Tokenized Stock Holders Top 5.3M, 83% of All RWA Holders

The striking detail is composition, not size: tokenized equities now dominate the RWA holder base, meaning retail-facing brokerage-style products rather than credit or treasury instruments are pulling in new addresses. That concentration around three issuers accounting for most of the market raises a distribution question — whether growth is broad adoption or a handful of platforms funneling existing users into a new wrapper. Whether holder counts keep compounding once the initial platform-driven surge fades, and whether issuer concentration eases, are the open questions worth tracking.