Tokenization is growing fast. However, despite the rise of new networks, the market is concentrated. Is multi-chain growth just a narrative?
According to Token Terminal, tokenized funds, stocks, and commodities are now a $38.6 billion market across 35 chains. Ethereum [ETH] alone accounts for close to $25 billion of that. That’s 65% of the total market!
This is part of a bigger trend. AMBCrypto previously reported that U.S. investors (both whales and retail) are increasing their exposure to Ethereum, regardless of market conditions.
The remaining 34 chains together are worth about $13.6 billion.
It’s not that other chains are irrelevant; they’re just not dominant enough. Networks like $BNB Chain [$BNB], Solana [SOL], and Tron [TRX] are still seeing activity.
In RWAs, Ethereum led the table with about $16.7B in value, very far ahead of $BNB Chain at $3.8B and Solana at $2.0B at press time.
Stablecoins were similar too. Ethereum held 52.9% of stablecoin market cap, while Tron captured 27.8%. After that, Solana, BSC, Arbitrum [ARB], Polygon [POL], and others seemed to be much smaller.
So, there is competition, but there’s only one clear winner as it stands.
No.
Competing chains are betting on the areas where Ethereum still lags behind. That’s higher transaction fees, and slower settlement during busy periods.
For example, Tron is proof of concept for how lower fees and fast transfers can attract real activity. Solana, $BNB Chain, and other networks are making similar pitches around speed and cheaper issuance. Legislation also certainly influences where institutions choose to issue tokenized assets next.
These weak points are exactly where the competition will play out.
Final Summary
- Ethereum is dominating tokenized assets with $25 billion (65% share) while other competitors are far behind.
- Multi-chain growth exists, but real competition is genuinely limited so far.
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