Solana leads RWA networks with $348m monthly inflows

Solana RWA flows outpaced competing networks

Solana’s distributed RWA value increased by 11.13% over 30 days, according to the dataset cited by the RWA Foundation. Ethereum recorded a 0.77% increase, while Stellar rose 5.22%.

The XRP Ledger and Avalanche moved in the opposite direction. Their tracked totals declined by 5.51% and 14.06%, respectively. These changes can reflect subscriptions, redemptions, transfers between networks and movements in the reported value of underlying assets.

Net flows should not be confused with transaction volume. The $348 million figure does not mean investors traded exactly $348 million of tokenized assets on Solana during the month. It represents the net change attributed to assets distributed on the network after inflows and outflows.

The calculation also differs from total value locked in decentralized finance. DeFi TVL generally tracks crypto deposited into lending, trading and staking applications. RWA figures focus on tokens linked to off-chain financial instruments such as government bonds, private credit, investment funds and equities.

RWA.xyz’s distributed asset category also requires a different reading from represented asset value. A token could provide access to a much larger off-chain portfolio while only a portion of its supply circulates on a specific blockchain.

U.S. Treasury products form a large part of Solana’s RWA market

Solana’s RWA expansion has been supported by tokenized U.S. Treasury and money market products. These instruments allow eligible investors to hold blockchain-based tokens representing interests in regulated funds, Treasury-backed notes or other cash-management products.

BlackRock’s BUIDL fund expanded to Solana through Securitize in March 2025. BUIDL invests in cash, U.S. Treasury bills and repurchase agreements. A dedicated Solana share class gives eligible investors blockchain-based access to the fund while Securitize manages tokenization and transfer infrastructure.

Securitize confirmed the deployment through its official announcement. Solana later reported that the BUIDL share class held more than $550 million on the network by February 2026.

Franklin Templeton’s BENJI token is also available on Solana. BENJI represents shares in the Franklin OnChain U.S. Government Money Fund, which invests at least 99.5% of its assets in government securities, cash and fully collateralized repurchase agreements.

The asset manager’s official platform confirms that Solana support began in February 2025. Franklin Templeton reported $753.24 million in total net assets for the fund as of June 30, although that figure covers the entire fund across supported networks rather than its Solana allocation alone.

VanEck’s VBILL provides another Treasury-linked product. It launched across Solana, Ethereum, Avalanche and BNB Chain through Securitize in May 2025. The product invests in short-term U.S. government obligations and uses blockchain infrastructure for ownership records and transfers.

Ondo and WisdomTree widened available RWA products

Ondo Finance operates the USDY and OUSG products on Solana. USDY is a tokenized note backed by short-term U.S. Treasuries and bank deposits. It is primarily available to eligible investors outside the U.S.

OUSG provides exposure to short-term U.S. government securities through a portfolio that includes tokenized investment funds. Ondo’s official page states that the product supports continuous minting and redemptions, including outside conventional banking hours.

The company also launched hundreds of tokenized U.S. stocks and exchange-traded funds on Solana in January 2026. The products provide economic exposure to underlying securities but are structured for eligible non-U.S. investors rather than as ordinary shares registered directly to token holders.

The launch broadened Solana’s RWA market beyond Treasury products. It also introduced assets whose value can change with public equity prices, meaning an increase in reported RWA value does not always represent new investor capital.

WisdomTree added another institutional distribution channel in January. The asset manager made its tokenized funds available for direct minting on Solana through its WisdomTree Connect platform.

The integration allows eligible institutional clients to purchase, hold and manage tokenized fund positions on the network. It also permits supported assets to move into compatible decentralized applications, subject to the issuer’s compliance requirements.

Solana’s RWA total does not include unrestricted ownership

Tokenized RWAs frequently contain investor eligibility and transfer controls. A public blockchain may record balances and transfers, but that does not mean every wallet can buy or redeem each product.

Treasury and money market tokens can require identity verification, jurisdictional screening or minimum investments. Issuers can also restrict transfers to approved addresses and freeze tokens when required by their product terms or applicable law.

This structure separates institutional RWAs from permissionless crypto assets such as SOL. Solana supplies the settlement and distribution network, while regulated issuers, transfer agents, custodians and fund administrators remain responsible for the underlying products.

It also means the $4.23 billion figure is not Solana protocol revenue or capital controlled by the Solana Foundation. The value belongs to investors in products issued by separate financial institutions.

Crypto.news previously reported that the wider tokenized RWA market had reached approximately $38.1 billion by Aug. 9 as projects moved hundreds of millions of dollars in physical assets onchain. Solana’s reported total represents one portion of that market.

The network’s growth also fits a wider shift from primarily speculative activity toward tokenized financial infrastructure. This transition has included institutional products moving onto public blockchains, although adoption remains dependent on regulation, liquidity and investor access.

New issuance will determine whether the inflows continue

Solana can extend its RWA growth if issuers place additional fund shares on the network or investors increase subscriptions to existing products. Redemptions or transfers to competing blockchains would reduce the total.

The next RWA.xyz updates will show whether the $348 million increase represented a sustained trend or a concentrated period of issuance. Product-level changes will also help identify which funds contributed most to the rise.

Any direct connection between the RWA inflows and SOL’s market price would be speculative without supporting trading data. Tokenized products may use Solana for settlement while investors pay network fees amounting to only a small portion of the assets’ underlying value.

The more relevant measure is whether tokenized assets remain on Solana, gain additional holders and develop active secondary or collateral markets. Those factors would show whether the latest inflows are translating into continued blockchain use rather than a temporary balance increase.