Tokenized assets have been gaining traction lately. From private credit to treasury products, the market is now becoming a more important part of the crypto investment story.
One of the main reasons for this interest is yield. But is it sustainable, or will stress slow growth?
Tokenized RWAs cross 900,000 holders
The tokenized RWA market is now huge, with over 900,000 holders in its base. Solana (SOL) currently leads the number of holders with 277,000 users, followed closely by Plume Network (PLUME) with 250,000.
Ethereum (ETH) remains another major base for RWA activity.
By asset type, tokenized stocks dominate the market with 362,000 holders, followed by commodities with 240,000.
The demand is obvious. Over the past 90 days, Ripple’s XRP Ledger (XRP) saw the highest net RWA inflows at $1.9 billion, ahead of Ethereum at $1.6 billion and Stellar (XLM) at $1.4 billion.
BNB Chain (BNB), Solana, Avalanche (AVAX), Sei (SEI), and Mantle (MANTLE) also saw significant inflows.
Interestingly, AMBCrypto previously reported that private credit is one of the largest RWA categories in DeFi, with 64.3% of its on-chain value now used in DeFi. However, most are not yet widely usable on DeFi protocols.
This makes the RWA trend interesting, but unevenly distributed.
But here is the risk…
Much of the symbolic appeal of RWA lies in access to real returns, particularly through private credit products.
Today, this side of the market is showing tension.
Dividend coverage for listed private lenders has been weakening since 2023. Reported coverage was above 1.15x in April 2023, but at the start of 2026 it was just below 1.0x.
The pressure appears more clearly after excluding PIK income, which is income recorded but not received in cash. Based on this, coverage fell much lower and was around 0.89x as of January 2026.
Regular cash income does not fully cover payments. So investors might start looking beyond headline returns. If financing costs rise, the sustainability of these returns could become the real test.
Final summary
- Tokenized RWAs now have over 900,000 holders, with Solana leading the number of users.
- The sustainability of private credit yields is under pressure, with dividend coverage also falling below 1.0x.
