Solana's RWA market is wide at the base and concentrated at the top. 1.5 million tokenized stock holders, while four products hold 45% of the dollars. Distributed RWAs on the chain stand at $4.37 billion, about four times their level a year ago, and Solana added more tokenized credit this year than any other chain, according to Token Terminal.
This report covers the chain first, then the builders, each in its own section with its own numbers.
A note on holders: throughout this report, holders means wallet addresses, not people. One person can own several wallets, and some data providers count a wallet once for each token it holds, so holder counts are a guide to reach rather than a count of investors.
01Solana is one fast public chain
@solana is a single smart contract network rather than a network of chains. Blocks arrive every 217 milliseconds and the median fee is $0.00053, according to Token Terminal, across 11.7 billion transactions in 30 days.
That design is why traders and payment companies use it. In October, the @SolanaFndn released Solana DvP, an open-source program that settles both legs of a trade together or not at all.
Nick Ducoff, GM, Institutional, Solana Foundation“Solana is nearing $4.5 billion in real-world assets (RWA) as the Token Supercycle accelerates. Over the next decade, every financial asset will move onchain: stocks, bonds, funds and cash. That migration is already happening on Solana. Today, seven of the 29 global systemically important banks (G-SIBs) are building on Solana, with more expected by year end. When the world's largest financial institutions are bringing assets onto Solana, it’s no longer an experiment, but an indication of where the market is going long-term.”
02Solana holds $4.37 billion in distributed RWAs and 1.5 million tokenized stock holders
Distributed RWAs on Solana stood at $4.37 billion as of October 15, up from $1.08 billion a year earlier, according to rwa.xyz. Token Terminal counts 1.5 million tokenized stock holders on Solana, against 71,700 for tokenized commodities and 56,900 for tokenized funds, so stocks make up about 92% of the three. NVDAx leads stocks with 188,700 holders, followed by SPCX at 105,500 and SPYx at 85,300. GLDx leads commodities at 43,300, and sUSD leads funds at 16,700.
Value sits in far fewer wallets. BlackRock's BUIDL at $871.5 million, Huma's PST at $409.8 million and Ctrl Alt's two private equity tokens at $362.4 million and $342.4 million hold $1.99 billion, about 45% of the total, across 3,997 wallets. Retail stock buyers drive the wallet count while institutions drive the dollars.
03Treasuries lead by value, and Solana leads every chain in credit growth
Tokenized Treasuries are the largest RWA class on Solana at $1.52 billion, up 60.1% over 90 days on rwa.xyz. In mid-August, Solana led all chains in T-bill growth, adding $378 million in 30 days.
Solana has added $237.1 million in tokenized credit this year, about 41% of the growth across the chains shown, per the RWA Foundation. Token Terminal puts app TVL at $30.8 billion, with RWA issuers at 6.8%. DefiLlama, which leaves most RWA issuers out, counts $5.90 billion.
04Solana has the most stock holders but no longer the most stock volume
Solana added 758,900 tokenized stock holders in September, the most of any chain, per the RWA Foundation and Token Terminal. Part of that came from Pump.fun fee routing, which pays memecoin fees out in stock tokens.
Volume has moved. Over the 90 days to October 4, Solana handled 15.1% of $42.3 billion in tokenized stock DEX volume, behind BNB Chain at 49.6% and Robinhood Chain, launched July 1, at 30.0%, per the RWA Foundation. Solana still hosts 36.3% of tokenized stock DeFi TVL, the most of any chain. Token Terminal counts $713.3 million in tokenized stocks on the chain, against $489.5 million on rwa.xyz.
05Stablecoins are most of Solana's onchain dollars
Stablecoins on Solana stand at $15.63 billion on DefiLlama, $14.86 billion on rwa.xyz and $14.7 billion on Token Terminal. The sources define stablecoins differently, but all three put them at more than three times every other RWA on the chain combined. They moved $449.5 billion in 30 days on rwa.xyz.
Liquidity reaches the chain through exchanges including @binance, @Bybit_Official, @okx, @bitget and @kucoincom, with Binance alone holding $7.11 billion in Solana reserves on DefiLlama.
06Governments and regulators use Solana for public money
Wyoming's Frontier Stable Token, the first fiat-backed token issued by a U.S. public entity, went on public sale on Solana in January. Bank of North Dakota's Roughrider Coin went live on October 1 for more than 90 banks and credit unions. Kazakhstan's National Bank launched its first tenge stablecoin on Solana in September 2025. The SEC issued an Innovation Exemption for tokenized stock trading on September 17. These are public money and market rules rather than investable products, so most sit outside the market cap figures.
07Securitize
@Securitize is the largest tokenized fund platform on Solana, with $1.10 billion in assets across 114 holder addresses on rwa.xyz. It issues BlackRock's BUIDL on the chain, along with Apollo's ACRED and VanEck's VBILL.
On October 8, it chose Solana to launch Securitize Stocks, entitlements to 12 U.S. stocks including Apple, Nvidia and Tesla, each backed one for one by a share and settled in USDC. @jumptrading makes markets on Securitize's Solana PropAMM, and @RQDClearing supports clearing and custody. The tokens are also expected to trade on venues being built by @NYSE and by @okx with @ICE_Markets.
"Tokenized stocks should give investors more than a price on a wrapper that tracks a stock and is only offered offshore," said Chairman and CEO Carlos Domingo. Nick Ducoff of the Solana Foundation called Solana "the financial infrastructure for the 5.5 billion people on the internet." The new stocks do not yet appear in rwa.xyz data.
08BlackRock
@BlackRock's BUIDL is the largest RWA product on Solana, at $871.5 million across 13 wallets on rwa.xyz. It held $20.0 million on Solana in March 2025, when its share class launched, and $175.5 million a year ago. It is about 57% of tokenized Treasuries on the chain.
BUIDL also sits behind other Solana dollars. @JupiterExchange's JupUSD targets 90% of its reserves in Ethena's USDtb, which is backed by BUIDL. In August, BlackRock added two more OnChain Shares funds that record ownership on Solana.
09Ctrl Alt
Ctrl Alt's two private equity tokens are the third and fourth largest RWA products on Solana. Titan III Equity Token (TTN-III) stands at $362.4 million and Hera I Equity Token (HERA-I-E) at $342.4 million on rwa.xyz, together about 16% of distributed RWAs on the chain. Each sits in a single wallet, and both grew more than 20% over 90 days.
Ctrl Alt structures, issues and manages tokenized products for asset managers and institutions, from real estate to private markets and funds. It reports more than $1.8 billion in assets tokenized. Both tokens are issued natively on Solana.
10Circle
@circle's USDC is the most widely held asset on Solana, with $6.75 billion across 9.05 million holder addresses on rwa.xyz. That is about six times the 1.5 million tokenized stock holders Token Terminal counts on the chain.
Securitize Stocks settle in USDC, and @Visa began settling with U.S. banks in USDC on Solana in December 2025. @Samsung and @SamsungMobileUS will add USDC transfers on Solana to Samsung Wallet for 82 million U.S. Galaxy devices this month.
11xStocks
@xStocksFi, the tokenized stock platform from @BackedFi, has $966.6 million in market cap across chains on Token Terminal, and $499.9 million of it, about 52%, sits on Solana. X Layer holds $264.5 million and Ethereum $167.2 million. It launched in June 2025 with more than 60 stocks on @krakenfx, Bybit and Solana DeFi apps including @phantom.
12Ondo
@OndoFinance brought more than 200 tokenized U.S. stocks and ETFs to Solana in January. Ondo now holds $314.1 million on the chain, up 145.8% over 30 days, across 26,563 holders on rwa.xyz.
Across all its products, Ondo holds $508.1 million on Solana in 454 assets. USDY, its yield-bearing dollar note, adds $180.0 million across 8,178 holders.
“Solana users have made it clear they want exposure to U.S. companies: Ondo Stocks on Solana has more than doubled in the last 30 days. What matters next is what holders do with those positions. On Solana, a tokenized stock can already be posted as collateral in lending markets, so an investor can hold exposure to a U.S. company and borrow against it from the same wallet, 24/7. That is what turns access into a market.”
Armand Khatri, Head of Ecosystem, Ondo
13Kamino
@Kamino is one of Solana's biggest lending markets, alongside Jupiter Lend, with $1.30 billion in Kamino Lend on DefiLlama. It controls 82.6% of tokenized stock lending on the chain and accepts assets such as ACRED, xStocks and Forward Industries shares as collateral.
In September, Kamino named Yieldstreet co-founder Michael Weisz CEO and set up a New York headquarters. "Being in New York puts Kamino at the intersection of the asset managers, distribution platforms and institutional capital that will define the next phase of onchain finance," he said. @galaxyhq then launched USDC and USDT vaults on the protocol.
14Huma
@humafinance runs PST, a yield token backed by short-term payment financing. PST stands at $409.8 million across 3,982 holders on rwa.xyz, the second-largest RWA product on Solana.
It grew from $158 million in April to $322 million by mid-September, with yields around 8% in USDC. Huma reported more than $14 billion in cumulative transaction volume by the end of June.
15OnRe
@onrefinance issues ONyc, a Solana-native token backed by a regulated, segregated reinsurance account in Bermuda. ONyc stands at $292.5 million across 9,260 holders on rwa.xyz. Token Terminal puts it second among tokenized funds on Solana by holders, behind only sUSD.
Deposits in USDC or USDG collateralize short-duration insurance and reinsurance placements. Premiums and collateral returns flow into the token's net asset value, and holders can trade, lend or redeem it. OnRe holds $294 million on DefiLlama, in line with rwa.xyz, which puts it in the top 10 DeFi protocols on Solana by TVL.
Ayyan Rahman, Co-Founder and Chief Strategy Officer, OnRe“Putting real-world assets onchain is one thing. Building a market around them is another. Solana gives you the speed and low costs to make that possible, but what really sets it apart is the ecosystem. DeFi protocols are willing to build, integrate, and experiment with new assets from day one. We've seen that firsthand with ONyc, taking reinsurance-backed yield and building lending markets, leverage, and structured products around it. That's how RWAs scale, not just by tokenizing more assets, but by having an ecosystem that actually puts them to work.”
16Western Union
@WesternUnion launched USDPT on Solana in May, issued by Anchorage Digital Bank, with @FireblocksHQ supplying wallet infrastructure. USDPT stands at $17.0 million on DefiLlama.
In August, Western Union and @raincards launched Stablecard across 37 markets, a Visa card that spends USDPT. The target is 60 markets by year end.
17Galaxy and State Street
@galaxyhq and @StateStreet launched SWEEP on Solana in May, a private liquidity fund that moves idle stablecoins into short-duration, Treasury-oriented holdings. It accepts PYUSD and USDC and stands at $163.6 million across five wallets on rwa.xyz.
The fund targets qualified institutions, with minimums of $5 million for entities and $1 million for individuals, per State Street. State Street manages $216.1 million on Solana in total on rwa.xyz.
18Superstate
@SuperstateInc tokenizes SEC-registered shares directly on Solana through Opening Bell, with Superstate as transfer agent. Galaxy was the first Nasdaq-listed company to use it, and @FWDind followed with FWDI shares that work as collateral on Kamino. Superstate's two platforms hold $73.7 million on rwa.xyz.
These are the company's own shares, recorded on its register, rather than wrappers that track a price. Holders must pass KYC, and the tokens can move between eligible wallets.
19Backpack
@Backpack issues tokenized stocks on Solana through Backpack Securities and lists them with @SunriseDeFi, a venue from @wormhole. Its SpaceX token, SPCX, drew $439 million in volume in its first week in June. CEO Armani Ferrante plans to grow from about 200 symbols to 10,000.
20More builders on Solana
@JupiterExchange is the second-largest DeFi protocol on Solana, with $1.78 billion in TVL on DefiLlama, and its JupUSD stablecoin stands at $43.0 million. @Raydium handled about 75% of xStocks' DEX volume in the 30 days to mid-September. @MeteoraAG, a Solana DEX that did $19.5 billion in volume in Q1, launched Bedrock in March, a legal structure that lets tokens carry equity-like claims. @Sunrise, a gateway built on Wormhole's Native Token Transfers, has enabled $3.5 billion in trading across 14 million trades and 221,000 wallets since its first listing in November 2025, including tokenized stocks such as SPCX. @orca_so and @Loopscale merged as @formation_so in October, combining Orca's trading and liquidity with Loopscale's credit and vaults into one venue that takes RWAs from issuance to scale. It is already working with Figure, Shinhan Asset Management, Superstate, R3 and Securitize. @Pumpfun launched 93 tokenized stock pairs for memecoins in September. @stonkdotfun launches memecoins priced against tokenized stocks. Between September 1 and October 11, memecoins priced in stock tokens made up 31.5% of Solana's tokenized stock DEX volume, and StonkFun's tokens drove most of it. @Ondo launched Ondo Perps in July, letting traders post tokenized stocks as collateral for up to 20x perpetuals on stocks, gold and oil, and it passed $8 billion in volume by mid-August. @PhoenixTrade, the onchain perps exchange from Ellipsis Labs, lists about 29 equity perps at up to 10x. In June the @SolanaFndn launched Frontier Traders, an invite-only program for firms trading $500 million or more a month on DEXs, starting with SpaceX tokenized equity. Its first season, a $1 million perps competition, runs on Phoenix with @solflare as the mobile venue. Solflare, with 4 million monthly users, offers more than 750 xStocks in-wallet. @PreStocks took 78% of pre-IPO OpenAI and Anthropic token volume, per Allium Labs. It holds more than $22 million in assets across 171,000 holders and offers eight pre-IPO stocks. @joinrepublic minted rSpaceX on Solana in June 2025, a token that tracks SpaceX shares, open to retail investors from $50. @Bullish ran the first trades of its own tokenized shares, BLSH, on Solana in August, settled against a dollar stablecoin on its Gibraltar-regulated exchange, with Equiniti recording ownership. @ShiftRWA lists 2x and 3x long and short tokens on Tesla, the S&P 500 and a semiconductor index on @JupiterExchange, with no forced liquidations. @Bitwise is exploring tokenizing shares of its Solana staking ETF, BSOL, with Superstate, and its Q3 staking report found tokenized equity volume on Solana rose from $1.34 million to $3.32 billion in a year. @getmoonup builds rules-based baskets of tokenized stocks, ETFs and commodities on Solana.
@HastraFi brings @Figure's HELOC yield to Solana as PRIME, at $126.8 million across 1,672 holders. @solsticefi issues USX, at $209.4 million across 11,507 holders on rwa.xyz. @maplefinance brought syrupUSDC to Solana over @chainlink CCIP, now $92.6 million across 3,900 holders. @KAIO_xyz tokenized a Mubadala Capital fund that raised about $75 million across Base, Solana and Sui. @etherfuse issues CETES stablebonds, tokenized Mexican treasury certificates, on Solana. @NysaFinance lets users lend USDY and borrow USDC against it. @centrifuge brings Janus Henderson's JAAA to Solana, at $82.8 million on rwa.xyz. @HamiltonLane became the first asset manager to launch a fund on Solana in July 2024, bringing its Senior Credit Opportunities Fund through Libre, the tokenization platform backed by Nomura's Laser Digital. @inside_r3 launched the Corda Protocol on Solana in December 2025, a curated vault platform where institutional managers run RWA-backed strategies, starting with EPIC, which targets 10% a year. In August, R3 and SIX connected Corda networks, which hold about $17 billion in tokenized assets, directly to Solana mainnet. @piggybankfi puts xStocks and stablecoins to work as collateral on Kamino and Loopscale to earn extra yield on assets such as SPYx. @FireStrategy's frSPY borrows dollars against S&P 500 exposure, earns on them through its frUSD vault, which routes across Hylo, OnRe and Exponent, and uses that yield to buy more of the index. @RockawayX, a Solana investor since 2018, curates an RWA vault on Kamino that spreads USDC across OnRe, Huma, Figure and Solstice. @FTDA_US brought its BENJI money market fund to Solana in February 2025. @plumenetwork's Plume Vaults hold $30.7 million on Solana across 440 holders on rwa.xyz. @exponentfinance lets users trade fixed and floating yield on Solana, and its first risk-tranched market, opened in June, splits OnRe's ONyc into a protected senior token, srONyc. It has since added Plume's nOPAL, backed by Brazilian card receivables. Re Protocol brought reUSD to Solana in August, a dollar token backed by a $510.5 million reinsurance underwriting portfolio, with lending markets on Kamino and Jupiter Lend from day one. @zodialxyz is building portfolio-based lending on Solana that accepts tokenized stocks such as TSLAx as collateral. @SpoutFinance, which raised $2 million in October from backers including Anchorage Digital, Flow Traders and Solana co-founders Anatoly Yakovenko and Raj Gokal, is building 0% interest USDC loans against tokenized stocks, funded by selling covered calls on the collateral.
@Tether's USDT is the second-largest stablecoin on Solana, at about $2.69 billion on DefiLlama. USDGO, issued by Anchorage Digital Bank and run by @OSL_Global, launched on Solana in February and stands at $1.3 billion on Token Terminal. @Paxos issues PYUSD for @PayPal, at $680.2 million across 57,655 holders, and USDG for @global_dollar. @worldlibertyfi's USD1 stands at $1.42 billion and @ethena's USDe at $462.8 million on rwa.xyz. @SkyEcosystem brought USDS to Solana in November 2024 as a native token over Wormhole, and @withAUSD's AUSD went live on the chain in January 2025. @Hylo_so issues hyUSD, an overcollateralized stablecoin backed by staked SOL and other assets, at $25.1 million on Token Terminal. @reflectmoney issues USDC+, a yield-bearing dollar that earns from delta-neutral strategies, backed by a16z crypto and Solana Ventures. @NestUSD issues nUSD, a dollar backed by tokenized stocks, which holders can stake into snUSD for about 6% APY. @SoFi brought SoFiUSD to Solana in May, now $255.2 million. @phantom's CASH, built with Stripe's Bridge, stands at $128.4 million, @moveusd's MoveUSD from CFX Labs at $118.3 million and Circle's euro stablecoin EURC at $117.8 million, per Token Terminal. @coinbase, @Mastercard, @Shopify and @stripe back Open USD, live on Solana with more than $1 billion in commitments and $80.0 million in circulation on Token Terminal. @fiserv runs Roughrider Coin with @VersaBank as issuer. @MoneyGram offers Solana cash ramps in more than 170 markets. @SG_Forge deployed its USDCV and EURCV stablecoins on Solana in 2025. @tokenGBP brings tGBP, a pound stablecoin from FCA-registered BCP Technologies backed by cash and short-term UK government bonds, to Solana. @AUDD_digital issues an Australian dollar stablecoin on Solana through Novatti-backed AUDC, and @VNX_Platform brings its euro and Swiss franc stablecoins and VNXAU gold token to the chain.
@Collector_Crypt tokenizes graded Pokémon cards on Solana as redeemable NFTs, with the physical cards vaulted, and reports more than 130,000 tokenized cards and $1.6 billion in total volume, per the Solana Foundation. @BAXUSco lets collectors hold wine and spirits in controlled storage as onchain tokens, trade them while stored and redeem them for delivery. @watchdotfun runs onchain raffles for authenticated luxury watches sourced through Wristcheck. @DeLoreanLabs, the Web3 arm of DeLorean Motor Company, brought its DMC token to Solana in May through Sunrise, with early access to tokenized vehicle drops. @parcl lets traders go long or short city-level home price indices, from New York to Dubai, settled in USDC. @MetaWealth has tokenized more than 138 European properties on Solana, with over $50 million in assets and rental income paid to holders in USD. @DualMintRWA tokenizes revenue from everyday machines such as laundromats, vending machines and arcade cabinets, and has brought arcade revenue onto Solana. @refihub tokenizes solar energy projects on Solana. @matrixdock and @orogoldapp helped tokenized gold on Solana grow 689% since August 2025. @streamex's GLDY, a yield-bearing gold security distributed by Siebert and custodied by tZERO, began trading on Orca in May. Underneath it all sit the standards and the oracles. @metaplex introduced MPL-3643 in September, a Solana version of Ethereum's ERC-3643 standard that lets issuers build KYC checks and transfer rules into tokenized securities while keeping them usable in Solana DeFi. @PythNetwork started on Solana in 2021 and now runs more than 3,600 price feeds, including over 1,900 equities and pre-IPO indices for Anthropic and OpenAI. @chainlink prices xStocks through Data Streams and checks its backing with Proof of Reserve, and its CCIP has been live on Solana since May 2025. @redstone_defi is the primary oracle for BUIDL, ACRED and VBILL through its Securitize partnership, and Kamino and Loopscale use its feeds on Solana.
21Conclusion
Solana's RWA base is wide but its value is concentrated. Retail wallets hold most tokenized stocks, while a few issuers, led by Securitize, BlackRock, Ctrl Alt and Circle, account for most of the dollars.
The builders differ more than the numbers suggest. Some issue funds, some lend against them and some move dollars for banks, card networks and states. What they share is a need for fast, cheap settlement on one public chain.
Solana, Plume, Securitize, Maple, OnRe, Orca, PreStocks and Etherfuse are proud members of RWA Foundation but have no influence on the opinions of this report. Token Terminal is RWA Foundation's data partner. This report is for informational purposes only and is not investment advice.