Solana overtakes Ethereum for top spot in tokenized stocks market capitalization

The Solana network’s volume of tokenized equity products has reached $874.19 million, making it the largest network ahead of Ethereum and BNB Chain by market capitalization. 

The tokenized equity products market has now grown to a combined market capitalization of $1.2 billion, as reported by CoinMarketCap, across all blockchains. The expansion was particularly strong between September and December last year, pushing the sector to its current record size.

The acceleration was boosted by Backed Finance, which deployed its xStocks suite and launched over 60 tokenized equities via Kraken and Bybit. 

Solana expands its participation base to 126,274 RWA holders 

The growth of tokenized stocks outpaced that of the wider tokenized real-world asset (RWA) market, which grew by 68.4% in 2025. The current total distributed value of tokenized RWAs stands at $19.59 billion, with a represented asset value of $401.76 billion, according to RWA.xyz data.

Ethereum leads the market with a market share of $12.9 billion, followed closely by BNB chain with $2.0 billion. Solana’s total tokenized RWA excluding stablecoins stands at $874.2 million. 

At the same time, tokenized public stocks are the second-largest by asset value, at $196.3 million, second only to Ethereum’s $362.5 million, based on RWA.xyz data.  Solana now hosts a diverse range of RWA tokenized assets, including stocks, U.S. Treasuries, and institutional funds.

The network has also expanded its participation base, now having 126,274 holder addresses, showcasing a push towards an on-chain ground for institutional players. 

Tesla xStock is the largest tokenized public stock asset on the network, with an asset value of $46.8 million, followed by CRCLx xStock, with a value of $23.4 million. NVIDIA, xStock, and Forward industries trail 3rd and 4th with approximately $17.4 million and $16.2 million, respectively, across the Solana blockchain. 

BlackRock Institutional Digital Liquidity fund marked the largest non-stablecoin RWA protocol on the Solana network, with approximately $255 million in asset value.

Ondo, with its U.S. Dollar Yield Fund, is the second-largest non-stablecoin RWA protocol in the Solana ecosystem, alongside ONe through its institutional fund. Together, Ondo and ONe account for $246 million in tokenized RWAs on the Solana blockchain.

Solana’s stablecoin market cap stands at $14.77 billion, with roughly 12 million stablecoin holders so far. The network stablecoin transfer volume stood at $259.5 billion at the time of publication. 

SOL ETFs attract $801 million amid RWA tokenization boom

Approval of six Solana ETFs by the SEC in October last year proved to be a pivotal role in accelerating Solana’s growth as a platform for institutional finance. The approval directed approximately $765 million into the asset based on on-chain data.

So far, SOL ETFs have attracted a cumulative total of $801.3 million, according to data delivered by SoSoValue. SOL ETFs also account for roughly 1.4% of Solana’s ecosystem token supply. 

The RWA tokenized market has recently gained ecosystem participation due to its fast network speeds, quick settlements, and 24/7 global accessibility. The RWA market size has increased by approximately 68% since the start of 2024, demonstrating rapid growth supported by institutional interest and traditional entities. 

So far, stablecoins, tokenized private credit, and tokenized U.S. Treasuries are the largest sectors across the RWA tokenized market, with roughly $299.15 billion, a total loan value of $ 36.21 billion, and a total value of $9.5 billion, respectively, commanding around 89% of the total on-chain space for tokenized products. 

SOL was down 4% at the time of publication, trading at $137. 24. The token commands a market cap of $77.4 billion with a 35% drop over the past year.

The smartest crypto minds already read our newsletter. Want in? Join them.