Which blockchains are leading RWA adoption?

RWA adoption is dominated by a handful of networks, and the top market-cap-ranked RWA projects (per CoinGecko's RWA category data this turn) line up cleanly with that. Here's the picture:

Ethereum — the clear hub. The vast majority of tokenized funds by market cap live here, or run on networks built around it. The category's top entries — Ondo (USDY ~$2.18B, OUSG ~$336M, ONDO token ~$1.64B), BlackRock's BUIDL (~$2.82B), Circle's USYC (~$2.71B), the Invesco/Superstate USTB fund (~$835M), and the Spiko fund series — are tokenized on Ethereum. Ondo is the standout, with three RWA products across the top of the list.

Stellar — an RWA-native Layer 1. XLM (~$6.02B mcap) has spent years positioning itself specifically for tokenized assets and stablecoin settlement rather than general DeFi.

The "regulated settlement" niche — Algorand, XDC, Quant, Injective, Provenance. All appear in the RWA category top ranks:

• Algorand (~$789M) — early RWA/asset-tokenization marketing.
• XDC Network (~$556M) — trade finance / supply-chain focus.
• Quant (~$921M) — enterprise interoperability for tokenized assets.
• Injective (~$476M) — hosts some RWA-related perps/derivatives rails.
• Provenance (HASH, ~$464M) and Figure (the #1-ranked RWA entry by mcap, ~$23B) — Figure's mortgage/private-credit tokenization runs on Provenance, making it the biggest single RWA use case by value here.

Also worth noting: gold-backed tokens (Tether Gold ~$2.64B, PAX Gold ~$1.86B, Kinesis) span multiple chains, and Chainlink (~$8.32B) sits in the category as the oracle/verification layer underpinning RWA data flows across all of them.

The pattern: Ethereum hosts the biggest tokenized-fund market cap, while specialized chains (Stellar, Algorand, XDC, Provenance) compete for institutional/regulated niches. Chain attribution above is general knowledge of where these projects run; the market-cap figures are the live category data I pulled.

Here are cards for the main RWA leaders:

Ondoondo#53 · Chainlinklink#18 · Stellarxlm#20 · Algorandalgo#81 · Quantqnt#73 · Injectiveinj#106 · Figure Helocfigr_heloc#9