According to the joint report by RWA Foundation and Token Terminal released on October 25, there was a significant on-chain fund reallocation in the RWA tokenization sector during the week of October 18 to 25, 2026. Solana became the biggest beneficiary of net inflows in the tokenized fund sector, attracting 453.5 million USD, accounting for 73% of the total inflows in the top ten blockchains. Stellar ranked second with 124.5 million USD, while XRP Ledger entered the top ten but only attracted 131,000 USD.

The tokenized stock market also experienced a shift. The market value of tokenized stocks on Ethereum decreased by 26 million USD during the same period, with the outflow mainly directed towards BNB Chain (increased by 135.9 million USD) and Solana (increased by 55.8 million USD). In the tokenized fund sector, Franklin Templeton added 33.9 million USD in a week, and J.P. Morgan added 33.6 million USD, together contributing nearly half of the institutional fund increase in the sector for the week.

The growth of the stablecoin market showed a divergence between issuance scale and user expansion: Paxos led in capital inflows, with a market value increase of 249.8 million USD, accounting for 65% of the total growth of the top ten issuers; Tether, on the other hand, had an advantage in user base expansion, adding 1.7 million new wallets in a week, accounting for 90% of the new addresses inflow of the top ten issuers.

📊 Professional Analysis

This weekly data does not simply indicate 'Solana outperformed Ethereum,' but rather a structural signal of RWA liquidity logic. Previously, the narrative framework of RWA long assumed 'Ethereum as the institutional settlement layer' as the default premise, but the data from October 18-25 shows that capital and new users are reselecting chains based on the coverage of issuers and transaction costs. The 73% share of Solana was not from existing transfers, but rather an absolute tilt of incremental funds in tokenized funds; the 135.9 million USD absorbed by BNB Chain in tokenized stocks corresponded to the natural compatibility of retail-friendly chains in the RWA distribution end.

For non-standard RWA such as brand assets and operating rights, the reference significance of this migration lies in: the liquidity depth of assets after being on-chain increasingly depends on whether the target chain has active issuers and a low-cost transaction environment, rather than the historical status of the chain itself. When designing the issuance chain for non-standard RWA, it is necessary to evaluate 'where the target capital is' and 'where compliance settlement is' as two independent variables, rather than assuming they overlap by default.