The biggest name in that category is BlackRock’s BUIDL fund. BUIDL holdings on the network peaked at 907.2 million tokens, worth roughly $907 million, in mid-July 2026. By early October, that count had dropped to about 483 million tokens. The research attributes the slide to redemptions, along with the usual ebb and flow of institutional minting.
Zooming out, BUIDL is not a one-chain product. Across all the 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. That pushed its lifetime volume past $2 billion. Year-over-year growth came in at 4.4x.
Axiym handles cross-border remittances and treasury settlements using stablecoins. Settling in stablecoins significantly reduces how much capital money services businesses need to lock up in pre-funding foreign accounts.
The $11 billion asterisk
Avalanche’s total represented RWA figure exceeds $11 billion. Around $10.7 billion of that total comes from a single copper-gold token that does not circulate.
This is why the distributed figure of roughly $1.73 billion matters more. It counts assets that are actually out in the market, held and traded, rather than sitting on a ledger as a representation.
Why institutions are paying attention
Avalanche has leaned on two selling points with institutional clients. The first is fast transaction finality. The second is flexibility around regulatory compliance, including the ability to build in rules about who can hold an asset.
What this 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 points 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.
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