You’ve heard it from us before: TVL alone is not a real measure of adoption in RWAs.
So what’s the correct metric? RWA Holders.
An RWA Holder is exactly what it sounds like: an active wallet holding real-world asset tokens.
Holders are important because they aren’t abstract numbers or vanity stats. They’re real users choosing to engage with tokenized assets onchain. Every holder is a signal that value isn’t just locked up somewhere. It’s circulating and being put to work.
Without holders, one giant whale wallet can make a TVL number look massive, but that’s not adoption. That’s concentration.
Holders, on the other hand, tell you about distribution.
They show you whether RWAs are spreading across the ecosystem, being accessed globally, and actually touching the wallets of everyday users.
And here’s the best part: since blockchain data is public, you can’t hide the numbers.
On RWA.xyz, you’ll see which networks have real users. Just filter by “RWA Holders’ to see where there’s real momentum.
The more holders, the healthier the ecosystem. The more diverse the holders, the stronger the network effects.
If you want to track adoption today, start with holders. Everything else is secondary.
Holders = Adoption
Let’s put this into perspective before and after Plume.
At the start of 2024, there were about 58,000 RWA holders worldwide. By May 2025, that number had crawled up to ~104,000. Small growth.
Then Plume launched.
In less than three months, global RWA holders exploded to 367,000+. That’s more than 3X growth in the entire market. We didn’t just join the ecosystem, we expanded it.
So if you want to measure whether RWAs are working?
Don’t just look at the TVL chart. Look at the holders. Look at the growth. Look at the fact that Plume has already tripled the size of the market in under 90 days.
Today, Plume has 192K+ RWA holders – more than Ethereum and Solana combined.
And it’s not just growth in raw numbers. It’s growth everywhere. With active users in 185+ countries our adoption isn’t concentrated. It’s global.
In just 3 months since Mainnet here’s where our community is scaling fastest:
- Southeast Asia: +82% DAU growth
- North America: +32% DAU growth
- APAC overall: +27% DAU growth
It’s a testament to the diversity and reach of this ecosystem, and we’re committed to building not just for one region, but for the entire world.
And we’re not slowing down.
Because the future of RWAs isn’t locked capital. It’s people. It’s wallets. It’s adoption.
And Plume is where it’s happening first.
Want more? Check out our two-part series, “TVL Is Meaningless” to hear our fresh take on why TVL is the most overrated metric in crypto. (Part One, Part Two)
