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With everyone competing for RWA market share, which chain is the biggest winner? RWA assets can be simply divided into: - Distributed type: truly issued on-chain, investors can hold and transfer with their own wallets. - Represented type: assets are off-chain, only records are written on-chain, cannot circulate on-chain. By ranking distributed assets, Ethereum chain $ETH $15.5B dominates the top spot, BNB chain $BNB $5.2B falls to one-third, ranks 3 to 10 range from $3B to $0.4B, and the top two combined exceed 60% of the top ten. 🔵 Among them, Ethereum is the only chain with both large institutional products and retail-level tokenized goods, such as BlackRock's BUIDL fund ($1B), JPMorgan's JLTXX fund ($810M), and retail-purchasable gold token PAXG ($1.8B). 🟡 BNB Chain is the only chain in the top ten with a scale over $5B and 100% distributed type, hitting a historical high of $5.2B in July with a 32% monthly increase, showing high quality, but about $4.7B of that is tokenized U.S. Treasury bonds, accounting for 90%, indicating high asset concentration. 🔴 Also, looking at Avalanche $AVAX, which has a very high gray area proportion, distributed type alone is $1.91B (ranked 5th), and adding represented type sharply increases total value to $13.32B (ranked 2nd in this chart), with represented type accounting for 85.6%, and 97% of that from a single project. Distributed type is mainly institutional products, the largest being BlackRock's BUIDL (about $900M), with the rest mostly private vaults held by single-digit holders. Notably, distributed type increased from $370M in 2026 Q1 to $1.91B in July, a single-month growth of 60.47%. ➡️ In summary, Ethereum currently leads RWA development with a gap, mainly benefiting from stablecoin volume and smart contract maturity. Tokenized fund subscriptions and redemptions must be settled with stablecoins, so issuers consider whether investors have sufficient stablecoin liquidity when redeeming. Ethereum has never experienced a chain outage since its launch in 2015, which is the top risk consideration for institutions. Also noteworthy is Ethereum's RWA market share dropping from 58.4% in February this year to 47.9% in July, a decline of 10.5 percentage points in half a year. The capital flow is clear: BNB Chain 12.1%, Solana 9.8% (whose RWA holders surpassed Ethereum for the first time in mid-2026), BUIDL on Avalanche increased by $436M in a single week. Ethereum's advantage mainly comes from early mover advantage; when broken down, it is not the best choice in any category. Ultimately, it loses on security to Avalanche, cost to Solana and L2s, and throughput to most new chains. As long as these competitors run stably for another year without incidents, the gap will narrow.