RWA holders hit 900K, but private credit's dividend coverage slips under 1.0x

Tokenized real-world assets have crossed 900,000 holders, according to data summarized by AMBCrypto, with Solana [SOL] leading by holder count at 277,000 users, followed by Plume Network [PLUME] at 250,000 and Ethereum [ETH] as another major base. By asset type, tokenized stocks lead the market with 362,000 holders, followed by commodities at 240,000.

Over the last 90 days, the XRP Ledger [XRP] recorded the highest RWA net inflows at $1.9 billion, ahead of Ethereum at $1.6 billion and Stellar [XLM] at $1.4 billion. BNB Chain [BNB], Solana, Avalanche [AVAX], Sei [SEI] and Mantle [MANTLE] also saw meaningful inflows during the same window.

Private credit remains one of the strongest RWA categories in DeFi, with 64.3% of its on-chain value now used across DeFi, AMBCrypto reported. However, most tokenized RWAs are not yet widely usable across DeFi protocols, leaving the trend concentrated rather than evenly spread.

The yield that has drawn investors to tokenized private credit is showing signs of strain. Dividend coverage for listed private credit lenders has weakened since 2023, falling from above 1.15x in April 2023 to just below 1.0x in early 2026. Excluding PIK income, which is booked but not received in cash, coverage dropped further to around 0.89x in January 2026, indicating that regular cash earnings are no longer fully covering payouts.

The data point to a market that is expanding in participation and on-chain flow while a core driver of its appeal, real-world yield from private credit, faces a sustainability test if funding costs continue to rise.