The quickest rising area of interest in DeFi is taking on each Ethereum and Solana.
Tokenized real-world asset (RWA) development on Solana is outpacing development on Ethereum this 12 months, with the Solana RWA worth rising by greater than 200% year-to-date, per RWAxyz information.
RWAs are one in every of this market cycle’s breakout sectors, with the entire worth of on-chain RWAs surging by 196% since January 2024, from $8.6 billion to $25.5 billion immediately.
When it comes to distribution by community, Ethereum instructions 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 worth of Solana RWAs is way smaller than whole RWA worth on Ethereum, however the hole is closing — Solana RWA worth has elevated 218% thus far this 12 months and 22% up to now month, up from $173.8 million in January.
In the meantime, Ethereum’s RWA worth is up 81% YTD to $7.7 billion from $4.3 billion firstly of the 12 months.
Messari’s State of Solana
Crypto analysis agency Messari printed a report this week with comparable findings, citing a 140.6% improve in 2025 to a $418.1 million in RWA worth on Solana.
The distinction in information reporting from RWAxyz and Messari doubtless stems from RWAxyz’s inclusion of ONyc, a reinsurance underwriting pool backed by Ethena’s sUSDe, which is accountable for the roughly $100 million distinction in reported RWA worth.
Messari’s report states that “Yield-bearing RWAs are essentially the most important and fastest-growing section in Solana’s RWA panorama,” led by tokenized treasuries resembling OUSG and USDY from Ondo Finance.
Ondo’s twin token system leverages Blackrock’s BUIDL, a tokenized Treasury cash market fund, because the spine for OUSG, and USDY is the ecosystem’s Treasury-backed, yield-bearing stablecoin. The 2 belongings boast an aggregated valuation of $248 million, making up about 60% of the entire Solana RWA market when excluding ONyc.
BUIDL’s tokenized U.S. Treasuries fund is the biggest tokenized RWA general, with a market capitalization of $2.8 billion, most of which is on Ethereum. Nonetheless, many of the RWA worth on each Ethereum and Solana — over 90% — come from stablecoins, per RWAxyz information.
