Crypto: Solana takes the lead in RWA flows, but Ethereum maintains its lead

Over the past thirty days, Solana has captured $348 million in net flows into tokenized real-world assets. Blockchain is therefore ahead of other networks over this period, according to data provided by RWA Foundation. This dynamic raises the value of RWA distributed on Solana to $4.23 billion. However, it is not enough to dethrone Ethereum on the entire market.

Solana accelerates on all RWA-related indicators

The $348 million reported is equivalent to capital inflows over one month. This sum represents neither the trading volume nor the total value of assets tokenized on Solana. It measures the difference between capital entering and leaving this ecosystem during the observed period.

There RWA Foundation said:

Solana leads the race. The network leads in net RWA flows over the last thirty days, with $348 million directed to the blockchain.

Numerous indicators make it possible to measure the extent of this development:

• $348 million in net flows were recorded in thirty days;
• The distributed value of RWA reaches $4.23 billion, up 11.79%;
• The number of holding portfolios amounts to 398,644, an increase of 17.63%;
• Thirty-day transfer volume reached $3.72 billion, up 8.38%.

The statistics, updated on September 5, reveal that growth is not based exclusively on the revaluation of assets. Indeed, transactions and the number of wallets are also evolving, which signals widespread use of the products available on the blockchain.

However, a portfolio does not necessarily equate to a separate investor. The same individual or institution can control various addresses. This indicator therefore makes it possible to measure the on-chain diffusion of tokens, without making it possible to precisely calculate the number of real users.

Treasuries and tokenized stocks support growth

RWAs constitute financial or physical assets represented in the form of tokens on a blockchain. On Solana, this category mainly includes US Treasuries, money market funds, private credit and tokenized stocks.

U.S. government securities constituted nearly $1.2 billion on the blockchain as of August 23, according to Solana Compass. Thus, their value had changed by 16.1% in one month. Products such as Ondo’s USDY or BlackRock’s BUIDL fund are also participating in this expansion.

Tokenized stocks represent the other important driver. Therefore, xStocks products enable trading of digital representations of US stocks and ETFs on Solana. They can also be traded on Raydium, Jupiter and Kamino Finance.

Solana’s decentralized exchange platforms had processed $5.8 billion in tokenized shares in the second quarter of 2026. The blockchain would then have concentrated 95 to 97% of the global volume achieved in this segment through decentralized exchanges.

This evolution is also visible over a longer period. The value of RWA available on Solana was close to $1.4 billion in January. With 4.23 billion at the start of September, it has practically tripled in eight months.

Solana dominates recent flows, but not yet the total market

The $348 million constitutes almost 8% of the current value of RWA distributed on Solana. Such a proportion attests to the importance of recent inflows, even if valuation fluctuations and new issues can also increase the total.

Solana is not, however, the first network in the sector. Ethereum retained nearly $17.2 billion in RWA at the end of August, more than four times the amount on Solana. The announced advance concerns exclusively flows over the last thirty days.

This distinction remains essential. A blockchain can temporarily capture more capital without holding the highest stock of assets. The continuation of the trend will now depend on maintaining flows, expanding the number of holders and the effective use of assets in transactions, credit or payments.

Ultimately, the next phase will therefore be to check whether Solana maintains this first place over several months. A simultaneous evolution of outstanding amounts and transfer volumes would further consolidate the scenario of sustainable adoption.