Ethereum still anchors institutional RWA settlement, but concentration is slipping RWA share data shows @ethereum consistently holding the majority of tokenized asset value through 2025, reinforcing its role as the primary settlement layer for institutional RWAs. But the distribution is starting to change. Capital began spreading across @solana, @avax, @Polygon, and @BNBCHAIN, with incremental share gains outside ethereum rather than a sharp displacement. issuers and funds are no longer treating rwa exposure as a single-chain decision. this looks less like rotation and more like diversification. different rails for different asset types, execution environments, and cost profiles. Ethereum remains the default for scale and credibility. alternative chains are increasingly used as complementary venues, not competitors. The one-chain trade is fading. RWA deployment is starting to resemble a multi-rail market rather than a winner-takes-all setup.