Table of Contents
TL;DR
- On-chain RWAs (Distributed Asset Value) are $24.77B, up +$1.55B (+6.67%) vs last week — growth stayed strong.
- Participation jumped hard: 828,642 wallets hold RWAs, up +173,319 (+26.45%) — most of the new wallets came from Solana.
- Issuer surface widened again: platforms/issuers 142 → 144 (+1.41%).
- Chain story split: Ethereum did most of the value growth, while Solana did most of the wallet growth (strongly linked to tokenized stocks).
- Stablecoins fell again by value ($293.29B, −1.07% WoW) but holders still edged up (223.69M, +~0.04% WoW) — rails steady, capital slightly lighter.
Market snapshot (as of 02 Feb 2026)
| Metric | Value | 7-day Δ |
|---|---|---|
| Total on-chain RWAs (Distributed Asset Value) | $24.77B | +$1.55B (+6.67%) |
| Holding addresses (RWA holders) | 828,642 | +173,319 (+26.45%) |
| Active issuers (tokenization platforms, proxy) | 144 | +2 (+1.41%) |
| Stablecoin backdrop (total value) | $293.29B | −$3.18B (−1.07%) |
| Stablecoin holders | 223.69M | +0.09M (+~0.04%) |
How to read this: stablecoins are still held by ~270× more addresses than RWAs, so the “settlement money” user base remains massively larger. By value, RWAs are about 1:11.8 versus stablecoins — rails still outweigh the cargo, but the cargo is growing faster.
Chain dynamics
This week is best described as “wallet shock + value follow-through.” Value rose meaningfully again, but the bigger surprise is where the new wallets came from.
- Wallet growth was Solana-led: Solana added +152,099 holders WoW — about 88% of all new RWA wallets this week.
- Value growth was Ethereum-led: Ethereum added about +$1.24B in RWA value WoW — roughly 80% of the weekly value increase.
Top networks (same set as last week for easy comparison):
| Network | RWA holders | WoW holders | RWA total value (excl. stablecoins) | WoW value |
|---|---|---|---|---|
| Ethereum | 164,736 | +7.39% | $15,409,685,558 | +8.77% |
| BNB Chain | 30,340 | +30.87% | $2,223,622,347 | −2.52% |
| Liquid Network | 56 | +0.00% | $1,583,170,112 | +0.38% |
| Solana | 298,339 | +104.01% | $1,234,284,561 | +8.94% |
| Stellar | 3,964 | +1.10% | $1,055,069,402 | +3.11% |
Notes:
- Solana’s wallet jump lines up with tokenized stocks. Tokenized stocks show 295.82K holders total, and xStocks alone shows 234,324 holders — meaning one segment can move the “RWA holder” headline fast even without a huge value jump.
- BNB Chain looks like “more users, smaller size.” Holders rose sharply, but value dipped WoW — that often happens when growth is retail-sized positions or when a few larger balances unwind.
- New entrant watch: Avalanche is now at about $1.35B (ex-stablecoins) with 7,917 holders, which puts it above Stellar by value this week.
Sources for current network metrics (as of 02/02/2026) and last week comparison set (Jan 26 post).
Commodities pulse
Commodities stayed one of the clearest “used on-chain” RWA segments: high transfer volume, growing active addresses, and a steady rise in holders.
| Commodity metric | Value | 30-day trend (as reported) |
|---|---|---|
| Market Cap | $4.67B | +31.80% |
| Monthly Transfer Volume | $12.88B | +174.48% |
| Monthly Active Addresses | 54,600 | +114.39% |
| Holders | 222.96K | +27.17% |
And the market is still concentrated at the top (tokenized gold dominates by value):
| Top commodity managers | Total value | 30D% |
|---|---|---|
| Tether | $2.4B | +32.07% |
| Paxos | $2.1B | +30.22% |
| Justoken | $1.5B | +340.0% |
Commodity figures and manager table are from the commodities dashboard (as of 02/02/2026).
Bottom line
As of February 2, 2026, RWAs stayed in a strong uptrend: value rose +6.67% WoW, but the real story is composition. Ethereum is where the big dollars landed, while Solana pulled in a wave of new wallets — largely consistent with the recent growth in tokenized stocks holders. Meanwhile, stablecoin value slipped again, so the settlement base is still huge, but slightly less “heavy” in capital right now.
