Solana Reaches a Record $4.6 Billion in Tokenized Assets

Real world assets tokenized (RWA) on Solana have just reached a new high. Their value rose to 4.6 billion dollars on September 23, according to RWA.xyz data. At the same time, the number of wallets holding these assets nearly doubled in one month.

In Brief

• RWAs on Solana reach 4.6 billion dollars, an increase of 11.47% in thirty days.
• 685,850 wallets now hold at least one tokenized asset on the network.
• SOL rose 16.3% over seven days, to 116.79 dollars on September 24.

A record to be nuanced

The figure of 4.6 billion dollars deserves some clarification. RWA.xyz distinguishes 4.49 billion dollars of assets actually distributed on-chain and a total of 4.6 billion when “represented” securities are added. This second category corresponds to assets whose value is declared by their issuer, but which do not necessarily circulate on the blockchain.

This distinction does not cast doubt on Solana’s progress. Over thirty days, the total value of RWAs increased by 11.47%. More importantly, the number of wallets involved now reaches 685,850, almost twice as many as a month ago, as reported by U.Today based on RWA.xyz data.

Cointribune had already tracked Solana’s RWA flows at the start of the month, as the network was gaining ground in new issuances.

Stablecoins remain at the heart of the ecosystem

Behind these billions, we do not find only bonds or tokenized funds. The main players present on Solana are especially infrastructures related to stablecoins.

According to RWA.xyz, Circle leads with 7.5 billion dollars declared, ahead of Tether at 3.8 billion and BitGo at 1.6 billion. These amounts do not directly correspond to the 4.6 billion of RWAs, as they cover a broader scope including stablecoins.

A check performed on September 24 on DefiLlama also shows the importance of the digital dollar on Solana. Nearly 16 billion dollars of stablecoins circulate on the network, compared to about 543 million dollars for RWA protocols identified outside stablecoins, notably OnRe, Huma, and Ondo.

SOL advances, but the link with RWAs remains to be demonstrated

SOL also experienced a strong rebound in recent days. The token traded at 116.79 dollars on September 24, up 16.3% over seven days, after falling below 99 dollars on September 17.

However, it would be premature to directly attribute this rebound to the new RWA record.

The regulatory context is evolving nevertheless. The US SEC opened in September a five-year experimental framework for tokenized US stocks. For its part, the ECB entered the tokenized bonds market on September 22.

Solana is therefore progressing on the tokenization field, but Ethereum remains ahead in tokenized asset value. The next step will be to see if the current growth really comes from new financial products or if stablecoins continue to represent the majority.