Solana is showing definite signs of shedding its memecoin-driven, retail-heavy image, after setting the highest ever record of real-world asset (RWA) tokenization in December.
According to RWA.xyz, the total value of tokenized assets on Solana increased almost 10% in the previous month alone, from $793.4 million to the new high of $873.3 million. At the same time, the RWA holders on the network grew by 18.4% to 126,236 during the stated timeframe.
US Treasuries are the main source of backing for most of these tokenized assets. The two giants in this segment are BlackRock USD Institutional Digital Liquidity Fund and Ondo US Dollar Yield, with the respective figures of $255.4 million and $175.8 million. Solana is also witnessing the rise of tokenized equities, although they still have a long way to go. The leading products, Tesla xStock and Nvidia xStock, account for $48.3 million and $17.6 million, respectively, as market caps. In their turn, institutional investment funds are increasingly being issued on the network, which indicates a broader adoption beyond retail use cases.
Institutional Adoption Pushes Solana Closer to $1B RWA Milestone
Solana is edging closer to becoming the third blockchain network to cross the $1 billion mark in tokenized real-world assets (RWAs), thus joining Ethereum, which currently accounts for about $12.3 billion, and BNB Chain, which has recently surpassed the $2 billion mark.
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The position of Solana with institutions became stronger at the end of October when the U.S. Securities and Exchange Commission (SEC) granted approvals to the first batch of spot Solana exchange-traded funds (ETFs). After that, six Solana ETFs have been launched, and they have together gathered around $765 million in net inflows according to Farside Investors’ data.
The partnership was announced in October when Western Union billed Solana to create the infrastructure for its stablecoin settlement platform. The new service will
