Solana reached a new milestone by tokenizing over $2B in real-world assets (RWAs). Over the past year, asset tokenization on the platform has grown nearly 10X, primarily focused on equities.
Solana has solidified its position as a leading network for asset tokenization. Despite market fluctuations, the tokenization of RWAs on Solana continues to break records, surpassing the $2B mark.
The platform now hosts 1,831 tokenized assets and boasts around 177K wallet holders. Monthly turnover from tokenized assets has reached $3.25B, driven mainly by equities trading.
The surge in RWAs tokenization aligns with a new peak in Solana holders, surpassing 166.3M holders, according to data from TokenTerminal.
Solana commands a substantial share of the $16B active market cap of RWA tokens, with Ethereum at around $10B and BNB Chain at $3.62B.
What are the most active RWAs on Solana?
Excluding stablecoins, Solana’s RWAs are primarily divided into two categories: tokenized bonds, such as the BlackRock Institutional Digital Liquidity Fund, and the Ondo US Dollar Yield, a low-volatility tokenized tool rooted in traditional finance.
Other tokenized assets on Solana include specialized stablecoins used in DeFi.
The third major category comprises individual tokenized equities, particularly those linked to XStocks, which have become the primary tokenization standard on Solana. XStocks cater to the demand for equities trading outside the USA.
While RWA holders on Solana are currently behind other assets, the platform’s swift response in building an equity market is evident. Solana also facilitates global traders’ access to major stocks like AAPL, MSFT, GOOGL, AMZN, NVDA, META, and TSLA. Tokenized equities trading is steadily growing, with TSLA seeing around $10M in daily volumes, although legacy crypto tokens still dominate. The substantial growth over the past year could potentially shift the appeal towards on-chain stock trading.
Crypto traders have demonstrated adaptability by shifting to assets like oil during periods of low sentiment in the digital market. If this trend continues, Solana’s equities may see increased demand.
RWA tokenization focuses on securities and equities
2025 saw a significant expansion in RWA tokenization, with a clearer understanding of successful tokenized asset types. Securities and bonds have emerged as the top-performing classes, providing stability amidst market volatility.
Less conventional RWA classes, such as agriculture, commercial real estate, carbon credits, and private loans, have experienced losses alongside low activity. Tokenized equities, while popular for trading, also pose higher risks.
