Token Terminal data as of March 3, 2026 shows real-world asset holder counts distributed across more than 15 blockchain networks, with tokenized commodities on Ethereum leading by total holders at approximately 110,000, followed by tokenized stocks on Solana near 95,000 and tokenized commodities on Celo near 75,000.
What the Chart Shows
The Token Terminal RWA holder count chart, excluding stablecoins, ranks asset-chain combinations by number of unique holders. The result is a long-tail distribution that spans Ethereum, Solana, BNB Chain, Arbitrum, Base, Avalanche, Polygon, HyperEVM, Stellar, and Celo, among others.
The three largest bars tell the first part of the story. Tokenized commodities on Ethereum leads, tokenized stocks on Solana is second, and tokenized commodities on Celo is third. The fact that Solana and Celo appear at the top alongside Ethereum, rather than behind it, is the structural observation Token Terminal is highlighting.
The mid-tier of the chart shows tokenized funds distributed across Ethereum, Solana, Arbitrum, Base, BNB Chain, Avalanche, HyperEVM, Polygon, and Stellar. No single chain dominates the tokenized fund category. Holdings appear across nine chains, with each carrying a meaningful number of holders.
What Multichain Actually Means Here
The multichain distribution in the RWA chart is different from the multichain distribution in the DeFi TVL chart covered earlier this week, where Ethereum held 58.8% of a $90 billion total. DeFi liquidity is concentrated on Ethereum. RWA holders are not.
The reason is use-case specific. Tokenized commodities, the leading category by holder count, have historically been offered through platforms that optimize for user accessibility and transaction costs rather than DeFi composability. Celo, for example, has focused on mobile-first financial access in emerging markets. A large number of tokenized commodity holders on Celo likely reflects a different demographic and use case than Ethereum-based institutional tokenized funds.
Tokenized stocks on Solana at approximately 95,000 holders reflects Solana’s lower transaction costs making retail-level equity token ownership viable. Holding a fractional tokenized stock on Ethereum at current gas costs is economically rational only at larger position sizes.
The Chain Distribution by Asset Type
The legend reveals the asset type and chain combinations that matter for understanding where different tokenization use cases are landing.
Tokenized funds appear on Ethereum, Solana, Arbitrum, Base, BNB Chain, Avalanche, HyperEVM, Polygon, and Stellar. This category, which includes tokenized money market funds, tokenized treasuries, and similar products, is the one that institutional capital has been entering. BlackRock’s BUIDL fund and similar products appear in this category. The multi-chain distribution of fund holders suggests issuers are launching on multiple chains to capture different user bases rather than standardizing on one.
Tokenized stocks appear on Solana, BNB Chain, Ethereum, Arbitrum, and Base. The Solana dominance in this category is consistent with the retail-accessible use case.
Tokenized commodities appear on Ethereum, Celo, Solana, BNB Chain, HyperEVM, and Arbitrum.
The RWA Narrative This Week
The Bhutan national reserve tokenization, SoFi-Mastercard stablecoin settlement, the AUDD regulated Australian dollar stablecoin, and Ripple Payments expansion are all expressions of the same underlying trend the Token Terminal chart documents: real-world financial assets and flows are moving onto blockchain infrastructure across multiple chains simultaneously.
The holder count chart is a measure of adoption breadth rather than capital depth. 110,000 holders of tokenized commodities on Ethereum is not the same as $110 billion in tokenized commodity value. But holder counts are a leading indicator. Liquidity follows users, and institutional product development follows where users are already present.
