BNB Chain's RWA Hits $3.6B in Q1, On-Chain Revenue Falls 61% From Q4

According to a Blockworks report, BNB Chain's tokenized real-world asset (RWA) value reached $3.6 billion in Q1 2026 with 60% quarterly growth, solidifying its position as the second-largest public-chain RWA ecosystem after Ethereum's $16.6 billion. The surge was led by tokenized treasuries, including Circle's USYC at $3.15 billion and BlackRock's BUIDL with roughly $507 million.

However, the network's on-chain revenue fell sharply to $43.4 million in Q1, down 61% from the $111.5 million earned in Q4 2025, as memecoin trading activity collapsed. BNB's price also declined 35% between January and March, dropping to $617.