Solana's tokenised real-world assets grow sixfold in a year, closing gap on Ethereum

Tokenised real-world assets on Solana rose from roughly $700 million to $4.3 billion over the past year, according to a report from Castle Labs, a growth rate that dwarfs the pace recorded on Ethereum over the same period.

Ethereum's tokenised RWA capitalisation moved from $15.5 billion to $16.6 billion across the same twelve months, an increase of about 7%. Solana's total multiplied by six. In absolute terms, Solana added $3.6 billion in tokenised assets while Ethereum added $1.1 billion. The gap between the two networks narrowed from $14.8 billion to $12.3 billion. Solana's share of RWA value relative to Ethereum rose from 4.5% to 26%.

The shift has been driven in part by large asset managers bringing regulated products to Solana. BlackRock brought its money market fund BUIDL to the network via Securitize. Franklin Templeton runs its BENJI fund there, and Apollo has listed its credit fund ACRED on Solana. Ondo Finance distributes its USDY and OUSG tokens on the chain as well.

Tokenised equities have also found a foothold on Solana. Backed Finance's xStocks range started with roughly 60 tokenised US stocks and exchange-traded funds, distributed initially through Kraken and Bybit before appearing on the order books of decentralised exchanges Jupiter and Raydium.

Infrastructure and institutional links

Part of the appeal cited in the report rests on Solana's transaction economics. Fees on the network remain below one cent, with blocks produced roughly every 400 milliseconds. Ethereum, by contrast, can see transaction costs climb to several dollars when the network is saturated.

Institutional infrastructure has followed. R3 announced last year that it was integrating its Corda platform with Solana, a partnership the report says now underpins more than $10 billion in regulated assets across roughly a hundred financial institutions.

Castle Labs also pointed to activity beyond tokenisation. Over a 30-day period, applications built on Solana generated $193.1 million in revenue, ahead of Hyperliquid's $86.5 million and Ethereum's $53.8 million.

The growth in tokenised assets comes as US spot SOL exchange-traded funds launched at the end of October 2025, giving institutional investors a regulated route into the asset alongside the network's expanding RWA infrastructure.