Active RWA strategies—tokenized funds with dynamic rebalancing—represent the frontier of on-chain real-world assets, with Mantle leading ETH L2s at $247.5M and 27.4% QoQ growth.
RWA & Tokenization ·
Tokenized real-world assets on-chain have reached nearly $35B, though the majority remains concentrated in passive strategies like tokenized Treasuries and private credit. A narrower but potentially more dynamic segment—active strategies that involve dynamic rebalancing and tactical portfolio shifts—represents an emerging frontier within this broader category. Mantle leads Ethereum layer-2 networks in this active segment at $247.5M, having posted 27.4% quarter-over-quarter growth in Q1 2026, while Avalanche holds the largest active RWA position across all EVM networks at $459.3M, and Stellar ranks first overall at $685.8M.
Active strategies remain significantly smaller than passive tokenized assets because deploying live, rebalancing strategies requires substantially more operational complexity than issuing tokens backed by static collateral. The category's leaders span multiple chains and geographies, with Ethereum itself commanding $389M in active RWA value. Recent catalysts on Mantle include Franklin Templeton's launch of its tokenized US Equity Index ETF (USPXX) and an expansion by Maple Finance, both signaling institutional engagement with on-chain active management infrastructure.
What remains unclear is whether active RWA strategies will sustain their current growth trajectory, how regulatory changes may reshape the competitive landscape across chains, and whether incumbent traditional asset managers will accelerate or decelerate deployment of similar products on-chain over the medium term.