CryptoDep’s latest snapshot shines a brighter, more direct light on how rapidly the tokenized real-world asset market is growing, and how bizarrely widespread that growth is. The tweet indicates that the RWA ecosystem has a decentralized asset value of over $26.7 billion, currently has over 671,000 holders, and is primarily backed by tokenized treasury and real estate. What is really noticeable is the difference in the number of holders and dollar value across the chain. While some projects have gained huge numbers of holders, Ethereum still accounts for the majority of the market’s dollar value.
Topping the list of holders is Plume, with around 263,000 holders, far more than any other chain on the chart. This advantage in employee numbers is notable because Plume’s total RWA, shown in the figure, is relatively modest compared to traditional chains. The project has a listed value of $378 million across 205 properties. The meaning is clear. Plume’s ecosystem appears to be highly decentralized, with many small accounts holding tokenized assets and a token model that fosters widespread retailer participation.
Behind Plume are two established smart contract platforms, Solana and Ethereum, with 159,000 and 155,000 holders respectively. Solana’s total RWA is around $1.81 billion with 345 assets, while Ethereum’s RWA inventory is much larger in terms of value at $15.4 billion with 675 assets. This means that Ethereum alone accounts for approximately 58% of the $26.7 billion RWA market mentioned in the update, highlighting how much of the sector’s dollar value is still concentrated in the oldest and deepest liquidity networks of tokenized assets.
The contrast between number of holders and amount is particularly useful. For example, the BNB Chain has approximately 40.4 thousand holders, but an RWA value of approximately $2.94 billion, suggesting either a larger average asset size per holder or a higher concentration of institutional investors. Polygon, Stellar, Avalanche, Arbitrum, Base, and Mantra round out the top 10 by number of holders, with the number of holders decreasing from 15.4 thousand for Polygon to 246 thousand for Mantra. Interestingly, Arbitrum lists the highest number of RWA assets on the chart at 1,777, but reports only about 515,000 holders and a total value of $828 million. This combination suggests a platform where many different tokenized instruments exist, but ownership is concentrated or lightly adopted.
Rapidly maturing RWA market
Adding up the number of holders on the 10 chains shown in the CryptoDep visualization, we get approximately 662,330 accounts. That’s a figure that represents nearly the entire 671,000-plus holders cited in the tweet. In other words, these 10 blockchains account for approximately 98.7 percent of all RWA holders on the list, highlighting how activity in the sector is concentrated in a small group of networks, even as new entrants and niche players expand their footprint.
Market participants say tokenized government bonds and real estate are the main growth drivers for RWA adoption. Tokenized treasuries are attractive to token issuers and institutional investors because they offer products with regulated yields in an on-chain format. Real estate tokenization promises fractional ownership and liquidity to a traditionally illiquid asset class. These use cases attract a mix of retail and institutional investors, which helps explain the diverse shape of the distribution of holders and value across protocols.
Some chains attract a wide range of small retail holdings, while others hold large institutional-sized positions. What is clear from CryptoDep’s snapshot is that the RWA story is no longer theoretical. With tens of billions of dollars currently being traded, tokenized assets are moving from pilots and proofs of concept to real markets that require custody, compliance, and robust on-chain infrastructure.
The coming months will reveal whether the sector expands beyond the existing set of platforms, how regulatory oversight shapes issuance practices, and which infrastructure providers are able to scale storage and payments in a market where small retail positions coexist with large institutional holdings. For now, the chart released on March 13th provides a useful map of a market in transition, with the number of holders and dollar value telling two different but complementary stories about tokenized finance.
