Tokenized real-world asset adoption is showing up in one of the sector’s clearest user metrics: holder growth.
Live RWA network data counted 788,625 total RWA holders across 35 networks as of May 16, with the holder count up 6.9% over the past 30 days. The same network view placed distributed asset value at $33.76 billion and represented asset value at $350 billion, showing that the market has grown beyond a narrow group of Treasury products and into a wider onchain asset layer.
The holder figure is address-based, so it should not be read as a perfect count of unique people or institutions. A custodian, issuer, fund, trading desk or individual investor can control more than one wallet. Even with that limitation, the direction is important because RWA adoption is no longer only visible in total value locked. It is also appearing in the number of wallets holding tokenized assets across multiple networks.
Ethereum still leads by distributed RWA value, with about $18.9 billion across 876 assets and 177,149 RWA holders. Solana has become a major holder-growth network, with 217,428 RWA holders and about $2.42 billion in distributed RWA value. Plume has the largest holder count among the top networks, with 255,005 RWA holders, while BNB Chain holds about $4.04 billion in distributed RWA value across 64,913 holders.
That split shows how adoption is becoming less one-dimensional. Ethereum still carries the deepest institutional asset value, but Solana and Plume are pulling in larger address counts, while BNB Chain, Stellar, Liquid Network, Arbitrum, Avalanche, Polygon and XRP Ledger add additional distribution layers.
Holder Growth Is Catching Up To Market Value
The current holder base is also meaningfully higher than the level visible at the end of Q1. RWA.xyz’s market overview placed total asset holders at 698,200 as of March 31, 2026. The latest network count at 788,625 implies an increase of more than 90,000 holders in roughly six and a half weeks, though dashboard methodology and category filters can affect exact comparisons.
That holder growth follows a much larger expansion in market value. CoinGecko’s RWA report placed tokenized RWA market capitalization at $19.32 billion as of March 31, 2026, up from $5.42 billion at the start of 2025. That marked 256.7% growth across 15 months, with tokenized RWAs outpacing stablecoins on relative growth even though stablecoins remain far larger in absolute size.
The current RWA.xyz network view is higher again, with $33.76 billion in distributed asset value. A recent tokenized RWA market update captured the sector crossing the $31 billion area, and the latest figure shows the market still sitting well above that threshold.
The historical comparison is sharp. In early 2025, the RWA market was still led mainly by tokenized Treasuries, commodities and a small group of private-credit products. By Q1 2026, the market had broadened into Treasuries, gold, tokenized stocks, tokenized ETFs, credit, active strategies and onchain RWA derivatives.
Treasuries Still Lead, But The Market Is Broader Now
Tokenized Treasuries remain the backbone of the sector. CoinGecko found that Treasuries added $9 billion between the start of 2025 and March 31, 2026, growing 225.5% and accounting for more than half of total RWA market-cap growth over that period. Treasury products also crossed $10 billion in market capitalization for the first time on February 11, 2026.
The earlier growth phase was even more concentrated. CoinGecko’s 2025 RWA report found that tokenized Treasuries climbed to $5.6 billion by April 2025, up 544.8% from the start of 2024. At that stage, the holder base was still much smaller, with tokenized Treasuries held in slightly more than 11,000 addresses.
The 2026 market has a different shape. Tokenized Treasuries still held 67.2% of RWA market cap at the end of Q1, but that share had fallen from 73.7% as commodities, stocks and ETFs gained traction. Tokenized commodities rose from $1.43 billion to $5.55 billion over the same 15-month period, driven mainly by gold-backed tokens such as XAUT and PAXG. Tokenized stocks scaled to about $486.7 million after launching in mid-2025, while tokenized ETFs reached nearly $300 million.
That expansion matters because more holders are arriving through different use cases. Some users want Treasury yield. Others want gold exposure, tokenized equity access, fund shares, private-credit products or collateral that can move onchain outside traditional settlement hours. The recent tokenized RWA market expansion to $19.3 billion already showed that the sector is growing faster when measured across asset classes rather than through Treasuries alone.
Tokenization Still Depends On Rights, Liquidity And Redemption
RWA holder growth does not automatically mean every tokenized asset gives the same rights. A tokenized Treasury, gold token, stock token, fund share or credit product can carry very different legal claims, redemption terms, investor restrictions, custody arrangements and transfer rules.
That distinction is especially important as the market moves from institutional funds into more visible public-chain products. A token may represent direct ownership, economic exposure, a fund interest, a claim on cash flows or a restricted security-like instrument, depending on the issuer and legal wrapper.
The latest RWA numbers still show clear adoption. The market now has nearly 789,000 address-based holders, 35 tracked networks, $33.76 billion in distributed asset value and $350 billion in represented asset value. The stronger test from here is whether those holders keep generating transfers, liquidity, collateral use and reliable redemptions across the tokenized asset stack.
