Avalanche's distributed real-world assets (RWAs) reached approximately $1.73 billion as of October 12, 2026, according to a Blockworks report on the third quarter. Tokenized US Treasuries accounted for $545 million of that total by the end of Q3, while stablecoin payments firm Axiym posted its largest quarter to date.
Tokenized Treasuries and BUIDL
Avalanche's tokenized US government debt hit $545 million at the close of Q3 2026, up 14% quarter-over-quarter and fourfold over the course of 2026. BlackRock's BUIDL fund is the largest holder in that category. BUIDL holdings on Avalanche peaked at 907.2 million tokens, worth roughly $907 million, in mid-July 2026. By early October, that count had fallen to about 483 million tokens. The research attributes the decline to redemptions and the usual ebb and flow of institutional minting.
BUIDL is not limited to a single chain. Across all networks it runs on, the fund held approximately $2.17 billion in on-chain assets under management as of late October 2026.
Axiym's Record Quarter
Axiym, which moves stablecoin payments on Avalanche, processed a record $529 million in Q3 2026, pushing its lifetime volume past $2 billion. Year-over-year growth came in at 4.4x. The firm handles cross-border remittances and treasury settlements using stablecoins, which significantly reduces the capital money services businesses need to lock up in pre-funding foreign accounts.
The $11 Billion Figure
Avalanche's total represented RWA figure exceeds $11 billion. Around $10.7 billion of that comes from a single copper-gold token that does not circulate. The distributed figure of roughly $1.73 billion is more relevant because it counts assets actually out in the market, held and traded, rather than sitting on a ledger as a representation.
Institutional Appeal
Avalanche has emphasized two selling points with institutional clients: fast transaction finality and flexibility around regulatory compliance, including the ability to build in rules about who can hold an asset.
What It Means
A limited set of products, mostly tokenized Treasury funds like BUIDL, dominates Avalanche's distributed RWA base. When one fund can swing from about $907 million to about $483 million on the same chain in a single quarter, the network's totals become hostage to a few clients' decisions.
The Treasury data offers a steadier signal. A 14% quarterly gain and fourfold growth across 2026 point to demand building over time.
Axiym's numbers may be the clearest sign of real-world usage. Payment volume tends to be stickier than fund balances because it reflects ongoing business activity. If that 4.4x year-over-year growth continues, stablecoin settlement could become as important to Avalanche's institutional story as tokenized funds.
BUIDL already spans multiple networks, which means BlackRock can shift balances between chains as clients prefer.
