Ethereum still dominates tokenized assets, consistent with its headstart in DeFi and institutional adoption. Ethereum: $15.7 billion BNB Chain: $4B Solana: $2.2B Stellar: $1.7B Liquid Network: $1.5B XRP Ledger, ZKsync Era, Arbitrum: ~$1B each Rather than converging around a single chain, tokenized assets are spreading across multiple blockchain ecosystems — given criteria like cost, liquidity, compliance requirements, and go-to-market relationships.(a16z crypto)