Solana’s RWA Growth Surges Past Ethereum: A 2025 Game Changer
Tokenized Real-World Assets Surge in DeFi, Dominating Ethereum and Solana
Rapid Growth of Tokenized Real-World Assets
The sector of tokenized real-world assets (RWAs) is experiencing unprecedented growth, particularly on the Solana blockchain, which has seen its RWA value soar by over 200% this year, according to data from RWAxyz. The overall market for on-chain RWAs has also witnessed a remarkable increase of 196% since January 2024, escalating from $8.6 billion to a staggering $25.5 billion.
Market Distribution and Performance
Ethereum continues to hold a significant portion of the RWA market, with more than $7.7 billion of the total $13.5 billion in tokenized RWAs across public networks. In contrast, Solana’s RWA value, currently at $553.8 million, is considerably smaller but rapidly closing the gap. Solana’s RWA value has surged by 218% this year and 22% in just the past month, rising from $173.8 million at the beginning of the year. Meanwhile, Ethereum’s RWA value has increased by 81% year-to-date, climbing from $4.3 billion to $7.7 billion.
Insights from Messari’s Report
A recent report from crypto research firm Messari corroborates these findings, projecting a 140.6% increase in Solana’s RWA value, reaching $418.1 million by 2025. The discrepancy in reported values between RWAxyz and Messari may be attributed to RWAxyz’s inclusion of ONyc, a reinsurance underwriting pool associated with Ethena’s sUSDe, which accounts for an approximate $100 million difference.
Key Segments Driving Growth
Messari highlights that yield-bearing RWAs represent the most significant and rapidly expanding segment within Solana’s RWA ecosystem. This growth is primarily driven by tokenized treasury products like OUSG and USDY from Ondo Finance. Ondo’s dual-token model utilizes Blackrock’s BUIDL, a tokenized Treasury money market fund, as the foundation for OUSG, while USDY serves as a Treasury-backed, yield-generating stablecoin. Together, these assets have a combined valuation of $248 million, constituting around 60% of Solana’s RWA market when excluding ONyc.
The Dominance of Tokenized U.S. Treasuries
BUIDL’s tokenized U.S. Treasuries fund stands out as the largest tokenized RWA, boasting a market cap of $2.8 billion, predominantly on Ethereum. Notably, over 90% of the RWA value on both Ethereum and Solana is derived from stablecoins, as indicated by RWAxyz data.
In summary, the tokenized RWA sector is rapidly evolving, with Solana making significant strides to challenge Ethereum’s dominance, marking a transformative phase in the decentralized finance landscape.
