A joint report by RWA Foundation and Token Terminal revealed that during the week of October 18–25, 2026, localized capital reallocation occurred in the real-world asset (RWA) tokenization space. Although trading volume on Ethereum infrastructure declined, capital inflows and new investors began shifting to other blockchains.
The primary beneficiary of this shift was Solana, which showed significant growth in the tokenized funds segment. The network attracted $453.5 million, accounting for 73% of the total inflow across the top 10 blockchains; Stellar followed closely with an increase of $124.5 million.
In contrast, the XRP Ledger performed more conservatively: the network entered the top ten, but generated only $131,000, revealing a significant gap in capital attraction during the reporting period.
Meanwhile, the tokenized stock market also saw shifts, with Ethereum’s market cap decreasing by $26 million. The released liquidity flowed into BNB Chain (up $135.9 million) and Solana (up $55.8 million).
In terms of on-chain capital flows, the stablecoin market shows a divergence between issuance volume and user growth rates. Issuer Paxos has emerged as the leader in capital inflows, with its market cap increasing by $249.8 million, accounting for 65% of the total growth among the top 10 issuers, with most of this growth concentrated on the Arc and Solana networks.
Institutional capital continues to flow steadily into the tokenized funds space: Financial giant Franklin Templeton added $33.9 million, and J.P. Morgan added $33.6 million, together accounting for nearly half of this week’s growth; meanwhile, the independent fund Spiko led in attracting new investors, adding 491 new addresses.
The data from this week’s report indicates that liquidity in the RWA space today depends strictly on two factors: capital and new users choosing issuers with the largest supply or blockchain platforms offering the lowest transaction costs.