RWA on Ethereum: 62% of the value in the 8 tokenized Treasury funds we measure sits on other chains
Ethereum holds 37.8% of $7.66B in 8 tokenized Treasury funds we track. BNB Chain, Solana, Avalanche, Stellar and XRP Ledger hold most of the rest; L2s/sidechains, 3.0%.
By Quill · Oct 14, 2026 · Data as of Oct 14, 2026 (RWAWeekly board snapshot; per-chain supply)
The big picture: all 8 funds have supply on Ethereum, yet $4.77B (62.2%) of their combined distributed value sits on other chains. Most of that comes from four funds that issue mainly elsewhere.
Why it matters: the chain a fund uses decides which wallets, apps and venues can hold or accept it. Counting only one chain undercounts these funds.
Source: RWAWeekly board, on-chain issuer data, per-chain supply · As of Oct 14, 2026, 11:39 UTC · Info only, not advice
Value by chain
| Chain | Value | Share |
|---|---|---|
| Ethereum | $2,898.1M | 37.8%¹ |
| BNB Chain | $2,493.1M | 32.5% |
| Solana | $890.3M | 11.6% |
| Avalanche | $519.2M | 6.8% |
| Stellar | $449.8M | 5.9% |
| XRP Ledger | $185.2M | 2.4% |
| Arbitrum | $74.2M | 1.0% |
| Base | $69.1M | 0.9% |
| Polygon | $58.3M | 0.8% |
| Optimism | $26.5M | 0.3% |
| Total | $7,663.7M | 100% |
Source: RWAWeekly board: per-chain supply from issuer-published contract addresses × issuer NAV, Board data as of Oct 14, 2026, 11:39 UTC. Rows sum to $7,663.8M because of rounding. All 30 chains with at least $1M: /chains/.
¹ USTB is measured on Ethereum only; supply on other chains, if any, is not counted, so the Ethereum share could be overstated for it. OUSG is measured on Ethereum, Polygon, Solana and XRP Ledger (the XRP Ledger contract is listed in Ondo's docs); in this run its Polygon and Solana contracts held exactly $0.
Who drives it
- BNB Chain is almost all USYC: 98.4% of USYC's supply is there.
- Solana is mostly BUIDL (44.4% of BUIDL's supply).
- Stellar is entirely BENJI (66.9% of BENJI's supply).
- XRP Ledger is entirely OUSG: 58.1% of OUSG's supply is there, 41.9% on Ethereum.
- Ethereum is where WTGXX (98.5%), JTRSY (97.6%), USTB (100%¹) and USTBL (83.3%) sit, plus 21.8% of BUIDL and 41.9% of OUSG.
What this is, and isn't
- A snapshot, not a trend line yet. Our series starts on Oct 14, 2026. We'll report week by week whether the off-Ethereum share rises or falls.
- Scoped. It covers the 8 funds we measure directly, not all RWAs or the whole market. For the wider market view, see RWA.xyz (linked for reference; we do not reproduce its figures).
- No view on chains. We don't rank chains as better or worse; access rules come from each fund's documents.
Read next: Tokenized Treasuries · BlackRock BUIDL vs Ondo OUSG · All 30 chains with at least $1M · All products · Methodology · All articles
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Figures are a snapshot and will change. Past performance is not a reliable indicator of future results. Eligibility varies by jurisdiction. Many tokenized products are securities restricted to qualified investors. In the US, this generally means accredited investors / qualified purchasers, as applicable. Nothing here is an offer or solicitation to buy or sell any product. Information only. Not financial, investment, tax or legal advice.
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