Ethereum retains RWA lead as liquidity goes multichain, Hong Kong tokenizes real estate

RWA tokenization has been established on multiple chains, with some networks already specializing to carry specific assets and provide liquidity infrastructure. 

RWA tokenization is evolving as some projects specialize and concentrate on selected chains. Currently, tokenized assets are a multi-chain phenomenon, spanning several ecosystems. 

Based on the number of holders, Ethereum is the leader in adoption, based on tokenized commodities. Ethereum is the leader due to the growing interest in XAUt, the tokenized gold offering by Tether. 

Solana has been established as the venue for tokenized stocks, based on the success of XStocks. ONDO also remains a tokenization hub, though with a lower number of owners. Most of the tokens are held on the three leading public chains, Ethereum, Solana, and BNB Chain. 

RWA holder count by sector & chain

Tl;dr: RWAs are a multichain phenomenon

A chart to follow 👇 pic.twitter.com/8x851UAoVh

— Token Terminal 📊 (@tokenterminal) March 4, 2026

The distribution of holders stresses the importance of liquidity and easy access to infrastructure for RWA to take off. Currently, there are chains with a much higher asset count, but much lower adoption. 

While Canton is a leader in raw tokenization, some assets are more actively traded and more prominent on social media. The availability of partnerships with liquidity hubs like Morpho has made some tokenized assets more usable for lending. 

Despite this, in the past month, most tokenization venues saw increased value locked, based on newly minted tokens and appreciating asset prices. 

RWA tokenization sets new records

RWA tokenization has not slowed its inflows, despite the overall low sentiment in crypto markets. Tokenized commodities are seen as an alternative to riskier altcoins or tokens. 

Tokenized US Treasury debt is still the leading asset class, moving closer to $11B in value locked. Tokenized commodities and private credit retain their fast growth rate. In total, the RWA market has grown to $336.76B, of which public equity is still at $1.3B. 

Niche asset classes like real estate, talent, and luxury goods are still the smallest source of inflows. Despite this, real estate remains one of the growing use cases for local projects. 

Hong Kong approves real estate tokenization

Real estate tokenization has been attempted multiple times in the early crypto days, while waiting on shifting regulations. Hong Kong is changing the standard with the recent tokenization of real estate by DL Holdings. 

📢 Hong Kong’s first commercial real estate RWA approved
On Feb 26, 2026, DL Holdings (https://t.co/F2PHhSpjmj) announced that the SFC approved two RWA tokenization initiatives:
DL Tower (Central, Hong Kong)⁰Animoca Brands LPF

🔗 https://t.co/tsZX4YKSE9#RWA #Tokenization pic.twitter.com/kt3YA1bIup

— DL Holdings (@dl_holding16552) March 4, 2026

The holding will tokenize $40M of its stock, thus giving indirect exposure to its portfolio of luxury real estate. 

The Hong Kong SFC gave approval to the business plans, though with no further comments on the viability of tokenization or the investment’s security. DL Holdings is already compliant with its listing requirements, making tokenization an external factor outside the scrutiny of the SFC.

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