Ethereum has locked down two-thirds of the real-world asset (RWA) tokenization market, holding a 67% share of the $38.3 billion total market cap, according to fresh data. The network’s lead is especially pronounced in tokenized funds and ETFs, where it commands over 70% market share. Meanwhile, the XRP Ledger posted the highest net flows of any chain over the past 30 days — $1.4 billion — and saw its RWA holder count jump 137% to 69, even as transfer volume dipped.
Ethereum's grip on tokenized assets
Ethereum’s dominance isn't just about market cap. The sUSDS Fund on Ethereum moved $36.4 billion in transfers over the last month, making it the most active tokenized fund by volume. Two other Ethereum-based tokens — sUSDe and syrupUSDT — came in second and third, with $10.2 billion and $4.3 billion respectively. The network also holds 72.5% of tokenized ETFs, 40% of tokenized stocks, and 63.6% of tokenized funds.
BlackRock has doubled down on Ethereum. The asset manager launched two new tokenized money market funds on the chain this month: BSTBL, which is Ethereum-only, and BRSRV, which is multi-chain. BlackRock deliberately bypassed the XRP Ledger for these launches. Its existing U.S. Treasury fund (BUIDL) has $1.2 billion of its $2.6 billion total parked on Ethereum.
XRP Ledger's growth story
The XRP Ledger is growing fast from a smaller base. Total RWA value on the network crossed $4 billion, a jump of over 50% in the last 30 days. The number of RWA holders rose 137% to 69 — still tiny next to Ethereum's thousands, but the trend is sharp. Net flows of $1.4 billion over the same period topped all other networks, including Ethereum.
But transfer volume tells a different story. On XRP Ledger, it dropped 27% to $146 million. That suggests the new holders and inflows aren't yet translating into active trading or redeployment. It's a growth spurt that still looks fragile.
XRP’s price sat at roughly $1.36 at writing, down in the last 24 hours. The timing of the holder surge alongside a price dip isn't great, but the ecosystem is clearly attracting capital.
With BlackRock skipping XRP Ledger for its latest funds, the chain's RWA push will depend on other issuers. The next few weeks will show whether the holder count and RWA value can keep climbing — or if the drop in transfer volume is a warning sign. Ethereum, for now, isn't giving up any ground.
