Ethereum has emerged as the leading platform for distributed real-world assets (RWAs), with nearly $16 billion in value as of March 19, 2026. This positions Ethereum ahead of BNB Chain and Solana, which hold $3.2 billion and $1.8 billion, respectively. The growth is driven by tokenized funds such as treasury bills, bonds, and money market funds. Despite the dominance of permissioned networks like Canton, which holds $352 billion in institutional record-keeping, the trend towards public blockchains is evident. Industry experts, including Sandy Kaul of Franklin Templeton and Matt Hougan of Bitwise Asset Management, emphasize the long-term potential of permissionless blockchains. They argue that public chains like Ethereum offer superior security and decentralization, with over 10,000 nodes compared to the limited validators of private chains. The shift is further supported by partnerships like R3 Corda's collaboration with Solana to bridge tokenized RWAs to public blockchain rails, highlighting the growing preference for open infrastructure.