Tokenization is growing, but Ethereum still owns the market

Tokenized assets total about $38.6 billion across 35 chains, but Ethereum (ETHUSD) dominates with roughly $25 billion — a 65% share. Within real-world assets (RWAs) Ethereum holds about $16.7 billion versus BNB Chain ($3.8B) and Solana ($2.0B). For stablecoins, Ethereum accounts for 52.9% of market cap while Tron has 27.8%. The piece argues that while multi-chain activity exists, true competition is limited so far; rivals (Tron, Solana, BNB Chain) compete on lower fees and faster settlement, areas where Ethereum is seen as vulnerable. Overall, the market impact is concentrated risk and opportunity around Ethereum: it currently commands most issuance and liquidity for tokenized assets, but scalability and cost dynamics leave room for other chains to capture issuance and transactional activity.