Tokenized real-world assets grew their user base 31% last quarter (723.6K → 945.9K holders), and the retail wave didn't follow the money. Solana added the most: +106,838 holders (+58%), now the largest holder base in RWA at 291.7K. But the sharpest surge was BNB Chain — up 166% (+70,809), a clear retail rush. Ethereum added +39K; Stellar (+73%) and Base (+77%) grew fast off smaller bases. The tell: value concentrates in Ethereum, but people are onboarding through Solana and BNB. RWA is going retail — just not on the chain that holds the value.