Ethereum commands 43.2 percent of the tokenized U.S. Treasury market, which totals $15.2 billion spread across 18 networks, according to on-chain data.
BNB Chain follows with a 31.5 percent share. Stellar holds 7.5 percent. Together, Ethereum and BNB Chain account for nearly three-quarters of the market.
The broader tokenized real-world asset market reached a record near $34 billion—more than three times the approximately $5.4 billion recorded at the start of 2025. U.S. Treasury and cash-equivalent products comprise roughly 80 percent of that total.
Ethereum also carries about 60 percent of the $34 billion RWA market overall, making it the primary settlement layer for institutional capital moving on-chain.
Tokenized U.S. Treasuries on Ethereum have nearly doubled over the past six months to roughly $8 billion, driven by protocols including BlackRock's BUIDL and Ondo Finance, which route yield-bearing real-world assets into DeFi liquidity pools.
The capital flowing into tokenized Treasuries competes directly with native lending protocols such as Aave and Compound for stablecoin allocation, as investors rotate toward structured products offering fixed-income yields on-chain.
