RWA Weekly — May 25, 2026

TL;DR

• Distributed Asset Value: $33.99B — up $277.40M (+0.82% WoW), steady growth extending a six-week upward run.

• Total Asset Holders: 817,502 — up 25,309 (+3.19% WoW), expanding at the fastest weekly pace in the tracked period.

• Active Networks: 35 — unchanged week-on-week, flat.

• Stablecoin Value: $304.84B — down $1.50B (-0.49% WoW), softening modestly against a backdrop of rising holder counts.

Market Snapshot

Distributed asset value continued its upward trajectory while represented asset value contracted by $4.73B (-1.39%), suggesting that off-chain valuations of underlying assets softened even as on-chain tokenized positions grew. Stablecoin value edged down $1.50B, yet stablecoin holders rose by over 3.6 million — a divergence indicating broader wallet adoption even as aggregate balances declined.

Chain Dynamics

Ethereum maintained its position at the top of the distributed RWA value ranking, posting the largest absolute weekly gain among the five chains at +$433.98M (+1.43%). Solana also advanced, adding $102.96M (+0.64%), while Arbitrum, BNB Chain, and Avalanche C-Chain all recorded declines — Avalanche's -$282.05M (-3.03%) representing the sharpest proportional pullback in the group. The net effect was a week where the top two chains gained share while the bottom three gave it back.

A notable divergence appears between value concentration and holder distribution. BNB Chain holds the largest holder count in the table at 67,292,791 yet ranks fourth by RWA value at $13.18B, implying an average position size of roughly $196 per holder. Ethereum, by contrast, carries $30.79B across 23,282,301 holders — an average of approximately $1,322 per holder — reflecting a meaningfully different user profile. Solana's average of roughly $1,341 per holder is comparable to Ethereum's, while Avalanche C-Chain's $9.02B across 3,149,716 holders implies an average near $2,864, the highest in the group.

Avalanche's combination of the smallest holder count among the five chains and the largest single-week percentage decline warrants monitoring. Smaller holder bases can amplify value swings when a limited number of large positions are adjusted, and a -3.03% move in a single week is materially wider than the ±1% range seen on Ethereum and Solana.

Notable Deals This Week

• REAL Finance Signs $100M Tokenized Securities Deal — REAL Finance has signed its first tokenized securities deal with EU-licensed Factori A, valued at $100 million, reflecting growing institutional momentum in real-world asset tokenization. Read more

• MoonPay Trade Gives Banks Access to Tokenized Assets — MoonPay launched MoonPay Trade, a platform connecting banks and fintech firms to tokenized assets, stablecoins, and DeFi across 200 blockchains, positioning itself as core institutional infrastructure for on-chain asset markets. Read more

• Boerse Stuttgart Expands Seturion Settlement Network — Boerse Stuttgart has added Societe Generale, SG-FORGE, and flatexDEGIRO to its Seturion tokenized securities settlement platform, growing the network of institutional participants in blockchain-based securities settlement. Read more

• Real Blockchain and iExec Partner on RWA Privacy — Real, an institutional RWA-focused Layer 1 blockchain, has signed a memorandum of understanding with iExec to explore confidential computing infrastructure for tokenized asset operations, aiming to build privacy tools tailored for institutional RWA markets. Read more

• Former BNY Exec Launches Nuva with $19B in Tokenized RWAs from Figure Technologies — Nuva launched with nearly $19 billion in tokenized real-world assets sourced from Figure Technologies, aiming to bring regulated U.S. yield products to market through a platform founded by a former BNY executive. Read more

Commodities

Top Issuers by Total Value

Tokenized commodities present a split picture this week: total value declined modestly (-$50.01M, -0.49%), driven entirely by the distributed side (-$50.81M), while represented value was nearly flat (+$792.12K). Monthly transfer volume fell by $327.75M (-2.96%), yet monthly active addresses surged 20.57% to 36,393 — indicating that more participants are transacting even as the aggregate size of those transactions contracted. Holders grew 5.59% to 235,592, reinforcing a pattern of broadening participation alongside softer aggregate values. The distributed segment ($7.06B) accounts for roughly 69% of total commodity value, with the represented segment ($3.12B) making up the remaining 31%.

Tokenized Real Estate

Tokenized real estate recorded one of the stronger weeks across all tracked asset classes in relative terms. Distributed value rose 8.64% to $177.01M, and total value reached $456.85M across 86 assets in 11 countries. With 86 assets and a total value of $456.85M, the implied average asset size is approximately $5.31M — a figure that reflects a mix of mid-market and smaller residential or commercial properties rather than large institutional-grade assets. Eight new assets were added in the week, a 10.26% increase, while the country count held at 11, indicating that new listings are deepening existing geographic coverage rather than expanding into new markets.

Holder growth was particularly notable: 1,647 new holders joined in the week, a +11.48% increase to 15,991 total. Monthly active addresses rose 15.60% to 1,134, suggesting that the new holders are not passive — activity levels are rising in proportion with, or faster than, the holder base itself. The distributed-to-represented value split (roughly 39% distributed, 61% represented) indicates that the majority of real estate value tracked remains off-chain in represented form, leaving meaningful room for further on-chain migration.

The $100M tokenized securities deal signed by REAL Finance with Factori A, reported among this week's notable deals, is consistent with the institutional appetite that the real estate segment's holder and asset growth numbers reflect at a smaller scale. While the REAL Finance deal is not directly a real estate transaction, the structural parallels — EU-licensed counterparties, securities-grade documentation, and on-chain settlement — point to the same institutional infrastructure build-out that is gradually lifting participation metrics across tokenized property markets.

Editor's Take

Six consecutive weeks of distributed asset value growth — from $29.48B on April 20 to $33.99B on May 25 — is a durable signal, not a one-week anomaly. What is more telling this week is that holder growth (+3.19% WoW, the largest weekly increase in the tracked period) is accelerating even as the value increment is relatively modest, implying that new entrants are arriving with smaller average positions. That pattern is consistent with a market moving from early institutional concentration toward a broader, if still nascent, retail and mid-market participant base.

The divergence between distributed value (+0.82%) and represented value (-1.39%) deserves attention: on-chain tokenized positions grew while the off-chain valuations of underlying assets contracted. This could reflect timing differences in mark-to-market practices, or it could indicate that new issuance is outpacing underlying asset appreciation — a dynamic worth tracking as issuance pipelines, evidenced by deals like Nuva's $19B launch and the REAL Finance $100M agreement, continue to fill.

Avalanche C-Chain's -3.03% weekly decline and its relatively small holder base relative to its value concentration make it the chain most worth watching for volatility in the near term. Meanwhile, the commodities sector's combination of falling transfer volume and surging active addresses raises a structural question: are participants transacting more frequently in smaller sizes, and if so, what does that imply for liquidity depth? Two questions to track next week: will Avalanche stabilize or extend its decline, and will the real estate sector's holder growth rate — the fastest of any tracked segment this week — sustain above 10% WoW?