecoins, as 54% of them are on the network.

Tokenized stocks are still a tiny segment of the overall RWA market, representing just 1.4% of the total onchain value.

In terms of funds, BlackRock’s Ethereum-based USD Institutional Digital Liquidity Fund (BUIDL) is the largest with $2.3 billion in assets under management.

Ethereum is the dominant blockchain for tokenized assets, with a market share of 54% while the ethereum layer-2 network ZKsync Era is second with 18.6% so the total on Ethereum is closer to 73%.

Other chains such as Aptos, Solana, and stellar have single-digit market shares.

TOP PLAYERS IN THE RWA ECOSYSTEM$ETH is leading the charge and dominating tokenized assets by a wide margin.

Close behind: zksync Era, Aptos, Solana, Stellar, Polygon, and Arbitrum.

These chains are powering the next trillion-dollar market. #RWA pic.twitter.com/3rL7YjkNj0

— Real World Asset Watchlist (@RWAwatchlist_) August 6, 2025

Even hardcore Bitcoiners such as Fundstrat’s Tom Lee have pivoted to Ethereum recently.

“Wall Street is running to tokenize its entire system on the blockchain, and it requires smart contracts,” he said this week before adding that the “biggest and most secure blockchain with no downtime is Ethereum, and it’s legally compliant.”

Strategic ETH Reserves Top 3 Million ETH

Ethereum’s RWA dominance has spurred a wave of ETH treasury companies that have adopted strategies to stack and stake the asset.

There is now more than three million ETH in the strategic reserves, observed industry expert Anthony Sassano on Thursday. Just three treasury companies that didn’t even exist a few months ago now own over 1.6 million ETH and are aggressively buying more every day, he said before adding:

“ETH is a $100 trillion asset trading at $443 billion.”

Meanwhile, ETF expert Nate Geraci said that ETH treasury companies and spot Ether ETFs have each bought around 1.6% of the current total supply of the asset since the beginning of June.