- Solana RWA market grew over 218% in 2025, narrowing the gap with Ethereum’s dominant position.
- Yield-bearing assets, led by Ondo Finance, are driving this shift.
Solana is making big moves in the tokenized real-world asset (RWA) market this year. According to data from RWAxyz, Solana’s total RWA value has grown by more than 218% in 2025, rising from $173.8 million in January to $553.8 million today.
This growth outpaces Ethereum’s 81% increase, where RWA value rose from $4.3 billion to $7.7 billion over the same period. Although Ethereum still dominates the overall market with the largest share of public RWA value, Solana is quickly catching up.
Ondo Finance Leads Solana RWA Growth
A key driver of Solana’s surge is Ondo Finance, whose tokenized treasury products are gaining popularity. According to Messari, the most significant and fastest-growing part of Solana’s RWA space is yield-bearing RWAs.
Ondo’s offerings, OUSG and USDY, are backed by BlackRock’s BUIDL, a tokenized U.S. Treasury fund with a market cap of $2.8 billion. Combined, OUSG and USDY make up $248 million in value, or nearly 60% of Solana’s RWA market when excluding ONyc — a reinsurance pool included only by RWAxyz.
Messari’s data shows Solana’s RWA market at $418.1 million, a 140.6% increase this year. The discrepancy with RWAxyz figures stems from different asset tracking methods.
Stablecoins Still Dominate Both Chains
While treasury tokens are rising fast, stablecoins still represent over 90% of all RWA value across both Ethereum and Solana. However, Solana’s growth in more complex yield-bearing assets shows increased maturity and investor interest in its ecosystem.
Solana’s low fees and fast transactions are attracting more DeFi developers and institutions, signaling a long-term shift in the RWA landscape.
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