Ethereum Leads $65 Billion RWA Market with 33% Share as Blockchains Compete for Institutional Flows

According to The Block, the total real-world assets (RWA) market cap has surpassed $65 billion as of May 2026, up 44% from $45 billion at the start of the year, driven by accelerating institutional tokenization of traditional assets onchain.

Ethereum maintains leadership with approximately 33% market share, followed by Provenance Blockchain at 27%, while BNB Chain, XRP Ledger, and Solana each hold roughly 6%. The distributed structure reflects early-stage competition, with chains investing in institutional-grade infrastructure to attract and retain issuers.