RWA Weekly — February 23, 2026

TL;DR

• Distributed Asset Value: $25.07B, +$0.24B (+0.97%) WoW — small growth this week.
• Total Asset Holders: 709,945, −139,352 (−16.41%) WoW — a big drop in holders. This looks more like a “recount / cleanup” than real capital leaving.
• Platforms: 160 total (Distributed 144 / Represented 16), +2 (+1.27%) WoW — infrastructure is still growing, but slower.
• Stablecoins: $295.75B (−0.26% WoW) and 236.61M holders (+0.57% WoW) — value slightly down, users still up.
• Stablecoin holders are about ~333× larger than RWA holders; stablecoin value is about ~11.8× larger than distributed RWA value.

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Market snapshot (as of Feb 23, 2026)

Metric	Value	7-day Δ (vs Feb 16)
Distributed Asset Value	$25.07B	+$0.24B (+0.97%)
Total Asset Holders	709,945	−139,352 (−16.41%)
Platforms (All)	160	+2 (+1.27%)
Stablecoin Value	$295.75B	−$0.76B (−0.26%)
Stablecoin Holders	236.61M	+1.35M (+0.57%)

Main point: value is up and platforms are up, but holders are down a lot. That is unusual, so we need to look at chains.

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Chain dynamics

This week looks like: “value up, but holders were recalculated.” The biggest holder change is on Solana.

Network	RWA holders	7-day Δ holders (vs Feb 16)	RWA total value (excl. stablecoins)	7-day Δ value (vs Feb 16)
Ethereum	176,463	+3,582 (+2.07%)	$15,037,837,700	+$0.53B (+3.64%)
BNB Chain	39,899	+653 (+1.66%)	$2,298,682,505	+$0.10B (+4.49%)
Solana	159,932	−126,079 (−44.08%)	$1,747,560,611	+$0.09B (+5.27%)
Liquid Network	56	0 (0.00%)	$1,528,397,432	−$0.03B (−2.03%)
Stellar	5,217	+1,186 (+29.42%)	$1,270,919,009	+$0.03B (+2.49%)

Simple reading:

• Ethereum: value and holders are both up. This is a normal “healthy” shape.
• BNB Chain: small but steady growth in both.
• Solana: value is up, but holders are down a lot. If many users sold, value would often go down too. So this looks like a metric change (cleanup, recount, or classification change).
• Stellar: holders grew fast, but value growth is small. This can mean many small wallets joined.

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Commodities pulse (tokenized gold, etc.)

Commodities are stable this week. Value is a bit up, but activity is a bit down.

Commodity metric	Value (Feb 23)	7-day Δ (vs Feb 16)
Market Cap	$7.13B	+$0.07B (+0.99%)
Monthly Transfer Volume	$18.01B	−$0.37B (−2.01%)
Monthly Active Addresses	60,092	−220 (−0.36%)
Holders	224.01K	−4.99K (−2.18%)

Top assets by size (still mostly tokenized gold):

• XAUT (Tether Gold): $2,706,839,720
• PAXG (Paxos Gold): $2,340,262,358

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What to watch next

• Solana holders: Will the big drop happen again next week?
  • If not, it was likely a one-time recount/cleanup.
• Platforms: After a big jump last week, this week is only +2.
  • If the platform count keeps growing, it is a good sign for supply/infrastructure.
• Stablecoins: holders are rising, value is slightly down.
  • If stablecoin value starts rising again, RWAs often get more “liquidity support.”

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Bottom line

On Feb 23, 2026, RWAs grew a little in value and added more platforms, but lost many holders. The holder drop looks like a data/metric effect, mainly from Solana, because value did not fall with it. If holders stabilize next week, this week will look like a normal pause in metrics while the market value trend stays positive.