Understanding why the RWA race is no longer Ethereum’s to control

For a long time, Ethereum [ETH] was the default home for tokenized assets. But today, networks like Stellar [XLM], Solana [SOL], Base, Avalanche [AVAX] and Aptos [APT] are starting to build muscle.

Here’s what you need to know.

Stellar leads new RWA inflows, Ethereum loses

The RWA race is no longer moving in Ethereum’s favor alone. The platform still holds the biggest tokenized asset base – at around $14.65 billion – but the trend is now harder to ignore.

Over the last 30 days, Ethereum shed nearly $1.63 billion in tokenized RWAs. Over the same period, Stellar added about $810 million – A 63% jump. Base, Avalanche and Aptos also saw strong growth, rising by 46%, 45% and 38%, respectively.

Here, what’s interesting is that RWA flows tend to be sticky. Once institutions build compliance and settlement systems on a chain, they are unlikely to change the way they do things.

Solana’s RWA base crosses $2.5B in Q1 2026

Solana [SOL] is also a serious part of the RWA conversation, especially after a jump in Q1 2026.

According to Galaxy Research, Solana’s real-world asset value grew 58% quarter-on-quarter and crossed $2.5 billion. That is a big move from a year ago, when RWA activity was still small and mostly concentrated.

Solana’s RWA base includes tokenized funds, public equities, private credit and other real-world products. RWAs also account for 17% of Solana’s total TVL.

RWAs – The real deal?

Token prices still get most of the attention, but the big players are looking at something different. They’re choosing chains that can support compliance and settlement at large scale.

Once that’s set up, it is not easy to move elsewhere. That’s exactly why RWA inflows matter, because they show where long-term activity may settle on-chain.

Interestingly, AMBCrypto previously reported that tokenized assets had grown by 15% in just 30 days! Private credit alone crossed $14 billion on-chain, adding to the ongoing chain-level race.

Final Summary

• Ethereum still leads the RWA market, but demand is also moving to other chains.
• Stellar’s 63% jump is proof that the tokenization race is multi-chain.