The fastest growing niche in DeFi is taking over both Ethereum and Solana.
Tokenized real-world asset (RWA) growth on Solana is outpacing growth on Ethereum this year, with the Solana RWA value increasing by more than 200% year-to-date, per RWAxyz data.
RWAs are one of this market cycle’s breakout sectors, with the total value of on-chain RWAs surging by 196% since January 2024, from $8.6 billion to $25.5 billion today.
In terms of distribution by network, Ethereum commands a lion’s share of the market, with over $7.7 billion of the $13.5 billion in tokenized RWAs that exist on public networks.
At $553.8 million, the value of Solana RWAs is much smaller than total RWA value on Ethereum, but the gap is closing — Solana RWA value has increased 218% so far this year and 22% in the past month, up from $173.8 million in January.
Meanwhile, Ethereum’s RWA value is up 81% YTD to $7.7 billion from $4.3 billion at the start of the year.
Messari’s State of Solana
Crypto research firm Messari published a report this week with similar findings, citing a 140.6% increase in 2025 to a $418.1 million in RWA value on Solana.
The difference in data reporting from RWAxyz and Messari likely stems from RWAxyz’s inclusion of ONyc, a reinsurance underwriting pool backed by Ethena’s sUSDe, which is responsible for the approximately $100 million difference in reported RWA value.
Messari’s report states that “Yield-bearing RWAs are the most significant and fastest-growing segment in Solana’s RWA landscape,” led by tokenized treasuries such as OUSG and USDY from Ondo Finance.
Ondo’s dual token system leverages Blackrock’s BUIDL, a tokenized Treasury money market fund, as the backbone for OUSG, and USDY is the ecosystem’s Treasury-backed, yield-bearing stablecoin. The two assets boast an aggregated valuation of $248 million, making up about 60% of the total Solana RWA market when excluding ONyc.
BUIDL’s tokenized U.S. Treasuries fund is the largest tokenized RWA overall, with a market capitalization of $2.8 billion, most of which is on Ethereum. However, most of the RWA value on both Ethereum and Solana — over 90% — come from stablecoins, per RWAxyz data.
