RWA Holders Hit 900K as Private Credit Yield Shows Strain

Tokenized real-world assets now count more than 900,000 holders across major blockchains. Solana leads at 277,000 users, with Plume Network close behind at 250,000. Ethereum remains a core base for RWA activity. Tokenized stocks account for 362,000 holders, commodities for 240,000.

Over the past 90 days, XRP Ledger drew the highest net inflows at $1.9 billion, ahead of Ethereum at $1.6 billion and Stellar at $1.4 billion. BNB Chain, Solana, Avalanche, Sei, and Mantle also saw meaningful inflows. Private credit is the strongest RWA category in DeFi, with 64.3% of its on-chain value now deployed across protocols, according to AMBCrypto. Most of those positions are not yet widely usable across DeFi protocols, which limits the liquidity story.

The headline yield on tokenized private credit products has been the main draw. That side of the market is showing strain.

Dividend coverage for listed private credit lenders has weakened since 2023. Reported coverage stood above 1.15x in April 2023. By early 2026 it had slipped below 1.0x. The picture looks worse after stripping out PIK income – income booked but not received in cash. On that basis, coverage fell to roughly 0.89x in January 2026.

Regular cash earnings are not fully covering payouts. If funding costs rise, the sustainability of those returns becomes the real test. The 900,000-holder milestone is real. The yield that drew them in may not hold.

For traders tracking the RWA space, the divergence between holder growth and underlying credit quality matters. Solana and Plume are adding users fast. The assets those users hold are increasingly tied to private credit products where cash coverage is thinning. A rising-rate environment would pressure those structures directly, potentially triggering redemptions or revaluations.

The next data point to watch is the Q1 2026 earnings season for listed private credit lenders. If coverage stays below 1.0x on a cash basis, the gap between on-chain yield and real-world return will widen. That gap is where the risk sits.