On-Chain RWA Value Nears $30B as Provenance Leads With 42% Share

The value of real-world assets (RWAs) recorded on blockchains is approaching a new milestone. According to the latest data from RWA.xyz, the on-chain RWA market has reached $29.58 billion. This is supported by nearly 400,000 individual holders worldwide. This marks a steady rise in adoption as tokenized assets become a larger part of decentralized finance.

The increase represents a 7.89% gain compared to the previous 30 days. It is showing renewed momentum in tokenization activity. However, monthly transfer volumes tell a more mixed story. The past 30 days saw $63.18 billion in RWA transfers. A decline of more than 20% from the previous month. This suggests that while more investors are holding RWAs, overall trading activity has slowed.

Provenance Network Takes the Lead

The Provenance Blockchain, developed by fintech firm Figure, has emerged as the clear leader in the on-chain RWA market. It currently holds a 42.3% market share. Which represents the largest portion of on-chain real-world assets. Provenance’s growth highlights the appeal of a network designed specifically for financial services and asset tokenization. The platform has been used for tokenized loans, private credit, and other regulated products. That brings traditional financial instruments onto the blockchain.

Despite this strong showing, questions remain. 0xngmi, the co-founder of analytics platform DeFiLlam. It has previously expressed doubts about the accuracy of Provenance’s reported figures. This skepticism reflects an ongoing challenge in the RWA space. It is ensuring that data is transparent, consistent, and verifiable across platforms.

The Bigger Picture in Tokenization

The expansion of RWAs reflects a broader industry push to bring traditional assets into blockchain based systems. From tokenized U.S. treasuries to real estate and private credit. On-chain representation of assets is reshaping how investors access financial products. Global momentum is accelerating. Earlier this year, several major banks, including JPMorgan and Citi, explored blockchain-based settlement systems tied to tokenized assets. 

Meanwhile, decentralized protocols are racing to provide liquidity pools and marketplaces for these tokens. Still, challenges remain. Transparency, regulatory clarity, and data verification continue to be pain points. As seen with questions around Provenance’s reported market share. The reliable tracking of on-chain RWA value is crucial for investor trust.

Stablecoin Growth Adds to Momentum

Alongside RWAs, the stablecoin market also showed healthy growth. Total stablecoin supply has now reached $283.92 billion. An increase of more than 6% from the past month. Holder numbers climbed to over 192 million, underscoring how stablecoins remain the backbone of liquidity across decentralized finance. Even though stablecoin transfer volumes dropped by nearly 9% this month. The overall upward trend in supply and adoption supports the tokenization wave. Stablecoins often act as entry points for users before moving into other tokenized assets.

Outlook for RWAs

The march toward $30 billion in tokenized assets signals that RWAs are moving beyond experimentation and into broader adoption. The rising number of holders shows that investors are willing to trust blockchain infrastructure for storing real-world financial instruments. If Provenance continues to hold its lead. It could establish itself as the dominant player in financial tokenization. 

However, Ethereum’s resilience, combined with the rise of ZKsync Era and Polygon. It suggests that the future of RWAs will likely remain multi-chain. As competition intensifies, ensuring transparent and verifiable data will be key. The next phase of on-chain RWA growth may depend less on raw numbers. Currently, nearing the $30 billion milestone represents a major step forward. One that signals tokenization is becoming an undeniable part of the financial future.