Tokenized assets on Solana crossed over $418 million, rising 140.6% year-to-date and narrowing the gap with leading competitors in the space, according to a recent report from Messari.
Solana’s growth more than doubled the broader real-world asset (RWA) tokenization market in 2025, which expanded by 62.4% during the same period. Solana now hosts a variety of RWA tokenization projects, with assets spanning from tokenized stocks and US treasuries to institutional funds onchain.
“Solana’s appeal stems from its high throughput, near-zero transaction costs, and robust developer ecosystem,” Matthew Nay, a research analyst at Messari, writes in the report.
According to analytics platform RWA.xyz, Solana holds 3.9% of the overall RWA tokenization market as of Sunday. The network ranks fourth among blockchains, behind Ethereum, which holds 58.4% of the RWA market share, followed by ZKsync Era (17.2%), and Aptos (4%).
The two largest non-stablecoin RWA protocols on Solana are Ondo, via its U.S. Dollar Yield Fund, and ONe, through its institutional fund. Together, they account for $277 million in tokenized real-world assets on the network.
Ondo’s fund recorded $2.7 million in cross-chain trading volume over the past 24 hours, according to CoinGecko. A portion of that activity generates fees that flow back to host blockchains like Solana.
According to Token Terminal, Solana has generated $3.9 million in revenue over the past 30 days. Leading the RWA space, Ethereum has generated revenue of $15.9 million over the same period.
Related: How are RWAs tokenized: Ethereum vs. Solana comparison
RWA tokenization market cap surpasses $25 billion
RWA tokenization, a rising crypto use case, surpassed a $25 billion market cap on Wednesday. The sector’s rise has been substantial. In the past 30 days, the market cap has jumped by 6.3% and has grown 62.4% over the past six months.
Tokenization of real-world assets has an appeal among traditional finance entities and institutions as the technology offers quicker speeds, more rapid settlements and greater global accessibility.
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Different blockchains and protocols are attempting to snatch market share. Aptos, a layer-1 blockchain designed by former Meta engineers, has seen its RWA value grow by 52.7% in the past 30 days. Solana has seen its RWA value grow by 14.6% over the same period. Ethereum’s RWA value only grew by 3.6% in the past 30 days.
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