RWA tokenization is starting to look less a niche and more an entirely new financial infra. Over $39B in tokenized assets and 5.2M holders, reportedly up 730% since the beginning of 2026. But the most interesting part about this map is who’s building it. BlackRock, JPMorgan and Franklin Templeton now appear alongside Ethereum, Solana, Ondo and dozens of DeFi protocols. I think the next competition won’t simply be about bringing assets onchain. It will be about who controls issuance, distribution, liquidity and the relationship with the end user. When traditional finance and crypto infrastructure converge, who actually captures most of the value?
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