$44.7 Billion RWA: Ethereum Remains the Largest Settlement Layer

The on-chain scale of tokenized real-world assets (RWA) has increased to $44.7 billion over the past three years, solidifying Ethereum's position as the largest settlement layer. RWA refers to the structure of recording real financial assets such as government bonds, private credit, gold, stocks, and funds in token form on the blockchain. According to RWA.xyz, RWAs are categorized into decentralized assets and representative assets, with the $44.7 billion reflecting a trend of market expansion. CoinGecko reported that as of March 31, 2026, the market capitalization of on-chain active RWAs is $17.79 billion, with Ethereum's market share accounting for 61.1%. The market share of RWAs on BSC increased from 0.1% in early 2025 to 20.0% by the end of March 2026, while Solana's RWA market capitalization grew from $100 million to $1.01 billion. Ethereum's status is attributed to the initial deployment of institutional products such as BlackRock's BUIDL, Tether Gold, and Paxos Gold. However, the RWA market is evolving into a structure that accommodates multiple settlement layers due to the distribution of activities to BNB Chain, Solana, Stellar, and Avalanche. The expansion of RWAs indicates that experiments are underway to move real financial assets on-chain.

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