The weekly growth of tokenized funds on Ethereum is roughly twice that of Stellar and nearly 9 times the combined total of all chains ranked below third place. The top two chains account for about 93% of the total growth shown in the chart. This highlights three key points: 1. Institutional-grade tokenized funds are highly concentrated on specific chains and don’t follow the popularity trends of retail-focused chains. These assets are primarily money market funds, U.S. Treasury funds, and credit funds. Issuers prioritize compliance, custody, settlement, and existing distribution channels—not TPS or meme activity. As a result, while Solana, Base, and BNB Chain may be buzzing with retail and DeFi activity, they are almost invisible in the weekly growth of these products. Robinhood’s chain has started appearing at the bottom of the rankings, which shows that broker-owned chains haven’t yet become the main stage for fund issuance. 2. On the surface, it looks like a duopoly, but in reality, it’s more of a monopoly. Ethereum is the default layer for institutional issuance and settlement: BlackRock BUIDL, Ondo, Superstate, and some J.P. Morgan products are all on Ethereum. This week’s $350 million growth is simply an amplification of its existing dominance. Stellar ranks second not because of ecosystem narratives but mainly due to Franklin Templeton’s tokenized money fund (BENJI), which has long been based on Stellar. Additionally, Sky and J.P. Morgan have small-scale pilots on Stellar, but it doesn’t represent broad institutional adoption. 3. Ethereum’s position as the settlement network for RWA (real-world assets) continues to strengthen. However, this doesn’t automatically translate into increased gas fees or demand for ETH. In the short term, it won’t have a noticeable impact on ETH. If the scale of these assets reaches hundreds of billions or trillions of dollars, it could significantly affect valuation. Lastly, L2 chains are almost nonexistent in this chart, which indicates that fund issuers are still placing assets on L1 chains rather than following liquidity trends at the application layer.