As of March 3, 2026, Token Terminal data shows that real-world asset (RWA) tokenization has reached more than 15 blockchain networks, with holdings displaying a pronounced multi-chain footprint. Commodity tokenization projects on Ethereum top the list with roughly 110,000 holders, followed closely by stock tokenization on Solana with nearly 95,000 holders, while Celo’s commodity tokenization projects rank third with about 75,000 holders.
The chart excludes stablecoins and counts unique holders by asset type and blockchain combination, revealing a clear long-tail distribution. Beyond the top three, major public chains such as BNB Chain, Arbitrum, Base, Avalanche, Polygon, HyperEVM, and Stellar also hold a place on the RWA holder map.
It is noteworthy that, unlike DeFi News’s liquidity landscape, which is heavily concentrated on Ethereum, RWA holder distribution is far more dispersed. This stems from the fundamental differences in use cases: commodity tokenization prioritizes user experience and transaction costs over DeFi News-style composability. For instance, Celo focuses on mobile-first financial access in emerging markets, with many commodity token holders being retail users, creating a stark contrast with the institution-dominated fund assets on Ethereum.
Solana’s strength in stock tokenization owes largely to its ultra-low transaction fees, allowing retail investors to hold fractional stock tokens at reasonable cost. By comparison, small stock token trades on Ethereum suffer from prohibitive gas costs that undermine their economics.
Fund-type tokenized products—including money market funds and treasury tokens—are mainly distributed across nine chains: Ethereum, Solana, Arbitrum, Base, BNB Chain, Avalanche, HyperEVM, Polygon, and Stellar. This category has attracted substantial institutional capital, with products such as BlackRock’s BUIDL fund falling into this bracket. The multi-chain deployment signals that issuers are actively choosing chains that match their target user bases rather than relying on the ecosystem strengths of a single platform.