Tokenized real-world assets (RWAs) are emerging as a breakout sector in the current market cycle, with their total on-chain value surging by 196% since January 2024, from $8.6 billion to $25.5 billion today. While Ethereum still holds the largest share of the RWA market on public networks, with over $7.7 billion, Solana is showing remarkable growth, outpacing Ethereum in RWA expansion this year.
Solana’s RWA value has soared by more than 200% year-to-date, reaching $553.8 million, according to RWAxyz data. This significant increase, up from $173.8 million in January, demonstrates a 218% rise this year and a 22% jump in just the past month. In contrast, Ethereum’s RWA value has grown by 81% year-to-date, reaching $7.7 billion from $4.3 billion at the beginning of the year. Although Solana’s total RWA value remains smaller than Ethereum’s, the gap is steadily closing.
Insights from Messari’s State of Solana Report
Crypto research firm Messari’s recent “State of Solana” report corroborates this trend, citing a 140.6% increase in 2025, bringing Solana’s RWA value to $418.1 million. The difference in data between RWAxyz and Messari is likely due to RWAxyz’s inclusion of ONyc, a reinsurance underwriting pool backed by Ethena’s sUSDe, which accounts for approximately $100 million in reported RWA value.
Messari’s report highlights that “Yield-bearing RWAs are the most significant and fastest-growing segment in Solana’s RWA landscape.” This growth is primarily driven by tokenized treasuries like OUSG and USDY from Ondo Finance. Ondo’s innovative dual-token system utilizes Blackrock’s BUIDL, a tokenized Treasury money market fund, as the foundation for OUSG. USDY, on the other hand, is a Treasury-backed, yield-bearing stablecoin within the Ondo ecosystem. Together, OUSG and USDY boast an aggregated valuation of $248 million, representing about 60% of the total Solana RWA market when excluding ONyc.
Overall, BUIDL’s tokenized U.S. Treasuries fund is the largest tokenized RWA, with a market capitalization of $2.8 billion, predominantly on Ethereum. However, RWAxyz data indicates that over 90% of the RWA value on both Ethereum and Solana is comprised of stablecoins.
July 2025, Cryptoniteuae
