BSFX Weekly Report: Global Tokenized RWA Market Trends #5

Global Market Intelligence Report, Issue №5 | May 13, 2026

Executive Summary The tokenized RWA market held $31.49B in Distributed value (+3.09% 30D) as of May 13, 2026. RWA holders reached 770,851 (+5.19% 30D), outpacing TVL growth and signaling broad-based adoption rather than whale accumulation. U.S. Treasuries posted strong +9.04% 30D growth, led by Franklin BENJI (+33.31%) and Superstate USTB (+32.58%). Credit Distributed contracted sharply at -14.39% 30D, driven by Maple Finance (-36.12%) and Chainlink CCIP (-44.99%). 34 active networks; Ethereum retains 52.9% Distributed dominance.

1. Global Market Overview

As of May 13, 2026. Distributed = on-chain tokens on public blockchains. Represented = includes private-chain tokenization (e.g., Canton Network).

Monthly Trend (Distributed)— Total RWA Value by Category

Key Insights

• Distributed RWA $31.49B (+3.09% 30D) — Stable above $30B. Structural growth phase confirmed.
• Holders 770,851 (+5.19% 30D): Growth outpacing TVL (+3.09%) — broad-based adoption, not whale accumulation.
• Represented $384.12B (+3.20% 30D): Canton/Provenance structural distortion persists — not comparable to public market.
• Stablecoin $302.27B (+0.28% 30D): Near-flat — stabilization rather than expansion.
• 34 active networks — Ethereum holds 52.9% of Distributed value; multi-chain fragmentation deepening.

2. Category Market Analysis

12 asset classes (Distributed basis). Yield = 7D APY. 0% = price appreciation only.

Key Insights

• US Treasury 50.3% dominance — BENJI +33.31% (30D), USTB +32.58%, Ondo +19.96% continue strong.
• Asset-Backed Credit -14.39% (30D): Maple -36.12%, Chainlink CCIP -44.99% — dual platform contraction.
• Stocks +10.0% (30D): Tokenized equity expanding — Ondo Global Markets 100+ stock expansion effect.
• Specialty Finance +2.94% (30D): OnRe +24.76% — insurance-linked credit stable growth.
• Commodities -2.00% (30D): Gold price minor pullback — PAXG, XAUT price-linked drag.
• Real Estate -5.00% (30D): Minor contraction — category size ($170M) remains negligible vs total market.

3. Blockchain Network Distribution

Top 10 networks by Distributed value. Canton private chain excluded.

Blockchain Network Distribution (Distributed Value, May 13, 2026)

Key Insights

• Ethereum $16.6B (52.88% Distributed): Unassailable for compliant institutional assets — DeFi composability moat intact.
• BNB Chain $3.99B (+10.00% 30D): №2 Distributed — retail-facing RWA products accelerating.
• Solana $2.28B (1,841 RWAs, +13.00% 30D): Highest asset count — Ondo, BENJI, USDY all multi-chain expanding here.
• Avalanche +16.00% (30D): Consistent growth — cementing position as stable growth chain.
• Plume 256,741 holders: Highest holders per TVL — RWA-native L2 driving retail onboarding.
• Polygon -1.30% (30D): Minor pullback — relative weakness amid intensifying L2 competition.

4. Top 10 RWA Assets

As of May 13, 2026. Franklin BENJI $2.28B (+11.2% vs last issue). Circle USYC holds #1 at $2.98B.

Key Insights

• Circle USYC $2.98B: AUM #1–45 institutional holders controlling ~$3B. Extreme concentration.
• Ondo USDY $2.70B (+1.20% 7D): 14,772 holders — largest retail treasury holder base.
• BlackRock BUIDL $2.32B: Overtaken by Ondo USDY — institutional treasury ‘Big 3’ ranking shifting.
• Franklin BENJI $2.28B (+33.31% 30D): Fastest growth on retail accessibility ($20 min).
• STOKR $1.5B (+7.52% 30D): New #1 in credit — overtook Maple Finance this issue.
• Figure HELOC $17.1B (Represented): Single-asset distortion persists — Distributed Top 9 is the real market.

5. Asset Holder Analysis

Holders 770,851 (+5.19% 30D) — back to normal growth trajectory vs last issue.

Key Insights

• 770,851 holders (+5.19% 30D): Normal growth restored after last issue’s -24.90% anomaly — data reclassification confirmed resolved.
• Stablecoin holders 249.9M vs RWA holders 770K — 0.31% conversion rate. Massive untapped potential.
• Franklin BENJI +33% AUM growth: Holder count increase expected — retail democratization trend intact.
• Plume 256,741 holders: RWA-native L2 retail onboarding effect visible — highest holders-per-TVL ratio.
• Institutional concentration persists: ~45 holders control $2.98B USYC (avg ~$66M each) — bifurcation continues.

6. Key Conclusions & Outlook

Market Momentum

• $31.49B — Holding above $30B. New market baseline establishing.
• Holders (+5.19%) outpacing TVL (+3.09%) — broad adoption signal. Sustainable growth structure forming.
• 4,775 total assets — all-time high. New categories (Stocks, PE/VC, Active Strategies) expanding.

Category Outlook

• US Treasury 50.3% — BENJI $2.28B, USDY $2.70B, USYC $2.98B — Treasury ‘Big 3’ structure reinforced.
• Credit -14.39%: Maple -36%, CCIP -45% — structural vs. cyclical judgment is key for next issue.
• Stocks +10.0% (30D): Tokenized equity accelerating — GENIUS Act regulatory clarity effect.
• Asset-Backed Credit contraction ongoing — Maple Finance recovery key monitoring point.

Infrastructure

• Ethereum -0.60% (30D): Minor share loss; 52.88% dominance firmly intact.
• Solana +13.00% (30D): 1,841 assets — emerging as core multi-chain expansion hub.
• Avalanche +16.00% (30D): 4th consecutive positive — cementing stable growth chain status.

Data Source: RWA.xyz | May 13, 2026 | For informational purposes only. Not investment advice