BNB Chain hits $3.6 billion in RWA, but BNB price remains under pressure

The tokenization of financial assets is gaining ground on large public blockchains. In this context, BNB Chain shows strong growth in RWA, with $3.6 billion in tokenized assets. However, this dynamic is not enough to support the token, whose price remains fragile after a first quarter marked by a clear decline and a more cautious market.

BNB Chain Gains Ground on Tokenized Assets

The broader RWA market reached $32.62 billion in mid-April. According to the report from Blockworks, the network saw 60% quarterly growth in tokenized real-world assets. This increase places BNB Chain among the main public ecosystems in the sector.

This progression of RWA is mainly based on tokenized Treasury securities. Circle's USYC dominates this segment with $3.15 billion. For its part, BlackRock's BUIDL adds around $507 million, while Ondo's tokenized equity products contribute another $221 million.

In this ranking, BNB Chain maintains second place in dominance of tokenized assets, with 479 assets hosted. Ethereum, however, maintains a large lead, with $16.6 billion spread across approximately 707 assets. Solana and Stellar follow next, with $2.5 billion and $2.2 billion, respectively.

RWAs are growing, but on-chain revenues are falling

This progress has not yet translated into an increase in revenue on the blockchain. Despite the rise of RWAs, on-chain revenue reached $43.4 million in the first quarter. This level represents approximately 39% of the $111.5 million generated in the fourth quarter of 2025.

For BNB Chain, the report links this decline to the decline in memecoin-related activity. After a spike in the fourth quarter, trading normalized, which reduced the fees generated by the network. However, the level of the first quarter remains close to that of the third quarter of 2025, established at $50.1 million.

The network also shows strong usage signals, beyond RWA usage. The average number of daily active addresses reached a quarterly record of 2.7 million. At the same time, the retention rate of regular users stands at 70%, which indicates continued strong activity despite the bearish climate.

The price of the token remains exposed to technical pressure

In the market, the price of BNB had a difficult first quarter. The token lost 35% between January and March, reaching $617. This drop came despite the quarterly burn on January 15, which removed 1.37 million tokens from the circulating supply, worth an estimated $1.28 billion.

The price structure remains fragile after a marked rejection in a supply zone. Since then, BNB has been evolving on an important support. A daily close at this level would confirm a possible double bottom, but the accumulation and distribution indicator continues to decline.

Finally, the total trading volume dropped to 689.56 million BNB. If the weakness continues, the market could test new lower levels. Conversely, lasting support stabilization would give the blockchain time to convert its RWA growth into more visible revenue.