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SOL Tokenized real-world asset market: US$345 billion in structural differentiation
In 2026, the tokenized real-world asset market will grow rapidly, but an in-depth analysis of the data will reveal a structural differentiation that is crucial to investors. Most of the value is concentrated in chains where ordinary investors cannot directly hold or transfer tokens.
Representative and distributed assets: The division of the $345 billion market
Currently, the total value of tokenized assets is approximately $345.33 billion, but the vast majority of them ($306.6 billion) are classified as representative assets on the Canton Network. Representing assets only use the blockchain as a layer of record, the underlying securities are still held by traditional custodians, and investors cannot hold or transfer these assets through their own wallets.
This is in sharp contrast to distributed assets-investors can independently hold and transfer distributed assets on the public chain. Currently, the total size of distributed tokenized assets on public networks is US$38.27 billion. Canton Network's configurable privacy model means that most of its activities cannot be directly observed on public infrastructure, further limiting transparency for retail investors.
Canton Network's dominance in representing asset classes stems from its institutional design. Platforms such as HSBC Orion, Goldman Sachs DAP, and BNP Paribas Neobonds all run on Canton infrastructure. In addition, the American Depository Trusts and Clearing Corporation (DTCC) and Digital Asset are also working together to bring DTC and Federal Reserve qualified securities to the Canton Network.
Ethereum leads the way in areas accessible to investors
Among the distributed assets that investors can actually hold and transfer, Ethereum leads with a chain value of US$17.3 billion, followed by BNB Chain with US$5.8 billion, and Solana ranks third with US$3.8 billion. Ethereum is the blockchain with the highest total value of tokenized RWA, BNB Chain ranks second, and Solana and Polygon have also attracted institutional deployments.
Avalanche occupies a unique position and appears in two asset categories: distributed assets of $1.9 billion, representing assets of $11.4 billion. This dual presence reflects Avalanche's appeal to both institutional publishers and retail accessible DeFi events.
The overall picture shows that the market is expanding rapidly, but remains structurally limited. Only 10% of tokenized RWA is currently used for DeFi, but Standard Chartered Bank's Geoff Kendrick expects this to rise to 30% by 2030. For now, most of the tokenization value remains in licensed or semi-private infrastructure that most cryptocurrency investors cannot directly access.
