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.
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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