This year, tokenized real-world asset (RWA) growth on Solana is outpacing that on Ethereum, with the Solana RWA value increasing by more than 200% year-to-date, according to RWAxyz data.
RWAs are considered one of this market cycle’s breakout sectors. The total value of on-chain RWAs has surged by 196% since January 2024, rising from $8.6 billion to $25.5 billion today.
Ethereum commands a lion’s share of the market in terms of network distribution, with over $7.7 billion of the $13.5 billion in tokenized RWAs that exist on public networks.
While the value of Solana RWAs, at $553.8 million, is much smaller than the total RWA value on Ethereum, the gap is closing. Solana RWA value has increased 218% so far this year and 22% in the past month, rising from $173.8 million in January.
Meanwhile, Ethereum’s RWA value is up 81% year-to-date, rising to $7.7 billion from $4.3 billion at the start of the year.
Messari Report: The State of Solana
This week, crypto research firm Messari published a report with similar findings, citing a 140.6% increase in Solana’s RWA value to $418.1 million in 2025.
The difference in data reporting from RWAxyz and Messari likely stems from RWAxyz’s inclusion of ONyc, a reinsurance underwriting pool backed by Ethena’s sUSDe, which is responsible for the approximately $100 million difference in reported RWA value.
“Yield-bearing RWAs are the most significant and fastest-growing segment in Solana’s RWA landscape,” states Messari’s report, with tokenized treasuries like OUSG and USDY from Ondo Finance leading the way.
Ondo’s dual token system leverages Blackrock’s BUIDL, a tokenized Treasury money market fund, as the backbone for OUSG. Additionally, USDY serves as the ecosystem’s Treasury-backed, yield-bearing stablecoin. These two assets boast an aggregated valuation of $248 million, comprising about 60% of the total Solana RWA market if you exclude ONyc.
BUIDL’s tokenized U.S. Treasuries fund holds the position as the largest tokenized RWA overall, with a market capitalization of $2.8 billion; Ethereum holds most of this. However, over 90% of the RWA value on both Ethereum and Solana originates from stablecoins, according to RWAxyz data.
