Table of Contents
TL;DR
- On-chain RWAs (Distributed Asset Value) are $23.22B, up +$1.87B (+8.76%) vs last week — growth re-accelerated.
- Participation still expands: 655,323 wallets hold RWAs, up +18,425 (+2.89%).
- Issuer surface widened again: platforms/issuers 140 → 142 (+1.43%).
- Chain story rotated: Ethereum + Liquid Network did most of the value growth work; BNB Chain kept onboarding wallets fast.
- Stablecoins dipped by value ($296.47B, −1.03% WoW) but holders still grew (223.60M, +0.26% WoW).
Market snapshot (as of 26 Jan 2026)
| Metric | Value | 7-day Δ |
|---|---|---|
| Total on-chain RWAs (Distributed Asset Value) | $23.22B | +$1.87B (+8.76%) |
| Holding addresses (RWA holders) | 655,323 | +18,425 (+2.89%) |
| Active issuers (tokenization platforms, proxy) | 142 | +2 (+1.43%) |
| Stablecoin backdrop (total value) | $296.47B | −$3.10B (−1.03%) |
| Stablecoin holders | 223.60M | +0.58M (+0.26%) |
How to read this: stablecoins are held by 223.60M addresses, so the user base for “settlement money” is still far broader than the RWA holder base (~341×). By value, RWAs are now about 1:12.8 versus stablecoins — the rails still outweigh the cargo.
Chain dynamics
This week looks like “value jumped, wallets kept compounding.” Holder growth stayed steady, but value growth sped up — meaning bigger allocations landed somewhere (not just new small wallets).
Top networks by RWA Total Value (excl. stablecoins) — with WoW % vs 01/19 in brackets:
| Network | RWA holders | WoW holders | RWA total value (excl. stablecoins) | WoW value |
|---|---|---|---|---|
| Ethereum | 153,397 | +3.14% | $14,166,902,094 | +8.77% |
| BNB Chain | 23,184 | +52.29% | $2,281,030,171 | +12.13% |
| Liquid Network | 56 | +154.55% | $1,577,172,177 | +45.41% |
| Solana | 146,240 | +2.68% | $1,133,015,807 | +0.52% |
| Stellar | 3,921 | −13.98% | $1,023,205,645 | +1.46% |
Notes:
- Ethereum did the “heavy lifting” in absolute dollars this week — it’s a broad, steady expansion (value up much faster than wallets).
- Liquid Network is the loudest signal: big value jump with a tiny holder base, which points to concentration (a small number of holders moving large amounts).
- BNB Chain is still the “wallet wave” chain — but this time value also grew more clearly, not only holders.
- Arbitrum slipped slightly by value (and now sits just below the top 5 by value).
Commodities (tokenized gold, etc.)
Commodities turned into the “activity engine” this week: transfer volume jumped hard, and market cap followed.
| Commodity metric | Value (Jan 26) | WoW change vs Jan 19 |
|---|---|---|
| Market cap | $5.07B | +$0.59B (+13.17%) |
| Monthly transfer volume | $7.72B | +$2.24B (+40.88%) |
| Monthly active addresses | 31,686 | +2,537 (+8.70%) |
Gold still dominates by size:
- Tether Gold (XAUT) is now ~$2.25B
- Paxos Gold (PAXG) is now ~$2.01B
(Compared with last week’s levels in our Jan 19 snapshot, both are clearly higher.)
What to watch into early-February 2026
- Ethereum follow-through: value accelerated this week; if it repeats, it’s a real “allocation wave,” not just noise.
- Liquid concentration: big value with very few holders can mean institutional rails — but also means headline value can swing fast.
- Stablecoins: value dipped while holders rose — watch if liquidity returns in size, because RWAs often grow faster when stablecoin value expands.
- Commodities activity: transfer volume jumped; if this persists, tokenized gold becomes one of the clearest “used” RWAs on-chain.
Bottom line
As of January 26, 2026, RWAs stayed in growth mode, but the key change is speed: value rose +8.76% WoW while wallets rose +2.89% WoW. The week’s main signal is where the value landed — Ethereum and Liquid drove the jump, BNB kept onboarding, and commodities re-accelerated in usage, even as stablecoin value softened slightly
