How Ethereum is Winning the RWA Tokenization War

“Ethereum is winning the war for real-world assets, and nothing is close,” said Ryan Sean Adams from Bankless on Monday.

The network currently has a 57% market share of RWA on-chain value, including stablecoins, and that number is even higher when Ethereum layer-2 networks are included.

Adams said that RWAs are a network effect game, liquidity begets liquidity, and institutions go where there is liquidity.

Impressive Statistics

The numbers speak for themselves, with Ethereum taking a commanding market lead over rival chains for on-chain RWA value, which is currently at an all-time high of $28.5 billion (excluding stablecoins).

The stablecoin supply on Ethereum is also at a record high of over $160 billion, with around $5 billion being added last week, according to Token Terminal.

Adams pointed out that when layer-2 and EVM networks are included, the Ethereum share surges to 95%. Newer stablecoin-focused networks, such as Stripe Tempo, Circle Arc, and Plasma Tether, are all Ethereum Virtual Machine-based.

Ethereum is winning the war for real world assets and nothing is close.

I just looked at the numbers and oh my god.

Two things to establish.

First, RWAs are a network effect game. Liquidity begets liquidity. Institutions go where there’s liquidity. Power laws win.

Second,… pic.twitter.com/FOZWizfRzg

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) September 8, 2025

“Stablecoins are the king of RWAs, the OGs – 90% of all RWAs are stablecoins. No RWA class is as mature. All other assets will go where the stablecoins go. Winning stablecoins probably means winning RWAs, and Ethereum stablecoin network effects are staggering.”

The figures for other assets tokenized on Ethereum are also impressive. It has $5.2 billion in tokenized Treasurys, which is a 70% share, rising to 86% when EVM is included. “All issuers that matter – BlackRock, WisdomTree, Franklin, Ondo have treasuries on Ethereum,” said Adams.

There is also a record $2.4 billion worth of tokenized gold on Ethereum, and the supply has doubled since the beginning of this year, according to Token Terminal. Ethereum commands the tokenized commodity sector with a 77% market dominance, rising to 97% when the layer-2 Polygon network is included, according to RWA.xyz.

Tokenized stocks are still nascent, with just $420 million in on-chain value, but heavyweights such as Robinhood, eToro, and even Coinbase are about to enter, and “all of these are preparing to list tokenized securities on Ethereum L2s.”

BlackRock’s USD Institutional Digital Fund (BUIDL) and the recently launched Fidelity Digital Interest Token (FDIT) tokenized Treasury fund are both on Ethereum.

Ondo Finance Launches 100+ Tokenized U.S. Stocks
Stripe and Paradigm Launch New L1: Tempo
Fidelity Launches $200M Tokenized Treasury Fund
Fireblocks Unveils Enterprise Stablecoin Network
Senate Circulates New Draft of U.S. Crypto Market Structure Bill

— RWA.xyz (@RWA_xyz) September 8, 2025

Ethereum, The World’s Ledger

It is hard to see how the underlying asset, ETH, can fail to benefit from this overwhelming RWA dominance despite its price being stuck over the past week.

Adams said that it is a foregone conclusion:

“If Ethereum becomes the world ledger, you think it’s farfetched to believe ETH the asset – with lower issuance than Bitcoin or gold and better censorship resistance – you think it’s farfetched to believe ETH will catch up and even exceed these other store of value assets?”

This doesn’t even take into account the 4% of the total supply that digital asset treasuries, who can see this potential, have scooped up over the past five months, while paper-handed retail traders are selling.