Ethereum controls 76% of tokenized real-world assets, with $9.8B dominating all other blockchains combined.
Stablecoin supply on Ethereum surged over $500M in 24 hours, outpacing all other networks and highlighting its liquidity dominance.
Ethereum’s active wallets hit 17.4M in May 2025, driven by Layer 2 growth and signaling strong user demand ahead of key price moves.
Ethereum’s grip on the tokenized real-world asset (RWA) market has widened sharply, now representing nearly three-quarters of total value across chains. The blockchain’s RWA total stands at $9.8 billion as of May 28, 2025, reflecting a 215% year-over-year increase.
Ethereum Captures 76% of Tokenized Asset Capitalization
Ethereum remains the dominant chain for real-world asset issuance, far surpassing competitors in both value and market share. According to a report by Messari, Ethereum hosts $9.75 billion in tokenized assets, dwarfing the $2.2 billion held by ZKSync Era, the only Ethereum Layer 2 ranked in the top tier.
https://twitter.com/MessariCrypto/status/1929916473633391054
Messari highlighted that Ethereum’s total alone exceeds the combined value of Stellar, Aptos, Polygon, Solana, and Algorand by $8.1 billion. Several observers are revising their outlooks in response to this market stratification, suggesting that Ethereum’s early smart contract lead and institutional integrations continue to pay structural dividends.
Stellar holds third place with $500 million, while Aptos, Solana, Polygon, and Algorand each maintain parity at $300 million. These chains collectively account for just $1.7 billion, less than 18% of Ethereum’s total, further underscoring the centralization of RWA activity around Ethereum-centric solutions.
Stablecoin Supply Reinforces Ethereum’s Liquidity Edge
Ethereum’s dominance was further reinforced by its commanding lead in 24-hour stablecoin issuance volume. Ethereum recorded a net stablecoin supply increase of more than $500 million, vastly outpacing Avalanche C-Chain’s $100 million and OP Mainnet’s modest gains.
Arbitrum, Polygon PoS, and OP Mainnet showed synchronized stablecoin growth due to shared infrastructure, reflecting Ethereum’s broader liquidity footprint across Layer 2 ecosystems. In contrast, Tron, once a major stablecoin hub, posted only marginal increases, while Solana experienced the largest contraction, indicating investor pullback or redemption flows.
Such shifts are prompting firms to recalibrate strategies around stablecoin routing and on-chain capital efficiency. Technical setups across timeframes are pointing to emerging pressure zones, as Ethereum attracts not just RWAs but also the lion’s share of DeFi liquidity flow.
On-Chain Activity Signals Growing User Demand
Simultaneously, other market indicators suggest a different trend: Ethereum’s user activity is exploding. CoinBureau reported a 16.9% week-over-week surge in unique address engagement, reaching a new record of 17.4 million wallets in May 2025.
Layer 2 chains like Arbitrum and ZKSync drove most of this engagement, reflecting increasing user confidence in rollups and scalable smart contract platforms. Market participants appear to be shifting exposure in real time as signals emerge, with engagement metrics now echoing previous bullish inflection points from past cycles.
Momentum signals are converging, hinting at a near-term directional choice for ETH’s broader price structure. Address activity now surpasses levels last seen in 2022, aligning with Ethereum’s growing role in powering institutional-grade tokenization and multi-chain finance.
Whale Accumulation Adds to Uptrend Pressure
A growing number of market watchers are framing this as a pivotal inflection, particularly following large-scale Ethereum accumulation. In the latest disclosure, a whale acquired $283 million worth of ETH over-the-counter, increasing total holdings to $365 million, suggesting high-conviction positioning.
Current movements reflect patterns observed during key phases earlier this year, with large capital inflows often preceding directional breakouts. Traders remain on alert, mindful of headwinds tied to macro and on-chain flows, while confidence is gradually returning, with some targeting higher consolidation ranges.
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