Solana RWA value hits $4 billion, 97% of tokenized equity volume on network

Rapid expansion of RWAs on Solana

The RWA market on Solana, which was relatively small at the start of 2024, has quickly expanded into a multibillion-dollar ecosystem. The network now encompasses tokenized U.S. Treasuries, public equities, private credit, reinsurance, sovereign debt, commodities, liquidity funds, and stablecoin settlement solutions.

Tokenized equities are currently driving the fastest growth in Solana’s RWA sector. By late July 2026, 97% of all onchain tokenized equities spot volume had settled on Solana. This shift underlines Solana’s rising position as a primary platform for distributing tokenized equities and facilitating their secondary trading.

By late July 2026, 97% of all onchain tokenized equities spot activity had taken place on Solana, confirming the network’s status as a leading venue for both primary distribution and secondary market trades.

The surge in RWA value has pushed Solana to nearly double its non-stablecoin RWA amount, moving from $2.01 billion at the end of Q1 2026 to $4 billion. This nearly 100% rise highlights Solana’s sustained momentum in integrating real-world assets into its blockchain infrastructure.

Key RWA products and ecosystem participants

According to data from rwa.xyz, Solana currently serves 347,944 RWA holders. The network has established itself as a major venue for tokenized Treasury products, partnering with several leading global financial institutions.

Circle, a global fintech firm, introduced the USYC tokenized money market fund on Solana in October 2025. USYC has since become one of the largest tokenized Treasury products worldwide.

BlackRock, a leading asset management company, expanded its USD Institutional Digital Liquidity Fund, known as BUIDL, to Solana in March 2025 through Securitize, a digital asset issuance platform.

Ondo Finance, a decentralized finance platform focused on tokenized securities, operates two Treasury-linked products on Solana: USDY, a note backed by short-term U.S. Treasuries and U.S. bank deposits, and OUSG, a token giving holders exposure to short-term U.S. government bonds while being significantly supported by BlackRock’s BUIDL.

Mini dictionary: Tokenized Treasury products are digital representations of government-issued fixed income securities created and managed on public blockchains, allowing onchain investors to access traditional financial assets with features such as instant settlement and round-the-clock trading.

VanEck launched its short-term U.S. Treasury product, VBILL, on Solana in May 2025 via Securitize. Franklin Templeton’s BENJI token, tied to the Franklin OnChain U.S. Government Money Fund (FOBXX), marked a milestone as the first U.S.-registered mutual fund to use a public blockchain as its official record-keeping system, launching on Solana in February 2025.