RWAs on Ethereum: The Largest Chain for Tokenized Assets
Ethereum is where most tokenized real-world assets started, and it still holds more RWA value than any other public chain. BlackRock’s first onchain fund, Paxos’s gold token, and most early tokenized treasury and private credit products launched on Ethereum mainnet.
What’s on Ethereum
- Tokenized treasuries and money market funds, including BUIDL and OUSG.
- Gold tokens: PAXG and XAUT.
- Private credit pools from Centrifuge, Maple and others.
- Tokenized stocks, real estate and funds of many kinds.
The live table below lists the largest RWAs on Ethereum.
Why issuers start on Ethereum
- DeFi demand: the largest lending markets and stablecoin protocols that accept RWAs as collateral are on Ethereum.
- Standards: permissioned token standards such as ERC-3643 and established patterns for allowlists and transfer restrictions.
- Institutional tooling: custodians, wallets and compliance providers support Ethereum first.
- Track record: the network has run since 2015, which matters to risk committees.
Layer 2s
Fees on Ethereum mainnet make small transactions expensive, so many issuers also deploy on layer 2 networks such as Arbitrum, Base and Optimism. These keep Ethereum’s security model while lowering costs. Each one has its own page under chains.
See the full Ethereum RWA page for every product and asset class.
Largest RWAs on Ethereum right now
See all| # | Asset | Category | Issuer | Value on Ethereum | 7D | 30D |
|---|---|---|---|---|---|---|
| 1 | Treasuries | Superstate | $557M | +3.4% | -5.0% | |
| 2 | Treasuries | Ethena | $489M | -0.7% | +1.3% | |
| 3 | Private credit | - | $150M | +11.3% | +47.9% | |
| 4 | Bonds | - | $393M | +2.1% | +15.9% | |
| 5 | Treasuries | Centrifuge | $326M | -0.2% | -58.3% | |
| 6 | Bonds | - | $46.4M | -5.7% | -2.3% | |
| 7 | Treasuries | - | $81.0M | +4.5% | +61.1% | |
| 8 | Strategies | Theo | $132M | - | - | |
| 9 | Treasuries | Frax Finance | $109M | +2.7% | -2.5% | |
| 10 | Treasuries | Usual | $84.5M | -4.1% | -6.6% | |
| 11 | Treasuries | Sky | $74.8M | +1.5% | +4.7% | |
| 12 | Treasuries | - | $1.83M | -6.8% | -9.4% | |
| 13 | Commodities | - | $8.21M | -0.0% | -0.1% | |
| 14 | Treasuries | Clearpool | $149K | +0.3% | +18.4% | |
| 15 | Commodities | - | $17.0M | -9.9% | -9.6% |
FAQ
Why is Ethereum the main chain for RWAs?
It has the longest track record, the deepest DeFi markets for using RWAs as collateral, the most mature token standards for regulated assets, and the custody and compliance tooling institutions already use.
Are RWAs on Ethereum layer 2s too?
Yes. Many issuers also deploy on Arbitrum, Base, Optimism and other layer 2 networks for lower fees, while keeping Ethereum mainnet as the main chain.
Key terms
More guides
This guide is general information, not investment advice. Check an issuer's own documents before investing.