Money and user flows in the real-world asset (RWA) tokenisation market appear to have shifted from an Ethereum focus to other blockchains.

A joint report compiled from Oct. 18 to 25 found Solana emerged as the biggest beneficiary of inflows into tokenised funds, blockchain media outlet U.Today reported on Oct. 25.

Solana attracted $453.5 million in the tally. That was 73 percent of total inflows across the top 10 blockchains. Stellar followed with $124.5 million over the same period. XRP Ledger entered the top 10, but inflows totalled only $131,000. The report said XRP Ledger's figure stayed at a relatively conservative level and that a wide gap emerged in the pace of capital attraction during the reporting period.

The flow of funds also appeared in the tokenised stock market. Ethereum's market capitalisation fell by $26 million. Liquidity that left moved to BNB Chain by $135.9 million and to Solana by $55.8 million. That made it clearer which chains absorbed actual liquidity than simple price moves did.

Solana also led in user growth. It added 114,600 shareholder addresses over seven days. The Backpack platform also increased by 58,500 addresses. Binance's retail products bStocks rose by $127.8 million and xStocks by $73.4 million, accounting for nearly 94 percent of total funding growth in that segment.

In stablecoins, growth in issuance and the pace of user expansion split among different players. Paxos led capital inflows. Its market capitalisation rose by $249.8 million, accounting for 65 percent of the increase among the top 10 issuers. The volume was distributed mainly through the Arbitrum and Solana networks.

Tether, meanwhile, led in expanding its user base. It accounted for 90 percent of new address inflows among the top 10 issuers, with 1.7 million new wallets added over a week. The key infrastructure for these transactions was BNB Chain. BNB Chain added 1.3 million new addresses, far ahead of Tron with 212,000 and Solana with 184,000.

Institutional funds continued to enter tokenised funds. Franklin Templeton added $33.9 million and JPMorgan added $33.6 million, accounting for nearly half of the weekly growth. In the pace of investor inflows, independent fund Spiko stood out with an increase of 491 addresses.

The report said weekly data show liquidity in the RWA market moving along two axes. One is issuers holding the largest supply, and the other is blockchain platforms that can offer low transaction costs. That means the trend has become clearer, with funds moving to large issuers and new users moving to cost-efficient networks.

Against that backdrop, the RWA market's competitive landscape is also moving beyond a simple contest over issuance 규모. Which chain tokenised assets are placed on, and which network absorbs actual liquidity and new wallets, are emerging as key variables in reshaping the market.