Most tokenized assets sit on chains investors cannot trade on

The tokenized real-world asset market has grown rapidly in 2026, but a closer look at the data reveals a structural split that matters for investors: most of the value sits on chains where ordinary investors cannot hold or transfer tokens directly.

Represented vs. Distributed: A $345B Market Divided

Total tokenized asset value currently stands at roughly $345.33B, but the vast majority of that figure, $306.6B, is classified as represented assets on @CantonNetwork. Represented assets use a blockchain purely as a recordkeeping layer. The underlying securities remain in traditional custody, and investors cannot hold or move them through their own wallets.

That contrasts sharply with distributed assets, which investors can hold and transfer on-chain independently. Distributed tokenized assets total $38.27B across public networks. Canton's configurable privacy model means a significant portion of its activity is not directly observable on public infrastructure, which further limits retail transparency.

@CantonNetwork's dominance in the represented category reflects its institutional design. Platforms including HSBC Orion, Goldman Sachs DAP, and BNP Paribas Neobonds operate on Canton infrastructure. The Depository Trust and Clearing Corporation (DTCC) and Digital Asset are also partnering to make DTC- and Fed-eligible securities available on Canton Network.

Ethereum Leads Where It Counts for Investors

Among distributed assets, those that investors can actually hold and move, @ethereum leads with $17.3B in on-chain value. @BNBCHAIN follows at $5.8B and @solana at $3.8B. Ethereum is the leading blockchain by total tokenized RWA value, with BNB Chain ranking second, while Solana and Polygon are also attracting institutional deployment.

Avalanche (@avax) occupies a unique position, appearing on both sides of the ledger with $1.9B in distributed assets and $11.4B in represented assets. That dual presence reflects Avalanche's appeal to both institutional issuers and retail-accessible DeFi activity.

The broader picture points to a market that is scaling quickly but remains structurally restricted. Only 10% of tokenized RWAs are currently used in DeFi, though Standard Chartered's Geoff Kendrick projects that share rising to 30% by 2030. For now, the bulk of tokenized value remains on permissioned or semi-private infrastructure that most crypto investors cannot directly access.

Sources:
Messari: Understanding Canton Network (May 2026)
Cryptonomist: Tokenized RWA Market Surges to $32 Billion (July 2026)
Canton Network: DTCC and Digital Asset Partnership Press Release