The scale of tokenized real-world assets on the BNB Chain continues to expand, but this growth has not yet translated into on-chain revenue and BNB price performance. With the rapid expansion of tokenized US Treasury products, the BNB Chain has become one of the major players in the public blockchain RWA landscape.
Tokenized US Treasury bonds drive expansion
As of mid-April, the overall RWA market size had risen to $32.62 billion. Based on the value of distributed assets, BNB Chain's on-chain RWA totaled $3.6 billion, ranking among the top public chains.
- Circle's USYC is approximately $3.15 billion.
- BlackRock's BUIDL is approximately $507 million.
- Ondo-related tokenized products are valued at approximately $221 million.
In terms of public blockchain rankings, Ethereum remains in first place, with RWA holding approximately $16.6 billion and supporting about 707 tokenized assets. BNB Chain ranks second with approximately 479 assets, while Solana and Stellar hold approximately $2.5 billion and $2.2 billion respectively.
On-chain revenue has not improved in tandem.
Despite the rise in RWA data, BNB Chain's on-chain revenue has not kept pace. Data shows that revenue in the first quarter of 2026 was $43.4 million, significantly lower than the $111.5 million in the fourth quarter of 2025, and slightly lower than the $50.1 million in the third quarter of 2025.
The report attributes the revenue decline primarily to a cooling of memecoin trading. The surge in related transactions from the previous quarter failed to continue. However, network activity remains resilient, with daily active addresses rising to 2.7 million and a 70% retention rate for returning users.
BNB fell 35% in the first quarter.
In terms of price, BNB fell by 35% cumulatively between January and March, dropping to $617. During the same period, BNB Chain completed its quarterly burn on January 15, removing 1.37 million BNB from circulation, equivalent to approximately $1.28 billion at the time, but this failed to reverse the downward trend.
The report noted that BNB had previously encountered resistance at the upper selling pressure zone and subsequently fell back to the support area. Meanwhile, total trading volume has dropped to 689.56 million BNB. If overall market sentiment remains weak, the price may face further pressure.
