Table of Contents
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.
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.
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.
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.
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.
