Last week I wrote that tokenized Treasury funds lost 5.1% in 30 days.
Zoom out to all RWAs and the bigger move is between chains: $ETH out and $XLM in.
30-day net RWA flows, ex-stablecoins, per RWA.xyz:
~Ethereum: -$2.0B
~Stellar: +$1.1B
~BNB Chain: +$579M
~Solana: +$445M
~Base: +$343M
Total distributed RWA value barely moved: $39.7B, -1.6%.
The detail that matters is what's driving Stellar. Franklin Templeton's BENJI fund now has 1.198B tokens on Stellar per StellarExpert, up from ~440M in late October. On RWA.xyz, Franklin's Stellar value is up 157% in 30 days, to $1.3B.
Yet the holder line barely moved. BENJI has ~1,000 funded accounts there. That's a few large allocators, not a retail wave.
My read is chain choice is now an issuer decision, not a user one. Funds go where their settlement, compliance and distribution already sit.
But I wouldn't call it an Ethereum exodus yet. It's one month, and a handful of funds can swing it.
Which chain do you think pulls the next $1B?
Zoom out to all RWAs and the bigger move is between chains: $ETH out and $XLM in.
30-day net RWA flows, ex-stablecoins, per RWA.xyz:
~Ethereum: -$2.0B
~Stellar: +$1.1B
~BNB Chain: +$579M
~Solana: +$445M
~Base: +$343M
Total distributed RWA value barely moved: $39.7B, -1.6%.
The detail that matters is what's driving Stellar. Franklin Templeton's BENJI fund now has 1.198B tokens on Stellar per StellarExpert, up from ~440M in late October. On RWA.xyz, Franklin's Stellar value is up 157% in 30 days, to $1.3B.
Yet the holder line barely moved. BENJI has ~1,000 funded accounts there. That's a few large allocators, not a retail wave.
My read is chain choice is now an issuer decision, not a user one. Funds go where their settlement, compliance and distribution already sit.
But I wouldn't call it an Ethereum exodus yet. It's one month, and a handful of funds can swing it.
Which chain do you think pulls the next $1B?
