As of March 3, 2026, data from Token Terminal reveals a significant distribution of real-world asset (RWA) holders across more than 15 different blockchain networks. The leading network is Ethereum, which boasts approximately 110,000 holders of tokenized commodities. Following closely is Solana with around 95,000 holders of tokenized stocks, and Celo at about 75,000 holders of tokenized commodities.
The visualization provided by Token Terminal categorizes RWA holder counts, deliberately excluding stablecoins, and ranks various asset-chain combinations based on the number of unique holders. This classification results in a long-tail distribution that encompasses networks such as BNB Chain, Arbitrum, Base, Avalanche, Polygon, HyperEVM, and Stellar, among others.
The chart”s three largest segments highlight a crucial narrative: tokenized commodities on Ethereum lead in holder counts, with tokenized stocks on Solana and tokenized commodities on Celo following suit. The presence of Solana and Celo near the top of the list indicates a structural observation by Token Terminal, showcasing their competitive position alongside Ethereum.
In the mid-tier of the distribution, tokenized funds are seen across Ethereum, Solana, Arbitrum, Base, BNB Chain, Avalanche, HyperEVM, Polygon, and Stellar. Unlike the DeFi Total Value Locked (TVL) chart, where Ethereum commands a hefty 58.8% of a $90 billion total, the RWA holder distribution reflects a more decentralized approach. This is primarily due to the different use cases; tokenized commodities are often offered via platforms that prioritize user accessibility and low transaction costs. For instance, Celo has focused on enhancing financial access in emerging markets, suggesting that its tokenized commodity holders represent a distinct demographic compared to those on Ethereum.
Moreover, the substantial figure of 95,000 holders of tokenized stocks on Solana underscores the network”s appeal for retail-level equity token ownership, particularly thanks to its lower transaction fees. Conversely, owning a fractional tokenized stock on Ethereum can be economically impractical due to elevated gas costs unless larger positions are involved.
The chart also emphasizes the significance of understanding the distribution of asset types across various chains. Tokenized funds are prevalent on Ethereum, Solana, Arbitrum, Base, BNB Chain, Avalanche, HyperEVM, Polygon, and Stellar. This category includes tokenized money market funds and treasuries, which have notably attracted institutional capital, with products like BlackRock”s BUIDL fund being a part of this trend.
In the context of the broader RWA narrative, developments such as the tokenization of Bhutan”s national reserve, SoFi and Mastercard”s stablecoin settlement, the AUDD regulated Australian dollar stablecoin, and Ripple”s payment expansion are all indicative of a growing trend. This trend illustrates how real-world financial assets and transactions are increasingly migrating onto blockchain infrastructure across multiple chains.
While the holder count chart serves as a measure of adoption breadth rather than capital depth, it is an essential indicator. A count of 110,000 holders of tokenized commodities on Ethereum does not equate to $110 billion in total value, yet it highlights that user engagement is a precursor to liquidity, which in turn attracts institutional product development.
