Looking at the latest RWA data, several signals are very clear

Ethereum is now the absolute leader, valued at $12.4 billion, accounting for over 60% of the share

BNB Chain ranks second, with a market cap of $2 billion, close to 10% market share, clearly riding the wave of “compliance-friendly + low issuance costs,” a pragmatic approach

Chains like Solana and Stellar are growing very fast, with 30-day increases of over 30%, but their market caps are still below $1 billion, more like pilot zones rather than main battlefields

The most tokenized assets remain U.S. Treasuries, leading by a wide margin. The institutions still follow the old logic: first invest in low-risk, highly liquid, clearly regulated assets, then consider others

Overall, RWA tokenization is still in very early stages, highly concentrated, and strongly platform-oriented. When choosing a chain, the core considerations are: regulatory adaptation, settlement credibility, and clarity of compliance pathways.