BNBGBP
Binance Coin / Pound sterling
cryptoComposite

**Source:** [https://x.com/RWAFoundation\_/status/2112552583399170505](https://x.com/RWAFoundation_/status/2112552583399170505) Solana's RWA market is wide at the base and concentrated at the top. 1.5 million tokenized stock holders, while four products hold 45% of the dollars. Distributed RWAs on the chain stand at $4.37 billion, about four times their level year ago, and Solana added more tokenized credit this year than any other chain, according to Token Terminal. This report covers the chain first, then the builders, each in its own section with its own numbers. A note on holders: throughout this report, holders means wallet addresses, not people. One person can own several wallets, and some data providers count a wallet once for each token it holds, so holder counts are a guide to reach rather than a count of investors. # Solana is one fast public chain [@solana](https://x.com/@solana) is a single smart contract network rather than a network of chains. Blocks arrive every 217 milliseconds and the median fee is $0.00053, according to Token Terminal, across 11.7 billion transactions in 30 days. That design is why traders and payment companies use it. In October, the [@SolanaFndn](https://x.com/@SolanaFndn) released Solana DvP, an open-source program that settles both legs of a trade together or not at all. >Nick Ducoff, GM, Institutional, Solana Foundation“Solana is nearing $4.5 billion in real-world assets (RWA) as the Token Supercycle accelerates. Over the next decade, every financial asset will move onchain: stocks, bonds, funds and cash. That migration is already happening on Solana. Today, seven of the 29 global systemically important banks (G-SIBs) are building on Solana, with more expected by year end. When the world's largest financial institutions are bringing assets onto Solana, it’s no longer an experiment, but an indication of where the market is going long-term.” [Financial institutions are building on Solana](https://preview.redd.it/akqclwxxenwh1.png?width=680&format=png&auto=webp&s=8009e419e33bfe5fa213a90954e99950b7a85e8a) [Over 1 million RWA holders on $4.37 billion in RWAs](https://preview.redd.it/7hgeg500fnwh1.png?width=680&format=png&auto=webp&s=50a59a6f1555118128189d7591e58167452e6d11) # Solana holds $4.37 billion in distributed RWAs and 1.5 million tokenized stock holders Distributed RWAs on Solana stood at $4.37 billion as of October 15, up from $1.08 billion a year earlier, according to [rwa.xyz](https://rwa.xyz/). Token Terminal counts 1.5 million tokenized stock holders on Solana, against 71,700 for tokenized commodities and 56,900 for tokenized funds, so stocks make up about 92% of the three. NVDAx leads stocks with 188,700 holders, followed by SPCX at 105,500 and SPYx at 85,300. GLDx leads commodities at 43,300, and sUSD leads funds at 16,700. Value sits in far fewer wallets. BlackRock's BUIDL at $871.5 million, Huma's PST at $409.8 million and Ctrl Alt's two private equity tokens at $362.4 million and $342.4 million hold $1.99 billion, about 45% of the total, across 3,997 wallets. Retail stock buyers drive the wallet count while institutions drive the dollars. [](https://x.com/RWAFoundation_/article/2112552583399170505/media/2112506031905419264) [RWA value on Solana has grown 4x over a year](https://preview.redd.it/3988byp2fnwh1.png?width=680&format=png&auto=webp&s=194ef3a207069b37dbebb55b330096efcfaaa704) [Equities dominate Solana with 45% of all RWA value living in 4 products](https://preview.redd.it/2h83xp8efnwh1.png?width=680&format=png&auto=webp&s=d06b5b0090933b1ebf99a07b2c020641f7d8961d) # Treasuries lead by value, and Solana leads every chain in credit growth Tokenized Treasuries are the largest RWA class on Solana at $1.52 billion, up 60.1% over 90 days on [rwa.xyz](https://rwa.xyz/). In mid-August, Solana led all chains in T-bill growth, adding $378 million in 30 days. Solana has added $237.1 million in tokenized credit this year, about 41% of the growth across the chains shown, per the RWA Foundation. Token Terminal puts app TVL at $30.8 billion, with RWA issuers at 6.8%. DefiLlama, which leaves most RWA issuers out, counts $5.90 billion. [Tokenized private credit's blockchain of choice is Solana](https://preview.redd.it/9piaj0mgfnwh1.png?width=680&format=png&auto=webp&s=39e5a958feab5b60f5f77785e527a69b00090c69) [Solana boasts over $31 billion TVL](https://preview.redd.it/g6j0g71jfnwh1.png?width=680&format=png&auto=webp&s=44e341e4fc1cabc35cb5def809ad667f65a45129) # Solana has the most stock holders but no longer the most stock volume Solana added 758,900 tokenized stock holders in September, the most of any chain, per the RWA Foundation and Token Terminal. Part of that came from [Pump.fun](https://pump.fun/) fee routing, which pays memecoin fees out in stock tokens. Volume has moved. Over the 90 days to October 4, Solana handled 15.1% of $42.3 billion in tokenized stock DEX volume, behind BNB Chain at 49.6% and Robinhood Chain, launched July 1, at 30.0%, per the RWA Foundation. Solana still hosts 36.3% of tokenized stock DeFi TVL, the most of any chain. Token Terminal counts $713.3 million in tokenized stocks on the chain, against $489.5 million on [rwa.xyz](https://rwa.xyz/). [Solana is winning the most users for tokenized stocks](https://preview.redd.it/8vl0ydblfnwh1.png?width=680&format=png&auto=webp&s=b9c98dc7d344a4e39d588021705f236676735cf9) [Solana RWA users are longer holders than BNB or Robinhood Chain](https://preview.redd.it/78bctiqmfnwh1.png?width=680&format=png&auto=webp&s=dc9e3e2a04925f2657062fda955f881eb0a62749) # Stablecoins are most of Solana's onchain dollars Stablecoins on Solana stand at $15.63 billion on DefiLlama, $14.86 billion on [rwa.xyz](https://rwa.xyz/) and $14.7 billion on Token Terminal. The sources define stablecoins differently, but all three put them at more than three times every other RWA on the chain combined. They moved $449.5 billion in 30 days on [rwa.xyz](https://rwa.xyz/). Liquidity reaches the chain through exchanges including [@binance](https://x.com/@binance), [@Bybit\_Official](https://x.com/@Bybit_Official), [@okx](https://x.com/@okx), [@bitget](https://x.com/@bitget) and [@kucoincom](https://x.com/@kucoincom), with Binance alone holding $7.11 billion in Solana reserves on DefiLlama. [USDC dominates the Solana ecosystem as the stablecoin of choice](https://preview.redd.it/0gnjd7gpfnwh1.png?width=680&format=png&auto=webp&s=492ceb32807d4be3a2cf4a3f9d0e778d5cf780ff) # Governments and regulators use Solana for public money Wyoming's Frontier Stable Token, the first fiat-backed token issued by a U.S. public entity, went on public sale on Solana in January. Bank of North Dakota's Roughrider Coin went live on October 1 for more than 90 banks and credit unions. Kazakhstan's National Bank launched its first tenge stablecoin on Solana in September 2025. The SEC issued an Innovation Exemption for tokenized stock trading on September 17. These are public money and market rules rather than investable products, so most sit outside the market cap figures. [Global and American adoption for RWAs on Solana is happening](https://preview.redd.it/c41hd0urfnwh1.png?width=680&format=png&auto=webp&s=20d2412a21c24bedcbfa46079813508cbc3a83f3) [Securitize, Circle, and Kamino are the only ones with over $1 billion in traction](https://preview.redd.it/igwaqwctfnwh1.png?width=680&format=png&auto=webp&s=e506533fb772d0181fa98039be613b3d5c7a8c36) # Securitize [@Securitize](https://x.com/@Securitize) is the largest tokenized fund platform on Solana, with $1.10 billion in assets across 114 holder addresses on [rwa.xyz](https://rwa.xyz/). It issues BlackRock's BUIDL on the chain, along with Apollo's ACRED and VanEck's VBILL. On October 8, it chose Solana to launch Securitize Stocks, entitlements to 12 U.S. stocks including Apple, Nvidia and Tesla, each backed one for one by a share and settled in USDC. [@jumptrading](https://x.com/@jumptrading) makes markets on Securitize's Solana PropAMM, and [@RQDClearing](https://x.com/@RQDClearing) supports clearing and custody. The tokens are also expected to trade on venues being built by [@NYSE](https://x.com/@NYSE) and by [@okx](https://x.com/@okx) with [@ICE\_Markets](https://x.com/@ICE_Markets). "Tokenized stocks should give investors more than a price on a wrapper that tracks a stock and is only offered offshore," said Chairman and CEO Carlos Domingo. Nick Ducoff of the Solana Foundation called Solana "the financial infrastructure for the 5.5 billion people on the internet." The new stocks do not yet appear in [rwa.xyz](https://rwa.xyz/) data. [Solana leads the Securitize chain adoption competition](https://preview.redd.it/bi5fxuivfnwh1.png?width=680&format=png&auto=webp&s=d8fb2d5240a94907e6e3858c00f05e5cb8755203) [Securitize currently offers 12 U.S. stocks on Solana](https://preview.redd.it/sd23wy0xfnwh1.png?width=680&format=png&auto=webp&s=317438d10f47643a50e081ab22e9a1a4463c1d6f) [BUIDL by BlackRock is the largest product on Solana via Securitize](https://preview.redd.it/sdmx2u8zfnwh1.png?width=680&format=png&auto=webp&s=bc81989dbda53aaabd192d97ca9754c5c5cb2df3) # BlackRock [@BlackRock](https://x.com/@BlackRock)'s BUIDL is the largest RWA product on Solana, at $871.5 million across 13 wallets on [rwa.xyz](https://rwa.xyz/). It held $20.0 million on Solana in March 2025, when its share class launched, and $175.5 million a year ago. It is about 57% of tokenized Treasuries on the chain. BUIDL also sits behind other Solana dollars. [@JupiterExchange](https://x.com/@JupiterExchange)'s JupUSD targets 90% of its reserves in Ethena's USDtb, which is backed by BUIDL. In August, BlackRock added two more OnChain Shares funds that record ownership on Solana. [BUIDL has grown an astonishing 43x since March 2025 on Solana](https://preview.redd.it/dc75hc91gnwh1.png?width=680&format=png&auto=webp&s=b16788a881f096baa538fa21582e332e3873be39) # Ctrl Alt Ctrl Alt's two private equity tokens are the third and fourth largest RWA products on Solana. Titan III Equity Token (TTN-III) stands at $362.4 million and Hera I Equity Token (HERA-I-E) at $342.4 million on [rwa.xyz](https://rwa.xyz/), together about 16% of distributed RWAs on the chain. Each sits in a single wallet, and both grew more than 20% over 90 days. Ctrl Alt structures, issues and manages tokenized products for asset managers and institutions, from real estate to private markets and funds. It reports more than $1.8 billion in assets tokenized. Both tokens are issued natively on Solana. # Circle [@circle](https://x.com/@circle)'s USDC is the most widely held asset on Solana, with $6.75 billion across 9.05 million holder addresses on [rwa.xyz](https://rwa.xyz/). That is about six times the 1.5 million tokenized stock holders Token Terminal counts on the chain. Securitize Stocks settle in USDC, and [@Visa](https://x.com/@Visa) began settling with U.S. banks in USDC on Solana in December 2025. [@Samsung](https://x.com/@Samsung) and [@SamsungMobileUS](https://x.com/@SamsungMobileUS) will add USDC transfers on Solana to Samsung Wallet for 82 million U.S. Galaxy devices this month. # xStocks [@xStocksFi](https://x.com/@xStocksFi), the tokenized stock platform from [@BackedFi](https://x.com/@BackedFi), has $966.6 million in market cap across chains on Token Terminal, and $499.9 million of it, about 52%, sits on Solana. X Layer holds $264.5 million and Ethereum $167.2 million. It launched in June 2025 with more than 60 stocks on [@krakenfx](https://x.com/@krakenfx), Bybit and Solana DeFi apps including [@phantom](https://x.com/@phantom). Ondo [@OndoFinance](https://x.com/@OndoFinance) brought more than 200 tokenized U.S. stocks and ETFs to Solana in January. Ondo now holds $314.1 million on the chain, up 145.8% over 30 days, across 26,563 holders on [rwa.xyz](https://rwa.xyz/). Across all its products, Ondo holds $508.1 million on Solana in 454 assets. USDY, its yield-bearing dollar note, adds $180.0 million across 8,178 holders. [Ondo’s $508.1M on Solana, split by product](https://preview.redd.it/duheu0v3gnwh1.png?width=680&format=png&auto=webp&s=140baeb310434d51256f0941aa10393ac568d123) “Solana users have made it clear they want exposure to U.S. companies: Ondo Stocks on Solana has more than doubled in the last 30 days. What matters next is what holders do with those positions. On Solana, a tokenized stock can already be posted as collateral in lending markets, so an investor can hold exposure to a U.S. company and borrow against it from the same wallet, 24/7. That is what turns access into a market.” [Armand Khatri, Head of Ecosystem at Ondo](https://preview.redd.it/cvjdjbp6gnwh1.png?width=680&format=png&auto=webp&s=c1398d7a98419b4f3adbe8b7e9f7ef398af75917) # Kamino [@Kamino](https://x.com/@Kamino) is one of Solana's biggest lending markets, alongside Jupiter Lend, with $1.30 billion in Kamino Lend on DefiLlama. It controls 82.6% of tokenized stock lending on the chain and accepts assets such as ACRED, xStocks and Forward Industries shares as collateral. In September, Kamino named Yieldstreet co-founder Michael Weisz CEO and set up a New York headquarters. "Being in New York puts Kamino at the intersection of the asset managers, distribution platforms and institutional capital that will define the next phase of onchain finance," he said. [@galaxyhq](https://x.com/@galaxyhq) then launched USDC and USDT vaults on the protocol. # Huma [@humafinance](https://x.com/@humafinance) runs PST, a yield token backed by short-term payment financing. PST stands at $409.8 million across 3,982 holders on [rwa.xyz](https://rwa.xyz/), the second-largest RWA product on Solana. It grew from $158 million in April to $322 million by mid-September, with yields around 8% in USDC. Huma reported more than $14 billion in cumulative transaction volume by the end of June. [Huma Finance is one of Solana's largest RWA players with over $300M in TVL and over $20 billion in cumulative tx volume](https://preview.redd.it/1t9ssh09gnwh1.png?width=680&format=png&auto=webp&s=905ca2a07c8849bace739d542829bbfb690d0a2d) # OnRe [@onrefinance](https://x.com/@onrefinance) issues ONyc, a Solana-native token backed by a regulated, segregated reinsurance account in Bermuda. ONyc stands at $292.5 million across 9,260 holders on [rwa.xyz](https://rwa.xyz/). Token Terminal puts it second among tokenized funds on Solana by holders, behind only sUSD. Deposits in USDC or USDG collateralize short-duration insurance and reinsurance placements. Premiums and collateral returns flow into the token's net asset value, and holders can trade, lend or redeem it. OnRe holds $294 million on DefiLlama, in line with [rwa.xyz](https://rwa.xyz/), which puts it in the top 10 DeFi protocols on Solana by TVL. >Ayyan Rahman, Co-Founder and Chief Strategy Officer, OnRe“Putting real-world assets onchain is one thing. Building a market around them is another. Solana gives you the speed and low costs to make that possible, but what really sets it apart is the ecosystem. DeFi protocols are willing to build, integrate, and experiment with new assets from day one. We've seen that firsthand with ONyc, taking reinsurance-backed yield and building lending markets, leverage, and structured products around it. That's how RWAs scale, not just by tokenizing more assets, but by having an ecosystem that actually puts them to work.” [OnRe's ONyc is one of Solana's fastest growing RWA products approaching $300M TVL](https://preview.redd.it/mnqz0lrbgnwh1.png?width=360&format=png&auto=webp&s=ce0494d8a72c97a1b9db5a9ac76ffc3e4d11768e) Western Union [@WesternUnion](https://x.com/@WesternUnion) launched USDPT on Solana in May, issued by Anchorage Digital Bank, with [@FireblocksHQ](https://x.com/@FireblocksHQ) supplying wallet infrastructure. USDPT stands at $17.0 million on DefiLlama. In August, Western Union and [@raincards](https://x.com/@raincards) launched Stablecard across 37 markets, a Visa card that spends USDPT. The target is 60 markets by year end. # Galaxy and State Street [@galaxyhq](https://x.com/@galaxyhq) and [@StateStreet](https://x.com/@StateStreet) launched SWEEP on Solana in May, a private liquidity fund that moves idle stablecoins into short-duration, Treasury-oriented holdings. It accepts PYUSD and USDC and stands at $163.6 million across five wallets on [rwa.xyz](https://rwa.xyz/). The fund targets qualified institutions, with minimums of $5 million for entities and $1 million for individuals, per State Street. State Street manages $216.1 million on Solana in total on [rwa.xyz](https://rwa.xyz/). # Superstate [@SuperstateInc](https://x.com/@SuperstateInc) tokenizes SEC-registered shares directly on Solana through Opening Bell, with Superstate as transfer agent. Galaxy was the first Nasdaq-listed company to use it, and [@FWDind](https://x.com/@FWDind) followed with FWDI shares that work as collateral on Kamino. Superstate's two platforms hold $73.7 million on [rwa.xyz](https://rwa.xyz/). These are the company's own shares, recorded on its register, rather than wrappers that track a price. Holders must pass KYC, and the tokens can move between eligible wallets. # Backpack [@Backpack](https://x.com/@Backpack) issues tokenized stocks on Solana through Backpack Securities and lists them with [@SunriseDeFi](https://x.com/@SunriseDeFi), a venue from [@wormhole](https://x.com/@wormhole). Its SpaceX token, SPCX, drew $439 million in volume in its first week in June. CEO Armani Ferrante plans to grow from about 200 symbols to 10,000. # More builders on Solana [@JupiterExchange](https://x.com/@JupiterExchange) is the second-largest DeFi protocol on Solana, with $1.78 billion in TVL on DefiLlama, and its JupUSD stablecoin stands at $43.0 million. [@Raydium](https://x.com/@Raydium) handled about 75% of xStocks' DEX volume in the 30 days to mid-September. [@MeteoraAG](https://x.com/@MeteoraAG), a Solana DEX that did $19.5 billion in volume in Q1, launched Bedrock in March, a legal structure that lets tokens carry equity-like claims. [@Sunrise](https://x.com/@Sunrise), a gateway built on Wormhole's Native Token Transfers, has enabled $3.5 billion in trading across 14 million trades and 221,000 wallets since its first listing in November 2025, including tokenized stocks such as SPCX. [@orca\_so](https://x.com/@orca_so) and [Loopscale](https://x.com/@Loopscale) merged as [@formation\_so](https://x.com/@formation_so) in October, combining Orca's trading and liquidity with Loopscale's credit and vaults into one venue that takes RWAs from issuance to scale. It is already working with Figure, Shinhan Asset Management, Superstate, R3 and Securitize. [](https://x.com/@PreStocks)[@Pumpfun](https://x.com/@Pumpfun) launched 93 tokenized stock pairs for memecoins in September. [](https://x.com/@PreStocks)[@stonkdotfun](https://x.com/@stonkdotfun) launches memecoins priced against tokenized stocks. Between September 1 and October 11, memecoins priced in stock tokens made up 31.5% of Solana's tokenized stock DEX volume, and StonkFun's tokens drove most of it. [@Ondo](https://x.com/@Ondo) launched Ondo Perps in July, letting traders post tokenized stocks as collateral for up to 20x perpetuals on stocks, gold and oil, and it passed $8 billion in volume by mid-August. [@PhoenixTrade](https://x.com/@PhoenixTrade), the onchain perps exchange from Ellipsis Labs, lists about 29 equity perps at up to 10x. In June the [@SolanaFndn](https://x.com/@SolanaFndn) launched Frontier Traders, an invite-only program for firms trading $500 million or more a month on DEXs, starting with SpaceX tokenized equity. Its first season, a $1 million perps competition, runs on Phoenix with [@solflare](https://x.com/@solflare) as the mobile venue. Solflare, with 4 million monthly users, offers more than 750 xStocks in-wallet. [@PreStocks](https://x.com/@PreStocks) took 78% of pre-IPO OpenAI and Anthropic token volume, per Allium Labs. It holds more than $22 million in assets across 171,000 holders and offers eight pre-IPO stocks. [@joinrepublic](https://x.com/@joinrepublic) minted rSpaceX on Solana in June 2025, a token that tracks SpaceX shares, open to retail investors from $50. [@Bullish](https://x.com/@Bullish) ran the first trades of its own tokenized shares, BLSH, on Solana in August, settled against a dollar stablecoin on its Gibraltar-regulated exchange, with Equiniti recording ownership. [@ShiftRWA](https://x.com/@ShiftRWA) lists 2x and 3x long and short tokens on Tesla, the S&P 500 and a semiconductor index on [@JupiterExchange](https://x.com/@JupiterExchange), with no forced liquidations. [@Bitwise](https://x.com/@Bitwise) is exploring tokenizing shares of its Solana staking ETF, BSOL, with Superstate, and its Q3 staking report found tokenized equity volume on Solana rose from $1.34 million to $3.32 billion in a year. [@getmoonup](https://x.com/@getmoonup) builds rules-based baskets of tokenized stocks, ETFs and commodities on Solana. [@HastraFi](https://x.com/@HastraFi) brings [@Figure](https://x.com/@Figure)'s HELOC yield to Solana as PRIME, at $126.8 million across 1,672 holders. [@solsticefi](https://x.com/@solsticefi) issues USX, at $209.4 million across 11,507 holders on [rwa.xyz](https://rwa.xyz/). [@maplefinance](https://x.com/@maplefinance) brought syrupUSDC to Solana over [@chainlink](https://x.com/@chainlink) CCIP, now $92.6 million across 3,900 holders. [@KAIO\_xyz](https://x.com/@KAIO_xyz) tokenized a Mubadala Capital fund that raised about $75 million across Base, Solana and Sui. [@etherfuse](https://x.com/@etherfuse) issues CETES stablebonds, tokenized Mexican treasury certificates, on Solana. [@NysaFinance](https://x.com/@NysaFinance) lets users lend USDY and borrow USDC against it. [@centrifuge](https://x.com/@centrifuge) brings Janus Henderson's JAAA to Solana, at $82.8 million on [rwa.xyz](https://rwa.xyz/). [@HamiltonLane](https://x.com/@HamiltonLane) became the first asset manager to launch a fund on Solana in July 2024, bringing its Senior Credit Opportunities Fund through Libre, the tokenization platform backed by Nomura's Laser Digital. [@inside\_r3](https://x.com/@inside_r3) launched the Corda Protocol on Solana in December 2025, a curated vault platform where institutional managers run RWA-backed strategies, starting with EPIC, which targets 10% a year. In August, R3 and SIX connected Corda networks, which hold about $17 billion in tokenized assets, directly to Solana mainnet. [@piggybankfi](https://x.com/@piggybankfi) puts xStocks and stablecoins to work as collateral on Kamino and Loopscale to earn extra yield on assets such as SPYx. [@FireStrategy](https://x.com/@FireStrategy)'s frSPY borrows dollars against S&P 500 exposure, earns on them through its frUSD vault, which routes across Hylo, OnRe and Exponent, and uses that yield to buy more of the index. [@RockawayX](https://x.com/@RockawayX), a Solana investor since 2018, curates an RWA vault on Kamino that spreads USDC across OnRe, Huma, Figure and Solstice. [@FTDA\_US](https://x.com/@FTDA_US) brought its BENJI money market fund to Solana in February 2025. [@plumenetwork](https://x.com/@plumenetwork)'s Plume Vaults hold $30.7 million on Solana across 440 holders on [rwa.xyz](https://rwa.xyz/). [@exponentfinance](https://x.com/@exponentfinance) lets users trade fixed and floating yield on Solana, and its first risk-tranched market, opened in June, splits OnRe's ONyc into a protected senior token, srONyc. It has since added Plume's nOPAL, backed by Brazilian card receivables. Re Protocol brought reUSD to Solana in August, a dollar token backed by a $510.5 million reinsurance underwriting portfolio, with lending markets on Kamino and Jupiter Lend from day one. [@zodialxyz](https://x.com/@zodialxyz) is building portfolio-based lending on Solana that accepts tokenized stocks such as TSLAx as collateral. [@SpoutFinance](https://x.com/@SpoutFinance), which raised $2 million in October from backers including Anchorage Digital, Flow Traders and Solana co-founders Anatoly Yakovenko and Raj Gokal, is building 0% interest USDC loans against tokenized stocks, funded by selling covered calls on the collateral. [@Tether](https://x.com/@Tether)'s USDT is the second-largest stablecoin on Solana, at about $2.69 billion on DefiLlama. USDGO, issued by Anchorage Digital Bank and run by [@OSL\_Global](https://x.com/@OSL_Global), launched on Solana in February and stands at $1.3 billion on Token Terminal. [@Paxos](https://x.com/@Paxos) issues PYUSD for [u/PayPal](https://x.com/@PayPal), at $680.2 million across 57,655 holders, and USDG for [@global\_dollar](https://x.com/@global_dollar). [@worldlibertyfi](https://x.com/@worldlibertyfi)'s USD1 stands at $1.42 billion and [@ethena](https://x.com/@ethena)'s USDe at $462.8 million on [rwa.xyz](https://rwa.xyz/). [@SkyEcosystem](https://x.com/@SkyEcosystem) brought USDS to Solana in November 2024 as a native token over Wormhole, and [@withAUSD](https://x.com/@withAUSD)'s AUSD went live on the chain in January 2025. [@Hylo\_so](https://x.com/@Hylo_so) issues hyUSD, an overcollateralized stablecoin backed by staked SOL and other assets, at $25.1 million on Token Terminal. [@reflectmoney](https://x.com/@reflectmoney) issues USDC+, a yield-bearing dollar that earns from delta-neutral strategies, backed by a16z crypto and Solana Ventures. [@NestUSD](https://x.com/@NestUSD) issues nUSD, a dollar backed by tokenized stocks, which holders can stake into snUSD for about 6% APY. [@SoFi](https://x.com/@SoFi) brought SoFiUSD to Solana in May, now $255.2 million. [@phantom](https://x.com/@phantom)'s CASH, built with Stripe's Bridge, stands at $128.4 million, [@moveusd](https://x.com/@moveusd)'s MoveUSD from CFX Labs at $118.3 million and Circle's euro stablecoin EURC at $117.8 million, per Token Terminal. [@coinbase](https://x.com/@coinbase), [@Mastercard](https://x.com/@Mastercard), [@Shopify](https://x.com/@Shopify) and [@stripe](https://x.com/@stripe) back Open USD, live on Solana with more than $1 billion in commitments and $80.0 million in circulation on Token Terminal. [@fiserv](https://x.com/@fiserv) runs Roughrider Coin with [@VersaBank](https://x.com/@VersaBank) as issuer. [@MoneyGram](https://x.com/@MoneyGram) offers Solana cash ramps in more than 170 markets. [@SG\_Forge](https://x.com/@SG_Forge) deployed its USDCV and EURCV stablecoins on Solana in 2025. [@tokenGBP](https://x.com/@tokenGBP) brings tGBP, a pound stablecoin from FCA-registered BCP Technologies backed by cash and short-term UK government bonds, to Solana. [@AUDD\_digital](https://x.com/@AUDD_digital) issues an Australian dollar stablecoin on Solana through Novatti-backed AUDC, and [@VNX\_Platform](https://x.com/@VNX_Platform) brings its euro and Swiss franc stablecoins and VNXAU gold token to the chain. [@Collector\_Crypt](https://x.com/@Collector_Crypt) tokenizes graded Pokémon cards on Solana as redeemable NFTs, with the physical cards vaulted, and reports more than 130,000 tokenized cards and $1.6 billion in total volume, per the Solana Foundation. [@BAXUSco](https://x.com/@BAXUSco) lets collectors hold wine and spirits in controlled storage as onchain tokens, trade them while stored and redeem them for delivery. [@watchdotfun](https://x.com/@watchdotfun) runs onchain raffles for authenticated luxury watches sourced through Wristcheck. [@DeLoreanLabs](https://x.com/@DeLoreanLabs), the Web3 arm of DeLorean Motor Company, brought its DMC token to Solana in May through Sunrise, with early access to tokenized vehicle drops. [@parcl](https://x.com/@parcl) lets traders go long or short city-level home price indices, from New York to Dubai, settled in USDC. [@MetaWealth](https://x.com/@MetaWealth) has tokenized more than 138 European properties on Solana, with over $50 million in assets and rental income paid to holders in USD. [@DualMintRWA](https://x.com/@DualMintRWA) tokenizes revenue from everyday machines such as laundromats, vending machines and arcade cabinets, and has brought arcade revenue onto Solana. [@refihub](https://x.com/@refihub) tokenizes solar energy projects on Solana. [@matrixdock](https://x.com/@matrixdock) and [@orogoldapp](https://x.com/@orogoldapp) helped tokenized gold on Solana grow 689% since August 2025. [@streamex](https://x.com/@streamex)'s GLDY, a yield-bearing gold security distributed by Siebert and custodied by tZERO, began trading on Orca in May. Underneath it all sit the standards and the oracles. [@metaplex](https://x.com/@metaplex) introduced MPL-3643 in September, a Solana version of Ethereum's ERC-3643 standard that lets issuers build KYC checks and transfer rules into tokenized securities while keeping them usable in Solana DeFi. [@PythNetwork](https://x.com/@PythNetwork) started on Solana in 2021 and now runs more than 3,600 price feeds, including over 1,900 equities and pre-IPO indices for Anthropic and OpenAI. [@chainlink](https://x.com/@chainlink) prices xStocks through Data Streams and checks its backing with Proof of Reserve, and its CCIP has been live on Solana since May 2025. [@redstone\_defi](https://x.com/@redstone_defi) is the primary oracle for BUIDL, ACRED and VBILL through its Securitize partnership, and Kamino and Loopscale use its feeds on Solana. \[IMAGE\] RWA ecosystem on Solana is thriving across all areas \[IMAGE\] Builders on Solana are actively innovating in finance \[IMAGE\] The Solana ecosystem boasts over 100 RWA builders # Conclusion Solana's RWA base is wide but its value is concentrated. Retail wallets hold most tokenized stocks, while a few issuers, led by Securitize, BlackRock, Ctrl Alt and Circle, account for most of the dollars. The builders differ more than the numbers suggest. Some issue funds, some lend against them and some move dollars for banks, card networks and states. What they share is a need for fast, cheap settlement on one public chain. Solana, Plume, Securitize, Maple, OnRe, Orca, PreStocks and Etherfuse are proud members of RWA Foundation but have no influence on the opinions of this report. Token Terminal is RWA Foundation's data partner. This report is for informational purposes only and is not investment advice.

Agreed. People here tend to get upset whenever TRX or BNB is mentioned. From a decentralization standpoint, I understand the criticism. But from an investment perspective, surely it's worth examining what they've done right to keep pace with Bitcoin. Zoom out five years: **BTC: +27.69%** **ETH: -38.04%** **BNB: +49.28%** **TRX: +229.37%** Let that sink in. Both BNB and TRX actually outperformed Bitcoin, while Ethereum lost nearly 51.5% of its value against BTC! We should be asking what they're doing right and what Ethereum is doing wrong, rather than dismissing them simply because they're more centralized. Neither BNB nor TRX comes close to Bitcoin in terms of mainstream marketing, recognition, or mindshare, yet both have outperformed it over the past five years. Clearly, there's something worth learning here. Decentralization is important, but it doesn't automatically translate into investment performance.

I've been holding ETH since 2017, so I'm a certified bag holder at this point. LOL! I'm done buying. I've done my part by accumulating and holding all these years. What frustrates me most is watching fellow ETH investors dump their bags, leaving us with this pathetic price action. Sure, ETH has outperformed BTC by about 2% over the past three months, but zoom out to 2021 and look at where BTC, BNB, TRX, and others were trading back then compared to today. Ethereum has fallen miles behind. After nearly nine years of holding, it's beyond frustrating.

Exchanges do not collect "tax obligations." Dealing with taxes is trader's responsibility and comes later. There are no prepayments of any taxes. Bitcoin does not have gas fees. BNB is a shitcoin unrelated to bitcoin. Transaction fees are on order of a few cents, not $6500 bucks. There are no validators in bitcoin and there is no "crypto security agency." If you have to pay to get your money out it's always an "advance fee scam."

If LTC went to zero I'd be fine.  The "general consensus" in crypto communities about LTC is wrong & dishonest.  Mainly ETH BTC & BNB have shown consistent price appreciation through multiple cycles.  The other 97% of these coins have no real consistent price appreciation, LTC at least doesnt drop 90%. Its upside price action is really the same as the rest.  The consistent demand that drives stock appreciation doesnt exist yet.  We have to try and buy for long term value, how is the price relevant to the future value of the network?