- Solana surpassed Ethereum in wallets holding tokenized RWAs with over 154,000 users.
- Ethereum still dominates the sector with $15.5 billion in tokenized assets under management.
- Retail trading is driving Solana growth, while institutions continue to favor Ethereum infrastructure.
Retail traders rushing into tokenized tech stocks have quietly pushed Solana into a new milestone. For the first time, the blockchain has slightly overtaken Ethereum in the total number of wallets holding tokenized real-world assets, or RWAs. Data from Rwa.xyz shows Solana now has about 154,942 wallets interacting with tokenized assets, just barely ahead of Ethereum’s 153,592. It’s not a massive gap by any means, but the shift does signal something interesting happening on the retail side of crypto markets.
This surge in user participation didn’t appear out of nowhere. It followed the mid-2025 launch of tokenized xStock equities on Solana, which opened the door for everyday traders to access fractional shares of major tech companies. Suddenly, buying pieces of stocks like Tesla or Nvidia on-chain became simple, fast, and most importantly, cheap. And traders noticed.
Retail Traders Drive Solana’s Growth
Solana’s appeal here is pretty straightforward — transaction fees are extremely low compared with many other networks. For retail investors making smaller trades, that difference matters a lot. Paying a few cents instead of several dollars per transaction can completely change the economics of trading fractional assets.
Back in January, Solana already had around 126,000 wallets holding tokenized assets. From there, the number climbed steadily, eventually reaching the current record above 154,000 holders. The growth reflects how quickly retail demand can move once a product catches attention, especially when the barriers to entry are minimal.
Still, wallet counts alone don’t tell the full story. Not even close.
Ethereum Still Dominates Institutional Capital
When the conversation shifts from user numbers to actual money moving through the ecosystem, Ethereum remains far ahead. According to the same Rwa.xyz dataset, Ethereum currently hosts roughly $15.5 billion worth of tokenized real-world assets. Solana, by comparison, holds about $1.8 billion — a significant amount, yes, but still nearly nine times smaller.
The difference becomes even clearer when looking at project activity. Ethereum supports around 663 tokenization initiatives across various sectors, while Solana currently hosts about 345. That gap reflects how deeply Ethereum has embedded itself in institutional finance over the past few years.
And institutions, as usual, move very large amounts of capital.
Wall Street Still Prefers Ethereum Infrastructure
Much of Ethereum’s RWA dominance comes from traditional finance players building directly on the network. Major firms such as BlackRock and Fidelity have launched tokenized financial instruments on Ethereum, including Treasury products and money market funds. These are not small experiments either — they represent serious capital deployment.
Solana has made some progress on the institutional side too, recently attracting attention from large asset managers including BlackRock. But for now, the scale of activity remains quite different between the two ecosystems.
So the market is starting to look somewhat split. Solana is becoming the go-to network for retail traders experimenting with fractional tokenized stocks, while Ethereum continues acting as the primary settlement layer for large institutional RWA markets. Two very different roles, both growing… just in their own way.
