Ethereum in the Driving Seat as On-Chain RWA Tokenization Nears Peak Levels

“When Larry Fink says all stocks, bonds, and real estate can be tokenized, believe him,” said crypto asset manager Bitwise on Wednesday.

The comment in reference to the BlackRock boss came alongside a chart showing that real-world asset (RWA) onchain value had surged to an all-time high of just under $25 billion.

More recent data from RWA.xyz reveals that it is currently at $25.46 billion, which is close to record highs.

When stablecoins are included, that figure jumps to $283 billion, which is its highest ever level.

When Larry Fink says all stocks, bonds, and real estate can be tokenized, believe him. pic.twitter.com/OaHwez3uaQ

— Bitwise (@BitwiseInvest) August 6, 2025

Ethereum Dominates RWA

With stablecoins excluded, the largest segment of tokenized RWA is private credit with $15 billion onchain, followed by US treasury debt with $6.7 billion, then commodities at $1.8 billion.

Around 73% of US Treasurys are tokenized on Ethereum, which also dominates for stablecoins, as 54% of them are on the network.

Tokenized stocks are still a tiny segment of the overall RWA market, representing just 1.4% of the total onchain value.

In terms of funds, BlackRock’s Ethereum-based USD Institutional Digital Liquidity Fund (BUIDL) is the largest with $2.3 billion in assets under management.

Ethereum is the dominant blockchain for tokenized assets, with a market share of 54% while the Ethereum layer-2 network ZKsync Era is second with 18.6% so the total on Ethereum is closer to 73%.

Other chains such as Aptos, Solana, and Stellar have single-digit market shares.

TOP PLAYERS IN THE RWA ECOSYSTEM$ETH is leading the charge and dominating tokenized assets by a wide margin.

Close behind: ZKsync Era, Aptos, Solana, Stellar, Polygon, and Arbitrum.

These chains are powering the next trillion-dollar market. #RWA pic.twitter.com/3rL7YjkNj0

— Real World Asset Watchlist (@RWAwatchlist_) August 6, 2025

Even hardcore Bitcoiners such as Fundstrat’s Tom Lee have pivoted to Ethereum recently.

“Wall Street is running to tokenize its entire system on the blockchain, and it requires smart contracts,” he said this week before adding that the “biggest and most secure blockchain with no downtime is Ethereum, and it’s legally compliant.”

Strategic ETH Reserves Top 3 Million ETH

Ethereum’s RWA dominance has spurred a wave of ETH treasury companies that have adopted strategies to stack and stake the asset.

There is now more than three million ETH in the strategic reserves, observed industry expert Anthony Sassano on Thursday. Just three treasury companies that didn’t even exist a few months ago now own over 1.6 million ETH and are aggressively buying more every day, he said before adding:

“ETH is a $100 trillion asset trading at $443 billion.”

Meanwhile, ETF expert Nate Geraci said that ETH treasury companies and spot Ether ETFs have each bought around 1.6% of the current total supply of the asset since the beginning of June.