RWAs, Unwrapped: Who Holds Tokenized Real-World Assets | Anagram Digital
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An On-Chain Investigation
RWAs,<br>Unwrapped
We put a name to 83 percent of the tokenized RWA market on Ethereum.
The names are what make it readable: who is buying, what they do with what they hold, and how much of it is real.
Max GalkaAnagram Digital
Data as of 31 March 2026
Opening · Who holds RWAs
Who holds tokenized real world assets?
Putting names to the market
This is every holder of tokenized real world assets on Ethereum, drawn as a single map. It is built entirely from public on-chain data. The work that makes it more than a list of anonymous wallets is the attribution, matching the addresses that hold this market to the real entities behind them. We can account for 83 percent of the value here by name.
Read as one number, this is a headline. Read holder by holder, it is a different market.
Every holder of in-scope tokenized RWAs on Ethereum is one cell. Bigger cells hold more. Cells are grouped and colored by the kind of entity behind them. Named cells are holders we identified by address. The pale region is value not attributed to a known entity.
Start with the picture
The map above is the entire market, every holder on a single page. Each cell is one holder, sized by how much it holds and colored by the kind of entity behind it, every balance read straight from the chain. The chain does not come with names, though, and a list of anonymous balances cannot answer much on its own. The work behind this map is putting names to those balances, holder by holder, and it is the foundation the rest of the report stands on.
Why this matters
Tokenization's totals get quoted as proof that it has arrived. But the same billion-dollar balance can be an outside investor putting capital to work, a trading venue, a lending protocol, or an issuer holding unsold inventory of its own token. As numbers they look identical. What separates substance from story is knowing who the holders are and what they do with what they hold. That question runs through this report, and it is why the map comes first.
The shape of the market, by token
A handful of tokens carry most of the value, and the names below recur throughout the report.
TokenManager · PlatformCategory<br>Value on EthereumTransfer model
syrupUSDCMapleCrypto Credit$1.82bOpen<br>JTRSYJanus Henderson · CentrifugeUS Treasuries$1.17bGated<br>BUIDLBlackRock · SecuritizeUS Treasuries$1.01bGated<br>syrupUSDTMapleCrypto Credit$1.00bOpen<br>WTGXXWisdomTreeUS Treasuries$0.81bGated<br>BCAPBlockchain Capital · SecuritizeVenture Capital$0.76bGated<br>USTBSuperstateUS Treasuries$0.62bGated<br>cUSDYOndoUS Treasuries (pending issuance)$0.56bGated<br>CUMIUChinaAMC · LibearaUS Treasuries$0.55bGated<br>USDYOndoUS Treasuries$0.54bBlocklist<br>TBLLxxStocksUS Treasuries$0.50bBlocklist<br>OUSGOndoUS Treasuries$0.32bGated<br>CFSRSAssetoReal-Economy Credit$0.21bGated<br>FDITFidelity InvestmentsUS Treasuries$0.17bGated<br>USCCSuperstateHedge Funds$0.15bGated<br>Top 15 total$10.19b<br>All in-scope$13.96b
The fifteen largest tokens account for 73 percent of in-scope value. Where an outside asset manager stands behind the product, the manager is named first and the tokenization platform after it. A single name means we identify no separate outside manager. TBLLx is an xStocks tracker certificate on an Invesco Treasury ETF. Note how many of the largest carry an on-chain holder gate, a fact the later findings turn on. Full token-level data in the appendix.
What the map already shows
A few cells dominate while a long tail of smaller holders fills the edges. The single largest holder is not an asset manager but Sky, the DeFi stablecoin protocol once known as MakerDAO, holding about $2.9 billion as reserves backing its stablecoin. Other large regions belong to names you might not expect, the issuers themselves holding their own product among them. And a meaningful share sits in the pale region we have not yet attributed. The sections that follow take these one at a time.
Figures cover in-scope tokenized real world assets on Ethereum as of 31 March 2026. Total $13.96 billion. Holdings are read directly from on-chain balances. Holders are identified by matching addresses to known entities. Of the value shown, 83 percent is attributed to a named holder, and the remainder is grouped as unattributed. Pooled custodial and wrapper accounts are shown as single holders, so the number of beneficial owners behind them is larger than the cells suggest. We attribute the holdings of Sky's capital-allocation units, including Spark, Grove, Obex, and Keel, to Sky itself rather than counting them as separate holders, since each deploys or is funded by Sky's own USDS reserves under allocations approved by Sky governance. Full sources and methodology in appendix. Source: Anagram Digital.
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