Two names now tower over the tokenized real-world asset landscape: Sky Ecosystem and Securitize. Each controls 10.2% of the total RWA market cap, making them co-leaders of a sector that has quietly ballooned into one of crypto’s most consequential verticals. Both platforms rank among the top three RWA issuers by tokenized market cap, sharing the podium with Ondo Finance. The broader implication is that the RWA market isn’t being built by crypto-native teams alone. Sky, Securitize, and Ondo Finance each bring different capabilities.