Ethereum Dominates Public-Chain RWAs as Institutions Favor Scale

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Earlier in 2025, RWAs excluding stablecoins reached $24 billion, with private credit and tokenized Treasurys acting as the primary growth engines. Ethereum remains the dominant public settlement layer for onchain debt and fund structures.

Data from RWA.xyz shows the market is still concentrated among a small group of large issuers on Ethereum, while a second tier of networks — including BNB Chain, Avalanche, Solana, Polygon and Arbitrum — each capture low-to-mid single-digit market shares.

Meanwhile, permissioned infrastructure like Canton Network now hosts over 90% of institutional RWA activity, offering regulated, privacy-preserving environments that still connect to DeFi liquidity and data rails.

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eth staying the settlement layer for rwAs isn’t surprising at all. boring infra wins again while everyone chases the next shiny l1