Chain Concentration of Tokenized RWA
Which chains the institutional-grade tokenized-RWA capital actually settles on.
Concentration on one chain is systemic dependency — if most institutional RWA lives on one venue, that venue's risk is the market's risk. This is a reliance read, not a chain quality verdict.
Ethereum holds 75.3% of institutional-grade RWA capital; Ethereum and Stellar together hold 87.9%. The rest is marginal — and most “multi-chain” RWA supply is sub-institutional.
Staging preview — private
Three things the numbers assume.
The measure
Each chain’s share of institutional-grade (score ≥70) tokenized-RWA-fund capital. RWA funds only — stablecoins are out of scope by design.
Still settling
The underlying footprint index is calibrating: its constituent set is not yet complete, so these numbers cannot be quoted and no trend is shown — movement so far is coverage, not flow.
Coverage moves the shares
Shares are measured across 35 chains. A chain entering coverage shifts every share; historical series draw coverage-onset boundaries, never zero-fill.
Ethereum holds 75.3% of institutional-grade RWA capital.
Each chain by the institutional-grade RWA-fund capital that settles on it, ranked. One venue dominates; the tail is dust.
on Ethereum— the top chain’s share
HHI — 1.000 is single-chain
institutional-grade RWA capital · 13 chains host it
The quality filter does the work.
Each chain’s raw tokenized-RWA supply beside the slice that clears the institutional-grade (≥70) bar. A raw universe of $27.60B settles to $8.01B once quality is applied. Where the two bars diverge, most of a chain’s RWA supply is sub-institutional.
Top-chain share and HHI, day by day.
Reconstructed from the flows source of record — one row per deployment-day at its latest score, summed to chain, gated to institutional grade. A chain entering coverage moves every share, so the honest-comparison window starts at the coverage-onset boundary below; readings before it are computed over a smaller chain set and are not comparable across the line.
89 days · latest 75.3% on Ethereum · HHI 0.586 · honest-comparison window from 2026-08-28 (all 13 current chains observable)
Known denominator caveats
- Unscored funds are dropped. Five funds holding ~$1.55B have no score and are excluded from both numerator and denominator. Including them would move the top-chain share up from Ethereum’s current 75.3% to ~70.9% — a ~4.4-point sensitivity.
- Chains whose funds all score below 70 shrink here. Kinesis (KAU) holds $585.21M of measured RWA supply but only $0.00 clears the institutional bar, so it barely registers in the ranking.
Method: concentration = each chain’s institutional-grade (score ≥70) RWA-fund capital divided by all institutional-grade RWA-fund capital measured, from the same per-chain aggregation the Chain RWA Footprint index publishes — the two cannot disagree. Stablecoins are excluded by design. Measured across 35 chains; a chain entering coverage moves these shares, and historical series draw coverage-onset boundaries, never zero-fill. This is a measurement of reliance, not a chain quality verdict. Reads live data on every load.