The tokenized real-world asset market closed Q2 at $31.7 billion, up just 6.9% for the quarter after peaking in mid-May. The headline number stalled — but underneath, the landscape shifted. Networks: Ethereum still leads at $15.9B but slipped 6.3%. Solana surged 48.9% to $3.28B; BNB Chain added 13.5%. Platforms: Securitize sits on top at $4.14B (+28.2%) — days before its NYSE debut. Ondo and Circle each grew double digits. New this quarter: Re ($680M FDV), Real Finance, KAIO. The read: RWA's total value stalled, but the growth rotated — toward Solana, and toward the platforms building the rails.