Avalanche highlighted the milestone to X on Thursday: “Avalanche is the #2 chain in decentralized RWA Value.” This claim is supported by RWA.xyz’s snapshot, which clearly depicts how real-world assets are spread across different blockchains and how competition in this space is increasing.
According to the table, Ethereum still outperforms the rest, with decentralized RWA value of around $11.59 billion, with almost 98% of tracked RWA counted as decentralized. Behind that, Avalanche has registered around $954 million in decentralized RWA, slightly ahead of the BNB chain at around $953 million.
Blockchain RWA Landscape
Although the gap between Avalanche and BNB is very thin, Avalanche’s 77.1% variance share 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 excluding stablecoins is approximately $1.65 billion, higher than Avalanche, but just over half of Polygon’s RWA is classified as decentralized.
This contrast explains why Avalanche ranks second in circulation, even though its raw total value (excluding stablecoins) of approximately $1.24 billion is smaller than Polygon. Solana and Arbitrum round out the top six, each showing hundreds of millions of distributed RWA, and in the case of Solana and Arbitrum, a perfect 100% distribution of counted items.
For Avalanche, the tweet is a concise way to highlight its growing traction in a market where standards for tokenizing mortgages, bills, corporate bonds and other real-world financial products have yet to solidify. The difference between “total RWA value” and “distributed RWA value” is important. While projects and platforms can list large pools of assets on-chain, the decentralized value reflects the portion that is actually put into action, or tokenized in the way it operates on the network.
Taken together, these numbers are a reminder that while Ethereum remains a major hub for tokenized assets, other chains are making serious inroads. Avalanche’s second-place ranking, however close, signals increased competition and continued interest from institutions and builders looking to bridge traditional assets to distributed rail.