How Ethereum is Winning the RWA Tokenization War

“Ethereum is profitable the struggle for real-world belongings, and nothing is shut,” mentioned Ryan Sean Adams from Bankless on Monday.

The community at present has a 57% market share of RWA on-chain worth, together with stablecoins, and that quantity is even increased when Ethereum layer-2 networks are included.

Adams mentioned that RWAs are a community impact sport, liquidity begets liquidity, and establishments go the place there may be liquidity.

Spectacular Statistics

The numbers communicate for themselves, with Ethereum taking a commanding market lead over rival chains for on-chain RWA worth, which is at present at an all-time excessive of $28.5 billion (excluding stablecoins).

The stablecoin provide on Ethereum can also be at a report excessive of over $160 billion, with round $5 billion being added final week, according to Token Terminal.

Adams identified that when layer-2 and EVM networks are included, the Ethereum share surges to 95%. Newer stablecoin-focused networks, comparable to Stripe Tempo, Circle Arc, and Plasma Tether, are all Ethereum Digital Machine-based.

Ethereum is profitable the struggle for actual world belongings and nothing is shut.

I simply appeared on the numbers and oh my god.

Two issues to determine.

First, RWAs are a community impact sport. Liquidity begets liquidity. Establishments go the place there’s liquidity. Energy legal guidelines win.

Second,… pic.twitter.com/FOZWizfRzg

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) September 8, 2025

“Stablecoins are the king of RWAs, the OGs – 90% of all RWAs are stablecoins. No RWA class is as mature. All different belongings will go the place the stablecoins go. Successful stablecoins most likely means profitable RWAs, and Ethereum stablecoin community results are staggering.”

The figures for different belongings tokenized on Ethereum are additionally spectacular. It has $5.2 billion in tokenized Treasurys, which is a 70% share, rising to 86% when EVM is included. “All issuers that matter – BlackRock, WisdomTree, Franklin, Ondo have treasuries on Ethereum,” mentioned Adams.

There may be additionally a report $2.4 billion value of tokenized gold on Ethereum, and the provision has doubled because the starting of this yr, in line with Token Terminal. Ethereum instructions the tokenized commodity sector with a 77% market dominance, rising to 97% when the layer-2 Polygon community is included, according to RWA.xyz.

Tokenized shares are nonetheless nascent, with simply $420 million in on-chain worth, however heavyweights comparable to Robinhood, eToro, and even Coinbase are about to enter, and “all of those are getting ready to checklist tokenized securities on Ethereum L2s.”

BlackRock’s USD Institutional Digital Fund (BUIDL) and the not too long ago launched Constancy Digital Curiosity Token (FDIT) tokenized Treasury fund are each on Ethereum.

Ondo Finance Launches 100+ Tokenized U.S. Shares
Stripe and Paradigm Launch New L1: Tempo
Constancy Launches $200M Tokenized Treasury Fund
Fireblocks Unveils Enterprise Stablecoin Community
Senate Circulates New Draft of U.S. Crypto Market Construction Invoice

— RWA.xyz (@RWA_xyz) September 8, 2025

Ethereum, The World’s Ledger

It’s onerous to see how the underlying asset, ETH, can fail to learn from this overwhelming RWA dominance regardless of its worth being caught over the previous week.

Adams mentioned that it’s a foregone conclusion:

“If Ethereum turns into the world ledger, you suppose it’s farfetched to imagine ETH the asset – with decrease issuance than Bitcoin or gold and higher censorship resistance – you suppose it’s farfetched to imagine ETH will catch up and even exceed these different retailer of worth belongings?”

This doesn’t even consider the 4% of the full provide that digital asset treasuries, who can see this potential, have scooped up over the previous 5 months, whereas paper-handed retail merchants are promoting.