RWAs reach $46B onchain market, led by US T-bills at $15B

The tokenized real-world asset market has crossed $46.2 billion in onchain value, with US Treasury bills commanding the largest slice at approximately $15 billion. That means government debt, the most boring asset class on Earth, is now the single biggest driver of one of crypto’s fastest-growing sectors. Five assets alone represent about 70% of the total RWA market. Where the money actually sits Ethereum remains the dominant chain for tokenized RWAs, holding roughly $17.3 billion in distributed value. The more interesting story is further down the leaderboard. Stellar has climbed to third place among blockchains by RWA market capitalization, now hosting around $3.3 billion in tokenized assets. That figure grew by $149.4 million in just 30 days. BNB Chain and Solana round out the top chains carrying meaningful RWA value. Different data sources peg the total RWA market anywhere between $38 billion and $46.2 billion, with the higher number coming from RWA.xyz data captured by NullTX. The discrepancy comes down to what counts. Some trackers exclude certain stablecoin-adjacent products or use narrower definitions of what qualifies as a tokenized real-world asset. The institutional heav...