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SOL The value of Solana's real-world assets exceeded US$4 billion, setting a record high.
The total value of real world assets (RWAs) on the Solana chain has exceeded US$4 billion, setting a record high for the blockchain network. This milestone has been accompanied by a significant increase in the total supply of tokenized shares on the Solana platform.
Rapid expansion of RWA on Solana
Solana's RWA market was relatively small at the beginning of 2024, but has now rapidly expanded into a multi-billion dollar ecosystem. The network currently covers tokenized U.S. Treasury bonds, public stocks, private credit, reinsurance, sovereign debt, commodities, liquidity funds and stablecoin settlement solutions.
Tokenized stocks are the fastest-growing sector in Solana RWA. As of late July 2026, 97% of the spot trading volume of tokenized stocks on the chain occurred on Solana. This shift highlights Solana's growing status as the main platform for tokenized stock issuance and secondary trading.
The surge in the value of RWA has almost doubled Solana's total non-stablecoin RWA, from US$2.01 billion in the first quarter of 2026 to US$4 billion. This nearly 100% increase fully demonstrates Solana's continued drive to integrate real-world assets into its blockchain infrastructure.
Major RWA products and ecosystem participants
According to rwa.xyz, Solana currently has 347,944 RWA holders. The network has become the main platform for tokenized treasury bond products and has established cooperative relationships with many of the world's leading financial institutions.
Global financial technology company Circle launched USYC tokenized money market funds on Solana in October 2025. Since then, USYC has become one of the world's largest tokenized treasury bonds products.
Leading asset manager BlackRock expanded its U.S. Dollar Institutional Digital Liquidity Fund (BUIDL) to Solana through digital asset issuance platform Securitize in March 2025.
Ondo Finance, a decentralized financial platform focusing on tokenized securities, has launched two Treasury-related products on Solana: USDY (a digital note backed by short-term U.S. Treasury bonds and U.S. bank deposits) and OUSG (a token that gives holders exposure to short-term U.S. government bonds and is significantly backed by BlackRock BUIDL).
Dictionary: Tokenized treasury bonds products refer to digital representations of government-issued fixed-income securities created and managed on the public blockchain, allowing investors on the chain to acquire traditional financial assets with features such as instant settlement and round-the-clock trading.
VanEck launched its short-term U.S. Treasury bond product VBILL on Solana in May 2025 through Securitize. Franklin Templeton's BENJI token, associated with the Franklin Chain's U.S. Government Monetary Fund (FOBXX), marks the first U.S. registered mutual fund to use a public blockchain as an official recording system, was launched on Solana in February 2025.
The following is a brief description of the main products and their issuers, launch dates and underlying assets:
USYC: Issued by Circle in October 2025, the underlying assets are money market funds.
BUIDL: Issued by BlackRock in March 2025, the underlying assets are US dollar liquidity funds.
USDY: Issued by Ondo Finance in 2025, the underlying assets are short-term U.S. Treasury bonds and bank deposits.
OUSG: Issued by Ondo Finance in 2025, the underlying assets are short-term U.S. government bonds.
VBILL: Issued by VanEck in May 2025, the underlying assets are short-term U.S. Treasury bonds.
BENJI: Issued by Franklin Templeton in February 2025, the underlying assets are U.S. government money market funds.
