Ethereum and its L2s lead in non-custodial tokenized stock holdings at $1.14B, ahead of Solana ($660M) and BNB Chain ($440M).
RWA & Tokenization ·
Ethereum and its Layer 2 solutions hold $1.14 billion in tokenized stocks stored outside exchange wallets, exceeding both Solana at $660 million and BNB Chain at $440 million in non-custodial supply. While BNB Chain's total tokenized stock supply reaches $1.14 billion, approximately $700 million of that amount sits in exchange custody wallets—predominantly on Binance—compared to $213 million for Solana and $13 million for Ethereum Layer 1. The distinction between total supply and non-custodial holdings matters because exchange-held tokens do not represent decentralized market activity.
Ethereum's lead emerges when accounting for its Layer 2 ecosystems: Arbitrum holds $158 million, Robinhood Chain $146 million, and Base $35 million, which combined with Ethereum Layer 1's $812 million positions the ecosystem ahead of competitors. The methodology isolates on-chain holdings outside exchange wallets as the relevant metric for measuring decentralized tokenized stock presence.
What remains unclear is whether this snapshot reflects a durable shift in tokenized asset distribution or a moment-in-time picture, and whether future migrations across chains or custodial arrangements might alter the ranking. Analysis from Blockworks data captured these figures in early October.