Solana RWA TVL Reaches $1.7B, Driven by Treasuries
The Total Value Locked (TVL) of Real-World Assets (RWAs) on Solana has reportedly reached $1.7 billion. The growth is primarily attributed to the issuance of tokenized treasuries and institutional yield products. Projects from Franklin Templeton and Ondo, which are launching 24/7 tokenized stocks and ETFs, are cited as major contributors to this trend.
- Tokenized U.S. Treasuries account for approximately 49% of Solana's RWA value, representing around $833 million. Key contributors to this are BlackRock's BUIDL fund with a $552.6 million allocation and Ondo Finance's USDY with $179.4 million on the network. - Franklin Templeton, a trillion-dollar asset manager, launched its OnChain U.S. Government Money Fund (FOBXX) on Solana in February 2025, allowing one share of the fund to be represented by one BENJI token. - Ondo Finance is set to launch over 200 tokenized U.S. stocks and ETFs on Solana in early 2026. These tokens will be backed 1:1 by real-world securities held with U.S.-registered broker-dealers, offering economic exposure, including dividends. - While Ethereum remains the dominant blockchain for RWAs with over 50% market share, Solana has captured about 4.57% of the global tokenized RWA market and is ranked third by value. - The number of RWA holders on Solana has been growing at a rate of 18.4% monthly, reaching over 126,000 as of early January 2026, signaling accelerating institutional and individual adoption. - Beyond treasuries, Solana's RWA ecosystem includes private credit, real estate, and collectibles. Projects like Homebase are tokenizing residential real estate, while Baxus is tokenizing rare wines and spirits. - Developer infrastructure for RWAs is maturing with the growth of oracle services like Pyth Network for real-time price feeds and the adoption of the Token-2022 standard, which adds features like confidential transfers and transfer hooks for compliance. - The recent growth has been fueled by a 46% monthly surge in February 2026, a pace that significantly outstripped the broader RWA sector's 7% growth, indicating a capture of market share from other networks.
