- Solana’s tokenized asset market grew 140.6% in 2025, hitting $418 million and closing in on Aptos, ZKSync, and Ethereum.
- Major protocols Ondo and ONe drive over $277 million in Solana’s RWA value, boosting revenue and cross-chain activity.
- While Ethereum still leads in market share, Solana’s faster growth signals rising institutional interest and long-term potential.
Solana’s been on a bit of a heater lately. Tokenized assets on the network surged past $418 million this year, marking a massive 140.6% year-to-date spike. That kind of leap has helped Solana close the gap on other heavy hitters in the real-world asset (RWA) tokenization game—though it still trails Ethereum, ZKSync Era, and just barely lags Aptos. But still, that climb is nothin’ to ignore.
What’s really wild is how Solana’s growth rate more than doubled the overall RWA market’s expansion in 2025, which was already decent at 62.4%. From tokenized stocks to U.S. Treasuries and big ol’ institutional funds—all that’s now living onchain thanks to Solana’s infrastructure. It’s fast, cheap, and devs love it. “High throughput and basically-zero fees,” Messari’s Matthew Nay said, pointing to the stuff that’s making builders stick around.
At this point, Solana controls about 3.9% of the entire RWA tokenization market, according to RWA.xyz. That lands it in fourth place, behind Ethereum’s monster 58.4%, ZKsync’s 17.2%, and Aptos with 4%. Not too shabby for a network that’s often played catch-up in institutional circles.
Big Players and Big Numbers
The main drivers behind Solana’s tokenized surge? Ondo and ONe. These two protocols bring in serious money through their U.S. Dollar Yield Fund and institutional assets. Combined, they account for $277 million of RWAs on Solana. That’s a huge chunk—like, over half of Solana’s total tokenized asset value.
Just yesterday, Ondo logged about $2.7 million in cross-chain volume, per CoinGecko. And some of those trading fees actually get sent back to Solana itself. Token Terminal shows Solana raked in $3.9 million in revenue just in the past 30 days. Not bad, although Ethereum’s still pulling in $15.9 million during the same timeframe. That’s… well, that’s Ethereum.
The Bigger Picture: RWA Market Passes $25B
Tokenized real-world assets are having a serious moment. As of Wednesday, the entire sector’s market cap pushed past $25 billion. It’s up 6.3% in the past 30 days alone and up 62.4% in six months. That’s not just hype—those are some very real numbers behind what used to be a mostly theoretical crypto narrative.
Institutions are starting to bite. Why? Tokenization speeds things up, makes settlement cleaner, and opens up access to global markets. The tech’s finally catching up with the ambition. And it’s not just Solana feeling the lift. Aptos, built by some ex-Meta engineers, has seen its RWA value rise 52.7% in just 30 days. Solana gained 14.6% in that window. Ethereum? Only 3.6%—so yeah, it’s still dominant, but not growing nearly as fast.
Solana’s Climb Isn’t Just Hype
This isn’t just another SOL pump based on vibes—there’s actual infrastructure and adoption moving underneath. With Ondo and ONe feeding serious liquidity into the system, and more institutional tools getting built every month, Solana’s not just playing in the RWA space—it’s pushing forward. While Ethereum keeps its lead, and ZKsync gains traction with its scaling tech, Solana’s simplicity and speed are clearly making an impression.
The question now is whether it can maintain this momentum. That’ll depend on whether new projects stick, fees stay low, and if institutions keep experimenting with onchain strategies. If they do? Solana could climb even higher up the leaderboard before year’s end.
