The race to dominate tokenized finance is no longer theoretical. It is now visible on-chain, and the latest data points to a clear shift.
Solana has emerged as the leading venue for tokenized public equities, overtaking more established networks as issuers and investors migrate toward faster settlement and lower costs.
Key Takeaways
Solana has become the leading blockchain for tokenized public equities by market value.
Rapid issuance of tokenized stocks, not trading speculation, drove the recent surge.
Growing ETF exposure and diversified RWAs are anchoring Solana’s role in institutional on-chain finance.
Instead of growing gradually, Solana’s presence in tokenized stocks expanded in a concentrated burst late last year. That surge pushed the network’s on-chain equity value close to $875 million, enough to put it ahead of both Ethereum and BNB Chain in this specific segment. Across all blockchains, tokenized equities now represent a $1.2 billion market, still small relative to traditional markets but expanding rapidly.
Issuance, Not Speculation, Drove the Breakout
Unlike past cycles driven by trading hype, this growth was supply-led. A large portion of new activity came from the rollout of tokenized public stocks by Backed Finance. Its xStocks framework introduced dozens of equity instruments directly onto Solana, distributed through major exchanges such as Kraken and Bybit.
This wave of issuance changed the composition of Solana’s real-world asset footprint. Public equities are now one of the network’s most visible RWA categories, second only to Ethereum in absolute equity value, but growing faster in relative terms.
?JUST IN: @Solana has become the largest blockchain by market capitalization for tokenized stocks. pic.twitter.com/6QNhwK7GQc
— SolanaFloor (@SolanaFloor) January 7, 2026
From Pilot Projects to Full RWA Infrastructure
Tokenized stocks are only part of the picture. Solana has been building out a broader real-world asset stack that includes U.S. Treasuries, institutional liquidity funds, and yield-bearing products. One of the largest non-stablecoin deployments on the network is BlackRock’s Institutional Digital Liquidity fund, which alone represents roughly a quarter of a billion dollars in assets.
Alongside that, Ondo and ONe have expanded tokenized yield products on Solana, collectively accounting for another sizable share of non-stablecoin RWAs. The result is a network that increasingly resembles a full on-chain financial layer rather than a single-use settlement chain.
Participation data supports that shift. More than 126,000 addresses now hold non-stablecoin RWAs on Solana, a sign that adoption is moving beyond isolated institutional experiments.
ETFs Add Traditional Market Weight
Momentum on-chain has been reinforced off-chain. The approval of multiple SOL exchange-traded funds last year opened the door to traditional capital, channeling over $800 million into Solana-linked products. While ETFs do not directly tokenize assets, they increase liquidity, visibility, and institutional comfort with the ecosystem supporting those assets.
This combination – ETF access, fast settlement, and continuous availability – has made Solana increasingly attractive for issuers looking to tokenize real-world assets at scale.
A Market Still Early, but Taking Shape
Despite the growth, tokenized equities remain a small slice of the broader RWA universe. Stablecoins, private credit, and tokenized Treasuries still dominate on-chain value. But equities are emerging as a key frontier, and Solana’s rise suggests the market is no longer defaulting to a single blockchain.
Price volatility in SOL itself has not derailed that trend. Even as the token trades well below prior highs, infrastructure usage and asset issuance continue to climb, reinforcing the idea that network adoption and token price are not always moving in lockstep.
The takeaway is simple: tokenized finance is maturing, and Solana is no longer just participating in that shift – it is actively shaping where it happens.
