Data from the RWA Foundation on September 28 shows BNB Chain leading all networks with 1.883 million RWA-holding wallets, ahead of Robinhood Chain (1.444 million), Solana (698,000) and Ethereum (275,000). Ethereum still leads on distributed RWA value with a 44.26% share, however, while BNB Chain holds 14.51% and added roughly $3.6 billion in value this year. The divergence between holder count and asset value paints two distinct facets of tokenization adoption.

Avalanche recorded $131.2 million in tokenized-stock inflows over seven days, exceeding the combined total of every other tracked network in the category. For the month ending September 25, Avalanche added $252.1 million to its tokenized-equity market cap, more than double second-place BNB Chain ($122.2 million). As an asset class, tokenized equities have crossed a $3 billion market cap, with Avalanche commanding roughly 7.5% and about 1.7 million on-chain holders, the highest of any network.

Franklin Templeton and Bybit announced a strategic collaboration whose first initiative lets eligible institutional clients use tokenized money-market fund shares issued on the Benji platform as off-exchange collateral for Bybit trading. Clients pledge BENJI shares through ByCustody to obtain USDT or USDC trading credit, while the underlying assets stay in off-exchange custody with their value mirrored in real time, combining fund yield with trading liquidity.

In a consultation response on MiCA, the European System of Central Banks proposed removing the hard requirement that stablecoin issuers hold at least 30% of reserves as bank deposits (60% for significant tokens), and instead requiring that a minimum share of reserve assets mature within one to five working days. The aim is to replace deposit-share constraints with a liquidity-tiering approach. The European Commission ultimately decides, and the shift could reshape how stablecoin reserves are allocated.