The real-world asset (RWA) tokenization sector is transitioning from theoretical exploration to large-scale execution, with recent on-chain data revealing a clear market leader. Canton Network has emerged as the dominant platform for institutional tokenization, far surpassing competing blockchains in terms of value represented on-chain.
According to the latest snapshots, Canton Network alone accounts for approximately $388 billion in tokenized real-world assets. This figure dwarfs the second-largest chain in the rankings, which sits at roughly $14 billion. This massive gap highlights both Canton's structural lead and the fragmented, early-stage nature of the broader RWA landscape. Other well-known ecosystems represent only a fraction of Canton's on-chain value.
The network's momentum accelerated significantly following the confirmation of a landmark partnership. The Depository Trust & Clearing Corporation (DTCC), which clears approximately $4 quadrillion annually, has partnered with Canton Network to tokenize U.S. Treasury securities. The authorization spans three years, with deployment scheduled to begin in the second half of 2026 across both Layer 1 and Layer 2 blockchain environments. This move signals that core traditional financial infrastructure—settlement, clearing, and collateral systems—is preparing for a large-scale migration on-chain, moving beyond pilot programs.
Meanwhile, the XDC Network is also seeing substantial institutional activity in a specific RWA niche. On-chain data from TradeFi.Network shows total RWAs tokenized on XDC have reached $717 million. A striking concentration is evident, with $345.3 million (roughly 48% of the network's RWA) deployed through VERT Capital in USDC-denominated private credit pools. This indicates institutional private credit, a market exceeding $1.6 trillion globally, is moving on-chain at scale, prioritizing regulated settlement assets and operational efficiency.
The market narrative is shifting from speculative hype to infrastructure relevance. Canton, in particular, is not competing for retail attention but for institutional settlement, compliance, and asset issuance workflows. Its current dominance suggests the RWA race may be decided not by which blockchain is fastest or cheapest, but by which one institutions trust to move real capital at scale, a distinction the market is still in the early stages of fully pricing.
