Ethereum is home to much more than stablecoins. Treasury funds, gold tokens, credit products and tokenized shares are also held and transferred on the network. How large has this market become, and which assets and issuers account for most of it?
Here we will be looking at asset value over time, monthly growth, categories, holders, transfers and the leading issuers. The data is from RWA.xyz, through October 27, 2026. Stablecoins and cryptocurrency categories are excluded throughout. The focus is distributed assets, which investors can hold through onchain wallets or custodians. Assets using blockchain mainly for recordkeeping are excluded. Values cover Ethereum deployments, rather than each product's total across all chains.
The data is collected from sources like RWA.xyz.
Tokenized Asset Value
First, a look at the historical value of these assets on Ethereum.
The available history starts in September 2018. The market was still small for several years, reaching $662 million at the end of 2021 and $1.25 billion at the end of 2023. The bigger expansion came afterwards, with $8.41 billion at the end of 2024 and $16.00 billion at the end of 2025. The latest value is $15.94 billion. This is well above the earlier years, but below the monthly peak of $20.30 billion in March 2026. From that peak, the decline is around 21%. Growth has clearly come in waves.
Monthly Growth
The monthly changes show those waves more clearly.
May 2025 added $2.27 billion, followed by strong increases in July, August and September. January 2026 brought another $2.13 billion increase. The direction changed after March, with declines in most of the following months.
September fell by $960 million, or 5.4%. October is down another $744 million, or 4.5%, through the 27th. October is a partial month. These changes include movements in token supply and asset prices or net asset values, so they should not be read as pure investor inflows or withdrawals.
Asset Categories
What types of assets make up the current total?
US Treasury debt leads with $5.14 billion, or 32.3%. Commodities follow closely at $4.98 billion (mainly tokenized gold and some silver, oil etc.), or 31.3%. Together, these two categories account for almost two thirds of the tracked value. Active strategies come next at $1.81 billion, followed by asset-backed credit at $1.54 billion.
Stocks account for $772 million. Real estate, private equity and venture capital remain much smaller. The source's active-strategy category includes yield tokens such as staked USDe. Its credit category includes products such as syrupUSDC. Keeping these classifications does not mean every product is backed exclusively by traditional assets.
Categories over Time
Here is how the composition has changed over the years.
Commodities were already a visible part of this market before the recent fund expansion. Treasury products became much larger from 2023 onwards. Active strategies also grew sharply, then declined from their earlier highs. These different paths explain why a single total can hide changes within the market. The chart combines four credit categories for readability. Together they now hold $2.94 billion, around 18.4% of the total. Treasury debt and commodities are close in size today, while stocks have been growing from a smaller base. All categories use the same Ethereum-only scope.
Holder Counts
Next, the number of token holdings recorded across these assets.
The total has increased from 55,393 at the end of 2024 to 131,671 at the end of 2025 and 289,405 at the latest observation. September ended at 276,299, so October has added 13,106, an increase of about 4.7%. Holder counts have continued to rise while asset value has fallen from its March peak. This is an interesting difference, but the measure adds holding addresses across tokens. One wallet holding three different tokens can count three times. It is therefore a measure of token-level holdings, rather than a count of unique people or investors.
Transfer Volume
How much value is moving between addresses each month?
Monthly transfers reached $31.16 billion in June 2026, before dropping to $12.69 billion in July. September recorded $17.15 billion. October has reached $14.35 billion through the 27th, so its shorter period should be kept in mind when comparing the bars.
These are token transfers valued using the source's net asset values, excluding mints and burns. The same assets can move repeatedly. Transfers can also reflect operational or custody activity, and do not necessarily represent purchases by new investors. This makes transfer volume useful for measuring activity, alongside asset value and holders.
Leading Issuers
Here are the largest issuer groups in the source's Ethereum data.
TG Commodities leads with $2.96 billion, followed by Paxos with $1.80 billion. Their gold products give commodities a large presence in the ranking. Ondo Stocks follows at $1.28 billion, then Ethena at $1.19 billion and Maple Protocol Pool Operations at $985 million. The ten largest groups account for 71.6% of total value, so concentration remains high. Names follow RWA.xyz's issuer groupings, which can differ from familiar managers or tokenization platforms. For example, its USDY entry is grouped under Ondo Stocks.
Leading Assets
Finally, a look at the individual products behind the rankings.
Tether Gold and Paxos Gold are the largest, together accounting for 30% of tracked value. They are gold-backed products, so Tether's presence here is separate from USDT. USDY follows at $1.28 billion, ahead of staked USDe and syrupUSDC.
The ranking also includes Treasury and money market products from WisdomTree, ChinaAMC, Invesco and BlackRock. BlackRock's BUIDL entry holds $446 million on Ethereum in this snapshot. These are deployment values, and separate fund share classes remain separate source entries. Ethereum's tokenized asset market has expanded considerably, with gold and Treasury products now accounting for most of its value.
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