Table of Contents
TL;DR
- On-chain RWAs (Distributed Asset Value) are $18.87B, still grinding higher rather than “exploding” up.
- Participation keeps expanding: 581,296 wallets hold RWAs, up clearly versus last week.
- Chain picture: Ethereum remains the main value hub ($12.83B excl. stablecoins), while Solana shows a very large holder base (115,380) but smaller value ($0.82B) — a clear “value vs users” split.
- Commodities: tokenized commodities sit at $3.76B market cap (+7.27% over 30 days), but activity is softer (monthly transfer volume and active addresses are down), which looks like more “hold” than “trade.”
- Stablecoins stay the main rails at $299.17B — slightly lower week-on-week, but held by more addresses.
Market snapshot (as of 22 Dec 2025)
| Metric | Value | 7-day Δ |
|---|---|---|
| Total on-chain RWAs (Distributed Asset Value) | $18.87B | +$0.26B (+1.40%) |
| Holding addresses (RWA holders) | 581,296 | +9,439 (+1.65%) |
| Active issuers (tokenization platforms, proxy) | 127 | — |
| Stablecoin backdrop (total value) | $299.17B | –$1.62B (–0.54%) |
Notes (context, not extra hype): stablecoins are held by 212.18M addresses, so the user base for “settlement money” is still far broader than the RWA holder base. That keeps the RWA:stablecoin ratio near 1:16 by value.
Sources behind the 7-day deltas: this week’s RWA.xyz snapshot vs last Monday’s weekly snapshot.
Chain dynamics
The network story still looks like “Ethereum is the value hub,” while some other chains show lots of holders but smaller average positions. The gap between value share and holder share is a useful signal: it often means different user types (institutional-size vs retail-size) and different product mixes.
Top 5 networks by RWA total value (excluding stablecoins):
| Network | RWA holders | RWA total value (excl. stablecoins) |
|---|---|---|
| Ethereum | 136,983 (30D ▲ +11.33%) | $12.83B (30D ▲ +9.08%) |
| BNB Chain | 7,405 (30D ▲ +211.73%) | $1.75B (30D ▲ +63.85%) |
| Solana | 115,609 (30D ▲ +10.73%) | $0.82B (30D ▲ +0.08%) |
| Arbitrum | 3,672 (30D ▲ +3.62%) | $0.72B (30D ▲ +4.47%) |
| Stellar | 6,045 (30D ▲ +45.91%) | $0.68B (30D ▲ +3.29%) |
What stands out this week:
- Ethereum remains the “default” venue for large RWA size, not just for number of assets.
- BNB Chain is still a clear #2 by value, but with far fewer holders — that usually points to more concentrated positions (fewer, larger wallets). (Inference from holders vs value.)
- Solana is the opposite: very high holders but lower value, which often means many smaller tickets.
Commodities (tokenized gold, etc.)
Tokenized commodities sit at $3.76B market cap (+7.27% over 30 days), but activity is softer: monthly transfer volume $3.35B (down) and monthly active addresses 17,994 (down). That combination can mean “buy-and-hold” demand is growing faster than trading demand. (Inference from market cap vs activity.)
Gold is still the core of this bucket:
- Tether Gold (XAUT): $1.68B market cap
- Paxos Gold (PAXG): $1.53B market cap
Manager view shows the same concentration: Tether and Paxos together are the majority of tokenized commodities by value, while the rest is a long tail.
What to watch into year-end (and early 2026)
- “Value hub vs user hub” gap: do high-holder networks convert those users into higher-value RWA positions, or stay mostly small-ticket?
- Stablecoin rails direction: stablecoin value can move sideways while addresses grow — watch if that continues, because it supports distribution even without big TVL jumps.
- Commodities activity vs size: if commodity market cap rises while activity stays weak, it may stay a hedge layer, not a trading layer.
- Platform growth: RWA.xyz tracks 127 tokenization platforms (including stablecoin issuers). More platforms usually means more product variety — but also more fragmentation.
Bottom line
As of Dec 22, 2025, the RWA market looks steady and “carry-like”: value inches up, holders keep rising, and stablecoins remain the giant settlement base. The most useful signal right now is not just total value, but where value vs users live across chains — because that’s often where the next distribution wave comes from.
