CryptoDep’s latest snapshot shines a brighter, more immediate light on how quickly the tokenized real-world-assets market is growing, and how oddly that growth is spread out. The tweet shows the RWA ecosystem has climbed past $26.7 billion in distributed asset value and now includes more than 671,000 holders, fuelled mostly by tokenized treasuries and real estate. What really jumps out is the gap between holder counts and dollar value across chains: a few projects have captured huge numbers of holders, while Ethereum still holds the bulk of the market’s dollar value.
Topping the holder list is Plume, with roughly 263,000 holders, far more than any other chain on the chart. That dominance in headcount is notable because Plume’s total RWA value shown on the graphic is relatively modest compared with legacy chains: the project lists $378 million across 205 assets. The implication is clear. Plume’s ecosystem appears highly distributed, with many small accounts holding tokenized assets or with a token model that encourages broad retail participation.
Behind Plume are two established smart contract platforms, Solana and Ethereum, with 159,000 and 155,000 holders, respectively. Solana’s RWA total value sits at about $1.81 billion across 345 assets, while Ethereum’s RWA inventory is far larger in value terms, $15.4 billion across 675 assets. That means Ethereum alone accounts for roughly 58 percent of the $26.7 billion RWA market referenced in the update, underscoring how much of the sector’s dollar value remains concentrated on the oldest and deepest liquidity network for tokenized assets.
The contrast between holder counts and dollar value is particularly instructive. BNB Chain, for example, shows around 40.4 thousand holders but carries nearly $2.94 billion in RWA value, suggesting higher average asset sizes per holder or more institutional concentration. Polygon, Stellar, Avalanche, Arbitrum, Base, and Mantra round out the top ten by holder numbers, with holder counts falling from 15.4 thousand for Polygon down to 2.46 thousand for Mantra. Interestingly, Arbitrum lists the highest number of RWA assets on the chart, 1,777, while reporting only about 5.15 thousand holders and $828 million in total value. That combination hints at a platform where many distinct tokenized instruments exist, but ownership is concentrated or lightly adopted.
Fast-Maturing RWA Market
Adding up the holder counts shown for the ten chains in CryptoDep’s visualization yields about 662,330 accounts, a figure that represents nearly the entirety of the 671,000-plus total holders the tweet cites. In other words, those ten blockchains account for approximately 98.7 percent of all RWA holders on the list, highlighting how the sector’s activity is highly focused among a small group of networks even as new entrants and niche players grow their footprints.
Market participants say tokenized treasuries and real estate have become primary growth engines for RWA adoption. Tokenized treasuries appeal to token issuers and institutional managers because they offer a regulated, yield-bearing instrument in on-chain form. Real estate tokenization promises fractional ownership and liquidity to a traditionally illiquid asset class. Together, these use cases attract a mixture of retail and institutional investors, which helps explain the divergent shapes of holder and value distributions across protocols.
Some chains attract a broad base of small retail holders, while others host large-dollar, institutionally sized positions. What the CryptoDep snapshot makes clear is that the RWA narrative is no longer theoretical. With tens of billions of dollars now represented, tokenized assets are moving from pilots and proofs of concept toward live markets that demand custody, compliance, and robust on-chain infrastructure.
The coming months will be telling: whether the sector widens beyond the existing cluster of platforms, how regulatory scrutiny shapes issuance practices, and which infrastructure providers can scale custody and settlement for a market where both tiny retail positions and large institutional holdings coexist. For now, the chart released March 13 provides a useful map of a market in transition, where holder counts and dollar value are telling two different but complementary stories about tokenized finance.
