Tokenized real-world assets (RWA) on Solana just reached a new high. Their value rose to $4.6 billion on September 23, according to data from RWA.xyz. At the same time, the number of wallets holding these assets has almost doubled in a month.
In brief
- RWA on Solana reached $4.6 billion, an increase of 11.47% in thirty days.
- 685,850 wallets now hold at least one tokenized asset on the network.
- SOL rose 16.3% over seven days to $116.79 on September 24.
A record to qualify
The figure of $4.6 billion, however, requires some clarification. RWA.xyz distinguishes 4.49 billion dollars in assets actually distributed on-chain and a total of 4.6 billion when “represented” securities are added. This second category corresponds to assets whose value is declared by their issuer, but which do not necessarily circulate on the blockchain.
This distinction does not call into question Solana’s progress. Over thirty days, the total value of RWA increased by 11.47%. Above all, the number of affected wallets now reaches 685,850, almost twice as many as a month earlier, as reports U.Today from data in RWA.xyz.
Tremplin.io had already been tracking Solana’s RWA streams earlier this month as the network gained traction in new shows.
Stablecoins remain at the heart of the ecosystem
Behind these billions, we do not only find bonds or tokenized funds. The main players present on Solana are mainly infrastructures linked to stablecoins.
According to RWA.xyz, Circle comes out on top with $7.5 billion reported, ahead of Tether at $3.8 billion and BitGo at $1.6 billion. However, these amounts do not directly correspond to the 4.6 billion RWA, because they cover a broader scope including stablecoins.
A check carried out on September 24 on DefiLlama also shows the importance of the digital dollar on Solana. Nearly $16 billion in stablecoins circulate on the network, compared to around $543 million for RWA protocols listed outside of stablecoins, including OnRe, Huma and Ondo.
SOL is progressing, but the link with RWA remains to be demonstrated
SOL has also seen a strong rally in recent days. The token was trading at $116.79 on September 24, up 16.3% over seven days, after falling below $99 on September 17.
However, it would be premature to directly attribute this rebound to the new RWA record.
The regulatory context is nevertheless evolving. The US SEC opened a five-year experimental framework for tokenized US stocks in September. For its part, the ECB entered the tokenized bond market on September 22.
Solana is therefore making progress in the field of tokenization, but Ethereum remains ahead in terms of value of tokenized assets. The next step will be to see if the current growth really comes from new financial products or if stablecoins continue to represent the bulk of it.
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