Ethereum leads the $65B RWA race — but the field is far from settled!

The total real-world asset market cap has crossed $65 billion, up roughly 44% from $45 billion at the start of 2025, as traditional asset managers accelerate the pace of bringing tokenized assets onchain. The growth is sharpening competition among blockchains, each investing heavily in business development to capture institutional issuers — and the stakes are structural: RWA liquidity is among the stickiest in crypto, with asset managers facing meaningful switching costs once tokenization infrastructure is embedded on a given chain.

Ethereum holds approximately 33% of the RWA market cap, maintaining its position as the default institutional venue on the back of deep liquidity, mature smart contract tooling, and broad familiarity across traditional finance. Provenance Blockchain commands roughly 27%, anchored by Figure Lending's RWA suite and its purpose-built financial services…