Avalanche's $11 billion in real-world assets is mostly one token, and it has barely moved
Big numbers for tokenized assets on Avalanche ran in the news this summer. We followed the largest tokens behind them to see who holds each one.
- 94%
- 97%
- 907.2 million
- Six
- 100%
- 36
01 · The number$11 billion, by one count
In July, news sites said over $11 billion of real-world assets had come to Avalanche. rwa.xyz, a website that tracks funds and bonds sold on blockchains, counts about that much in one of two totals.
A token is a unit on a chain that stands for a share of an asset, such as a fund. rwa.xyz splits tokens into two kinds. Represented assets have not left their issuer or cannot trade freely. Distributed assets are out with holders, who can send them to any wallet, an address on the chain that holds tokens. On 5 October rwa.xyz counted $11.4 billion represented and $1.7 billion distributed on Avalanche.
Bitquery reads every transaction on Avalanche's main chain, so we traced the largest of those tokens to the wallets that hold them. Most of the represented total is one token. It was made in one go, and almost all of it is still in the wallet that got it.
02 · One tokenOne copper and gold token, one wallet
The token stands for securities tied to DOM X, a copper and gold project in Arizona. It was issued through Bridgetower, a company that puts assets on chains, under the name AZX1. All of it was minted, meaning created, in one step in February and sent to one ordinary wallet. None has been made or wiped out since.
In April, Bridgetower said it had put "$11 billion in securities" from the project on a chain, for eligible buyers. rwa.xyz counts the tokens still in that first wallet as represented, at $10.7 billion, and the few held by others as distributed, at the same price per token. So 94% of that represented total is one token in one wallet.
The wallet has sent tokens out 35 times. One early send, in March, moved about three million tokens. Two sends in May moved less than one token each. The rest went out in August and September, each worth $50,000 to $200,000 at rwa.xyz's price. Other accounts signed those sends for the wallet, which some tokens allow.
| Bridgetower's AZX1 on Avalanche | Count |
|---|---|
| Tokens created, all on one day | 105 million, 18 February 2026 |
| Still in the first wallet | 101.8 million (97%) |
| Held by other wallets | 3.18 million |
| Other wallets holding it | 33 |
| Sends out of the first wallet | 35 |
| Value per token, rwa.xyz | about $105 |
None of the wallets that got tokens has passed them on, and there is no trading pool for the token on Avalanche. What the mine is worth is the issuer's claim, and the chain cannot check it. The chain shows where the tokens are, and 97% of them have not left that wallet.
03 · BlackRock's fundBlackRock's fund doubled in a week, then shrank
BUIDL is a money fund from BlackRock, the world's largest asset manager, sold to large buyers through Securitize, a tokenization firm. Each token is worth about one dollar. BUIDL came to Avalanche in late 2024, and only a dozen addresses have ever received it there.
In July, crypto news said BUIDL on Avalanche had doubled to more than $900 million in a week. On the chain, the jump was one step. New tokens worth half a billion dollars were minted to one wallet, and the total reached its peak six days later.
Then the tokens began to go back. The day after the peak, another wallet sent all it held to the redemption wallet, which burns whatever it receives. More went back in July and August, and in September part of the big mint went back too. BUIDL there is now 47% below the peak.
| BlackRock BUIDL on Avalanche | Tokens |
|---|---|
| Before the July mint | 402.7 million |
| Minted to one wallet, 10 July | 500 million |
| Peak, 16 July | 907.2 million |
| Handed back from 17 July | 435.6 million |
| New tokens minted after the peak | 11.5 million |
| Supply on 4 October | 483.2 million |
| Addresses holding it | Six, the largest with 90% |
July was the third round like this. Another wallet got half a billion new tokens in October 2025 and handed most of them back within four months. The same wallet did it again in May, and most of that has gone back too.
Six addresses hold it today, and one of them holds 90%. Five are plain wallets, so the chain does not say who they are. The sixth is a contract, a program on the chain, behind sBUIDL, a version of the fund made for lending apps, and it holds 9,240 tokens. In nearly two years the tokens have passed between holders only 41 times.
04 · The other fundsThe other funds and who holds them
rwa.xyz puts $857 million of the distributed side with Securitize, the firm behind BUIDL, $263 million with Centrifuge, which issues funds for Janus Henderson, a large fund manager, and $34 million with Franklin Templeton. We checked the biggest tokens from each. rwa.xyz's table also lists Circle's and Tether's stablecoins, and funds from OpenTrade and Avant, which were not part of this check.
| Token | What it is | Tokens on Avalanche | Holders | Largest holder's share |
|---|---|---|---|---|
| BUIDL | BlackRock money fund | 483.2 million | 6 | 90% |
| SECZ | Securitize's own shares | 25.7 million | 22 | 27% |
| JAAA | Janus Henderson AAA loan fund | 250.0 million | 3 | 100% |
| BENJI | Franklin Templeton money fund | 34.3 million | 4 | 47% (two wallets tie) |
| VBILL | VanEck Treasury fund | 705,867 | 1 | 100% |
| ACRED | Apollo credit fund | 4,414 | 4 | 83% |
One of the tokens in the table is Securitize's own shares. The firm listed on the New York Stock Exchange in July and issued the same shares as tokens on Avalanche and Solana. The Janus Henderson loan fund sits in one place. All but one of its tokens are in one contract, named ALMProxy. Grove, which puts crypto reserves into funds like this one, said it would put $250 million into Janus Henderson funds on Avalanche, and DefiLlama shows a matching sum for Grove on the chain.
Franklin Templeton's money fund has never moved between its holders. Its supply changes only when Franklin mints new tokens, for new money or as daily interest, or takes tokens back. VanEck's fund has one holder. The six tokens in the table have 39 holders between them. You can check holders like these for any token with a token holder API.
05 · The copiesCopies of the fund names
Search Avalanche for these funds by name and you find copies. We counted 36 tokens that use the full name of one of these funds but did not come from the fund's manager or its token firm. The largest group copies BlackRock's fund name.
| Copies of fund names on Avalanche | Tokens |
|---|---|
| BlackRock | 11 |
| Janus Henderson | 10 |
| Apollo | 5 |
| Securitize | 3 |
| VanEck | 3 |
| Hamilton Lane | 3 |
| Franklin Templeton | 1 |
| All copies | 36 |
| Trading in their pools, all time | about $139,000 |
The first copies drew real money. In November 2024, the day after the real BUIDL's first tokens appeared on Avalanche, a copy carrying its full name got a trading pool. Within an hour and a quarter, 206 wallets had traded it for about $117,000, and none of them could have bought the real fund that way.
The later copies came in five batches between April and July 2026, each with the same pattern. Each copy got a trading pool, and its creator put in 50 AVAX, Avalanche's own coin, and took it back out seconds later. Across all 29 of those pools, anyone else put in less than one dollar. All trades in copies' pools, both years, add up to about $139,000.
The chain does not show why anyone made them. They do make a name search hard to trust, as we found with other copied tokens. The real BUIDL can only be held by approved buyers, so a BUIDL token anyone can buy in a trading pool is not BlackRock's.
06 · What it adds up toWhat the $11 billion is
Avalanche's $11 billion is, for the most part, one company's price for one token held in one wallet. The token has barely moved since it was made.
The funds we checked that can move are much smaller, and few wallets hold them. BUIDL is the biggest of them, and it more than doubled and then lost 47% in under three months on the moves of a few wallets. The other tokens have between one and 22 holders each. Our check of Arbitrum found that most of its tokenized stock value was stock its issuers still held and had never moved. On Stellar, 26 accounts issue a token called BUIDL, and none of them is BlackRock.
A total like this counts what issuers put on a chain. To see what buyers hold, count the wallets and follow the transfers.
07 · How we measured itMethod
We read every transfer of each token named here, from its first day on Avalanche to 4 October 2026, and rebuilt each wallet's balance from those transfers. For the copper and gold token, BUIDL and the Janus Henderson fund, we checked the totals against each token's own count on Avalanche's public node, and they match to the token. A copy is a token whose name matches a fund's full name but whose address is not the fund's. Dollar values are rwa.xyz's, read from its Avalanche page and Bridgetower page on 5 October 2026.
The transfers docs describe the fields we used. Our proof of holdings API runs the same balance check for any wallet.
08 · The recordAddresses behind this story
FAQ
How much real-world value is on Avalanche?
In early October 2026, rwa.xyz counted $11.4 billion of tokens that have not left their issuers and $1.7 billion of tokens out with holders. One token, AZX1, makes up 94% of the first number.
What is AZX1?
It is a token issued through Bridgetower for the DOM X copper and gold project in Arizona. All of it was created in February, and 97% is still in the wallet that received it.
How much BlackRock BUIDL is on Avalanche?
About 483 million tokens in early October 2026, each worth about one dollar. The total peaked in July after one large mint, then fell as holders cashed out.
Are the BlackRock-named tokens on Avalanche real?
Only one contract is BlackRock's BUIDL on Avalanche. We found 11 other tokens using the fund's full name that did not come from BlackRock or Securitize. One of them drew about $117,000 of trading in 75 minutes. The real BUIDL can only be held by approved buyers.
Who holds Avalanche's tokenized funds?
For the funds we checked, few wallets. BUIDL has six holders, one Grove contract holds the Janus Henderson fund, and the six fund and stock tokens we list have 39 holders between them.
Dollar values are rwa.xyz's, read on 5 October 2026. For AZX1 the value per token is set by its issuer's figures; the chain records where tokens are, not what a mine or a fund is worth.
A wallet is not an investor. One investor can use several wallets, and one wallet can hold for many clients, as a custodian or a fund's token firm might.
Five of BUIDL's six holders and the redemption wallet are plain wallets with no published owner. We describe them by what they did and name nobody. The sixth holder is the sBUIDL contract. We call 0x8780dd01 the redemption wallet because every BUIDL token sent to it was burned.
We call the Janus Henderson holder Grove's because its contract is named ALMProxy, Grove announced this investment, and DefiLlama counts a matching $263 million for Grove on Avalanche.
A copy is a token whose name matches the full name of a real fund from these managers but whose address is not the fund's. Three tokens named for a BlackRock fund through Libre, a separate token firm, and two Janus Henderson tokens from the fund's own token firm were left out of the count. One copy is listed twice in our token list and is counted once. Why anyone made the copies is not visible on the chain.
Trading totals for copies count only pools from known exchanges, priced on the stablecoin or AVAX side. Pools from unknown creators were left out.
We did not check every token rwa.xyz counts. Products from OpenTrade and Avant, smaller tokens from other issuers, and stablecoins were left out, so holder counts here describe the funds named, not every tokenized asset on Avalanche.
This article is provided for informational and educational purposes only and reflects analysis of publicly available on-chain data as of the dates indicated. It does not constitute legal, financial, compliance, or investment advice, and nothing in it is a recommendation to buy, sell, or hold any token, fund or security.
The findings describe token transfers observed in Avalanche C-Chain data over the period stated, together with outside figures that are quoted and dated. Token descriptions come from on-chain names, explorer pages, issuer announcements and public reports; they may be incomplete or incorrect and may be revised as more data becomes available. Avalanche addresses are pseudonymous, and an unlabelled address is described by its behaviour and attributed to nobody.
References to Bridgetower, BlackRock, Securitize, Janus Henderson, Grove, Franklin Templeton, VanEck, Apollo, Hamilton Lane, Centrifuge, Libre, rwa.xyz, DefiLlama or any other named party describe on-chain records and public statements, and are not statements about any entity's conduct or intentions. Tokens that copy a fund's name are described as copies; nothing here asserts who made them or that any named party is connected to them.
Nothing herein should be relied upon as a definitive determination of fact. Readers should conduct their own independent verification before taking any action. The authors and publisher accept no liability for any loss or damage arising from reliance on this material. All trademarks and company names are the property of their respective owners.
Reported by Gaurav Agarwal for Bitquery Research, with AI tools; every figure was checked against the raw data.
Check any tokenized asset on Avalanche
The holder counts and transfers above come from Bitquery's Avalanche C-Chain data, which holds every token transfer since 2020. The same data is open through our API, so you can rebuild the holders of any fund token, follow its mints and redemptions, or tell a fund's real contract from a copy.