Crypto▲ Bullish
Tokenized Funds and Equities Top $2.3B – Why Utility Trumps TVL
Tokenized assets hit $2.3B. Ethereum leads custody with $783M while Solana executes 95% of trades. Institutions split custody and execution, favoring fast settlement. Utility metrics overtake TVL.
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Tokenized U.S. funds and equities hit a combined $2.3 billion in market capitalization this week, a record for regulated on-chain finance, according to data from RWA.xyz. The distribution of value and activity across chains tells a more detailed story.
Ethereum holds the largest custody share at $783.2 million, or 34% of the total. BNB Chain carries $679.8 million. Solana sits at $535.9 million. That is the custody side.
The execution side looks different. The same on-chain data shows Solana processes roughly 95% to 97% of all tokenized equity trading by volume. The assets sit on Ethereum. The trades happen on Solana. Institutions are splitting custody from execution, choosing different chains for different jobs.
Wallet distributions add another layer. Arbitrum leads with roughly 12,500 distinct holder wallets, most of them through the Theo platform. Solana follows at about 8,200 wallets via Ondo Finance and Etherfuse. Sui approaches 6,000 holders, helped by Ondo's expanding cross-chain deployment. HyperEVM and Base add nearly 4,000 and 3,200 wallets respectively. Ethereum itself hosts only around 2,000 holder wallets despite supporting multiple issuers.