TL;DR
- Solana’s tokenized real-world assets (RWAs) have jumped 218% so far in 2025, more than doubling Ethereum’s growth rate in the same period.
- Total on-chain RWA value across all networks climbed from $8.6 billion in January to $25.5 billion today.
- Ethereum still holds the largest share, but Solana’s surge shows how fast-moving DeFi ecosystems are integrating traditional assets with lower fees and faster transactions.
Solana’s rapid climb in the RWA sector is turning heads in both traditional and crypto finance circles. While Ethereum remains the dominant chain with over $7.7 billion in tokenized RWAs, Solana’s growth from $173.8 million to more than $553 million in just over six months underlines how its cost efficiency and transaction speed are attracting new asset classes to the blockchain. Analysts say this momentum could narrow the gap even further as more institutions actively look beyond Ethereum for scalable on-chain infrastructure solutions globally.
Tokenized Treasuries Lead The Charge
Research firm Messari’s recent study supports the surge, noting that yield-focused RWAs are leading Solana’s expansion. Ondo Finance’s tokenized products, OUSG and USDY, are standout examples. Together, these two instruments make up around 60% of Solana’s RWA market when excluding ONyc’s reinsurance pool. The OUSG token taps into BlackRock’s BUIDL, the world’s largest tokenized U.S. Treasuries fund with a $2.8 billion market cap, mostly on Ethereum. This cross-chain overlap highlights how DeFi and legacy finance are converging through tokenized yield products.
For investors, the appeal is clear: reliable returns backed by traditional treasuries while benefiting from faster blockchain rails. Ondo’s dual-token approach combines stablecoin utility with real yield exposure, giving crypto-native traders and institutional players an easy bridge to regulated money market strategies without leaving the evolving DeFi ecosystem.
Stablecoins Still Dominate The Landscape
Despite the momentum in treasuries and other RWAs, stablecoins still account for more than 90% of all RWA value on both chains. This underlines their critical role as the primary source of liquidity and a key foundation for DeFi protocols. However, the strong growth in tokenized bonds, reinsurance pools and yield-bearing assets shows a healthy appetite for diversification.
Industry watchers expect Solana’s push to continue challenging Ethereum’s dominance. As fees stay low and transaction speeds stay consistently high, more real-world assets — from treasury bills to insurance structures — could find a scalable home on Solana. If this trend holds, the next wave of DeFi growth may look much closer to traditional markets than ever before, blending the best of both worlds on-chain.
