Avalanche took to X on Thursday to highlight a milestone: “Avalanche is the No. 2 chain in distributed RWA value.” The claim is supported by a snapshot from RWA.xyz that paints a clear picture of how real-world assets are spreading across different blockchains, and how competitive the field has become.
According to the table, Ethereum stands head and shoulders above the rest, with approximately $11.59 billion in distributed RWA value and almost 98% of tracked RWA counted as distributed. Behind that, Avalanche records approximately $954 million in distributed RWA, putting it a hair ahead of BNB Chain, which is approximately $953 million.
Blockchain RWA landscape
The margins between Avalanche and BNB are razor thin, but Avalanche’s shared share, 77.1%, is what the protocol used to stake its claim to the podium. The RWA.xyz data also shows an interesting wrinkle: Polygon’s total RWA value, excluding stablecoins, is higher than Avalanche’s at about $1.65 billion, but just over half of Polygon’s RWA is classified as distributed.
That contrast explains how Avalanche can come in second in distributed value, even though its raw total (excluding stablecoins), about $1.24 billion, is smaller than Polygon’s. Solana and Arbitrum round out the top six, each showing hundreds of millions in distributed risk-weighted assets and, in the case of Solana and Arbitrum, a full 100% distribution for the items counted.
For Avalanche, the tweet is a succinct way to highlight its growing traction in a market that still settles for standards for tokenizing mortgages, bills, corporate debt, and other real-world financial instruments. The difference between “total RWA value” and “distributed RWA value” is important: projects and platforms can represent large groups of assets on a chain, but distributed value reflects the portion that is actually put to work or tokenized in a way that is operational on the network.
Taken together, the numbers are a reminder that while Ethereum remains the dominant hub for tokenized assets, other chains are making serious inroads. Avalanche’s second-place finish, even if only by a small margin, signals increasing competition and continued interest from institutions and builders looking to bridge traditional assets to decentralized railroads.