RWA Weekly — February 9, 2026

TL;DR

• On-chain RWAs (Distributed Asset Value) are $23.90B, down −$0.87B (−3.51%) WoW — a pullback after last week’s spike.
• Participation still grew: 834,688 wallets hold RWAs, up +6,046 (+0.73%) WoW — growth slowed sharply after the Feb 2 “wallet shock.”
• Issuer surface widened: platforms/issuers 144 → 146 (+1.39%).
• Chains diverged: Ethereum and Liquid Network lost value, while Solana and Stellar gained; wallets kept rising on Ethereum and BNB even as value dipped.
• Stablecoins ticked up: $294.31B (+0.35%) and 226.46M holders (+1.24%) — “cash rails” widened while RWA value cooled.

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Market snapshot (as of 09 Feb 2026)

Metric	Value	7-day Δ (vs Feb 2)
Total on-chain RWAs (Distributed Asset Value)	$23.90B	−$0.87B (−3.51%)
Holding addresses (RWA holders)	834,688	+6,046 (+0.73%)
Platforms/issuers (proxy)	146	+2 (+1.39%)
Stablecoin backdrop (total value)	$294.31B	+$1.02B (+0.35%)
Stablecoin holders	226.46M	+2.77M (+1.24%)

How to read this: stablecoins are still held by ~271× more addresses than RWAs, and stablecoin value is ~12.3× larger than RWA distributed value — the rails remain much bigger than the cargo, and the gap widened slightly this week because RWA value retraced.

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Chain dynamics

This week looks like “post-surge digestion”: wallet counts kept inching up, but value moved down on the biggest chains, suggesting rebalancing rather than new capital rushing in.

Same comparison set as the Feb 2 report (for continuity):

Network	RWA holders	7-day Δ holders	RWA total value (excl. stablecoins)	7-day Δ value
Ethereum	169,333	+4,597 (+2.79%)	$14,882,279,778	−$527,405,780 (−3.42%)
BNB Chain	31,364	+1,024 (+3.38%)	$2,163,322,480	−$60,299,867 (−2.71%)
Liquid Network	56	+0 (+0.00%)	$1,424,464,598	−$158,705,514 (−10.02%)
Solana	299,522	+1,183 (+0.40%)	$1,274,945,221	+$40,660,660 (+3.29%)
Stellar	3,815	−149 (−3.76%)	$1,069,142,208	+$14,072,806 (+1.33%)

Two notable shifts behind the headline:

• Represented-heavy chains are becoming harder to ignore. Avalanche sits around $1.40B (ex-stablecoins), and other networks with large “represented” buckets (e.g., Polygon, XRP Ledger) show meaningful totals even if they rank lower by distributed value.
• Tokenized stocks stabilized after driving the Feb 2 wallet spike. Tokenized stocks show ~299.49K holders now, only modestly above last week’s “shock” baseline, which fits the broader pattern of wallet growth cooling.

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Commodities pulse

Commodities stayed one of the clearest “used on-chain” segments: market cap kept rising, and transfer volume remains very high.

Commodity metric	Value (Feb 9)	7-day Δ (vs Feb 2)	30D trend (as reported)
Market cap	$5.06B	+$0.39B (+8.35%)	+35.44%
Monthly transfer volume	$17.14B	+$4.26B (+33.07%)	+215.38%
Monthly active addresses	59,066	+4,466 (+8.18%)	+113.84%
Holders	226.28K	+3.32K (+1.49%)	+22.66%

Top commodity managers by value remain concentrated (tokenized gold dominates), with Tether (~$2.6B) and Paxos (~$2.3B) leading, and Justoken (~$1.5B) still showing outsized growth on a 30-day view.

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Bottom line

As of February 9, 2026, RWAs cooled in value (−3.51% WoW) while participation and issuer breadth still climbed. The cleanest read is consolidation: last week’s wallet jump did not continue at the same pace, value rotated lower on Ethereum/BNB/Liquid, and “usage-heavy” segments like commodities stayed strong. Stablecoins, meanwhile, quietly expanded again — keeping the settlement base wide even when RWA value takes a breath.