Solana ecosystem RWA data scanning: national bonds, stocks, and real estate tokenization

Author: HY & Adam, Xianrang

The history of blockchain development has fully demonstrated that only business scenarios related to financial transactions can survive in Web3, while RWA cleverly combines the advantages of real-world assets and on-chain transactions, attempting to reshape the global financial landscape. Through blockchain technology, RWA converts traditional assets such as commodities, credit, and stocks into on-chain tokens, achieving efficient management and transfer of ownership while significantly lowering the transaction threshold for financial assets.

According to the current data, the total circulating market value of RWAs outside of stablecoins has surpassed 33 billion USD, but this is just the beginning. According to the Boston Consulting Group ( BCG ) forecast, by 2030, the on-chain RWA scale will reach 16 trillion USD.

The potential of RWA is undoubtedly huge, however, which public chain will the mainstream RWA narrative first become a reality on?

As the largest public chain in the DeFi field, Ethereum holds over 50% of the RWA market share. Solana, with its strong ecosystem development, accounts for 3.2% of the RWA market, ranking 7th among major public chains, which should not be underestimated. With giants like BlackRock introducing billions of dollars in RWA assets to Solana through the Securitized platform, its RWA ecosystem has entered a stage of rapid development.

In today's article, we will delve into the current state of Solana in the RWA space, providing a comprehensive and systematic investigation for investors, developers, and industry observers.

A Comprehensive Analysis of RWA Projects in the Solana Ecosystem

Many users in the RWA market come from traditional stock or commodity markets. For these individuals, whether the platform can respond to user requests in a short time and provide a low-latency, low-cost trading experience is a key factor.

To solve the problem of trading delays, many RWA projects adopt a strategy of multi-chain deposit absorption and single-chain transaction settlement. Solana, due to its high TPS, is quite suitable as an execution platform for RWA businesses. The fact that CMBMINT, the on-chain RWA fund launched by China Merchants Bank International, chose Solana for its debut is enough to illustrate its appeal.

In addition, RWA applications often involve a large number of small transactions, such as rent distribution and interest payments. If the Gas fees are too high, it will severely erode the yield. Taking the well-known real estate tokenization platform Homebase as an example, it needs to handle thousands of small rent distributions every month. This micropayment model has extremely strict requirements for low fees, and Solana has a natural advantage with its ultra-low fees.

According to the data, the RWA ecosystem of Solana is still in its early stages but has shown strong growth momentum. According to RWA.xyz, there are currently 94 types of RWA assets within the Solana ecosystem, with a total market value of $700 million. In the last 30 days, the amount of RWA transfers on the Solana chain reached $18 billion, with trading volume second only to Ethereum.

Currently, the RWA ecosystem of Solana has formed a diverse structure, covering a wide range of spectrum from physical assets to financial instruments. Below, we will introduce typical RWA project cases in a categorized manner.

(Solana Ecosystem RWA Project Lineage)

government bonds

Currently, government bonds on-chain are one of the most major and popular RWA** asset types,** because government bonds provide stable, risk-free returns and have always been sought after by financial markets. Compared to traditional financial markets, the tokenization of government bonds enables 24/7 trading, allows for retail access through fragmentation, and can be integrated with the Defi ecosystem to enhance liquidity.

Below we will select a few typical cases for analysis. Note that the yield-bearing stablecoins collateralized by government bonds essentially put the government bonds on-chain and enjoy the yields of the government bonds. This article also categorizes this type of RWA product under government bonds.

Maple Finance (USDC-SPL)

Maple is a well-known RWA project related to government bonds on Solana, founded by Sid Powell and Joe Flanagan, focusing on institutional-level lending and asset management. Since its launch in May 2021, it has facilitated over $7 billion in loans and managed assets exceeding $1.7 billion.

In May 2023, Maple launched the asset management solution **Maple Cash Management Pool, providing users with a net APY of around 4.8% based on government bond yields, allowing free entry and exit from the pool as needed, without paying lock-up or redemption fees, becoming the first government bond-type RWA in the Solana ecosystem. **The product has now been expanded to USDC lending, but considering its pioneering role in the Solana ecosystem, it is also recorded in this article.

According to the revenue principle of government bonds RWA, we can break down Maple's workflow into the following steps:

Capital Investment: The lender deposits USDC into the Maple Finance fund pool and receives LP tokens representing their share of the funds.

Loan disbursement: The fund pool will lend USDC to the Solana wallet of the American crypto investment company Room40 Capital.

Government bond investment: The USDC borrowed is converted into USD through Circle and invested in government bonds. Room40 Capital, as the borrower, is responsible for managing the government bonds to obtain returns.

Profit Distribution: The returns generated from government bond investments are channeled back to the fund pool through the Maple platform, and lenders receive returns based on their LP shares.

In the above case, due to the transparency and immutability of on-chain data, Room40 cannot conceal the flow of USDC funds. The relevant real-time auditing agencies will review the investment target's revenue situation off-chain, and if the reported treasury bond yield by Room40 does not match the revenue allocated to the chain, USDC lenders can immediately detect the anomaly.

To prevent entities like Room40 from engaging in malicious activities, Maple Finance requires all participants on the platform, including lenders and borrowers, to undergo KYC and AML verification, with their identity and operational background subjected to Maple's rigorous due diligence. It can be said that the combination of on-chain and off-chain operations mitigates the possibility of investment institutions engaging in favoritism and fraud.

Ondo Finance(USDY&OUSG)

Currently, Ondo Finance has become a leader in the RWA sector, with its flagship product USDY (Ondo USD Yield) and short-term tokenized treasury asset OUSG being the most representative RWA products in the Solana ecosystem. With high transparency, high liquidity, and stable returns, it has attracted a large number of investors.

As of October 2025, the circulation of USDY has reached 250 million USD, ranking first in the Solana government bond RWA project, and it is currently the largest non-stablecoin RWA asset by circulation on the Solana chain.

In terms of functionality, USDY is similar to Maple: users deposit stablecoins such as USDC into a liquidity pool via the Ondo platform, and Ondo then invests these funds in U.S. Treasury bonds through regulated brokers. The returns from the Treasury bonds are distributed to holders in the form of USDY tokens, with an APY typically ranging from 4% to 5.2%.

USDY not only provides a stable source of income, but holders can also transfer USDY to chains like Ethereum and Polygon through cross-chain bridges for lending, collateral, or liquidity mining in DeFi protocols, effectively making it an interest-bearing stablecoin.

Apart from USDY, another major product of Ondo is OUSG. After absorbing USDC, the Ondo platform invests it in short-term Treasury bond ETFs (SHV) from BlackRock, and the interest income generated is shared among OUSG holders. Currently, the circulation of OUSG has reached 79 million US dollars. Unlike USDY, OUSG primarily invests in short-term US Treasury bonds.

The annualized yield of OUSG is usually slightly lower than that of USDY, but its stability is favored by institutional investors. The reason for the difference between the two is that USDY invests in some bank deposit notes in addition to U.S. Treasury bonds, which generally have slightly higher risk and returns than Treasury bonds.

Securitize (BUIDL&VBILL)

Securitize is the first company able to issue tokenized securities in the United States and Europe. In January 2025, Securitize collaborated with Wormhole to bring Apollo Global Management's $1.3 billion credit fund $ACRED to Solana.

The two main RWA projects of Securitize on Solana are BUIDL and VBILL, both of which are backed by U.S. Treasury bonds. They leverage Solana's high throughput and low cost to provide investors with efficient and transparent yield-bearing investment tools.

BUIDL, launched jointly by BlackRock and Securitize, is BlackRock's first tokenized fund, initially issued on Ethereum in March 2024 and expanding to Solana in March 2025. VBILL, launched in collaboration between asset management firm VanEck and Securitize, will be issued on Solana, Avalanche, BNB Chain, and Ethereum in May 2025. Currently, BUIDL and VBILL have a market cap of approximately $175 million and $23 million respectively on Solana.

Etherfuse (TUSOURO & EUROB & CETES & GILTS)

In 2024, Etherfuse launched the Stablebonds platform on Solana, focusing on tokenized government bonds from various countries. Its main RWA projects on Solana include TUSOURO (Brazilian government bonds), EUROB (European Union bonds), CETES (Mexican government bonds), and GILTS (UK government bonds), with a circulating market value of approximately $3.9 million on Solana.

stocks

xStock

xStocks is a tokenized stock product launched by Backed Finance, which almost dominates the entire market of tokenized stocks on Solana. Within a month of its launch, the total trading volume on the Xstock chain exceeded $300 million, fully demonstrating the market's demand for stock tokenization.

xStocks anchors each token 1:1 to real-world stocks or ETFs, held by regulated custodians who own the actual shares, ensuring that the token value is linked to the underlying assets. Price data is synchronized in real-time on-chain via Chainlink oracles, ensuring transparency and accuracy. Currently, xStocks covers over 60 stocks and ETFs, including assets like Apple, Tesla, Nvidia, and the S&P 500 ETF, with most blue-chip stocks included.

Currently, the total market capitalization of xStocks exceeds 94 million US dollars.

Private Credit

Private lending is typically provided by non-bank institutions and targets borrowers with lower credit ratings, such as small and medium-sized enterprise loans, accounts receivable financing, consumer credit, or supply chain finance. This type of lending offers higher returns but also comes with significant risks.

After the 2008 financial crisis, private credit quickly became one of the hottest investment targets on Wall Street, with the market size growing from $250 billion in 2010 to about $2 trillion by 2025. Currently, the main private credit project on Solana is Credix Finance. There have been attempts by projects such as Alloy X in the past, but they were unable to sustain.

Credix Finance

Credix Finance was founded in 2021 and focuses on private credit RWA. **The logic of Credix is quite simple, it can be seen as an on-chain lending intermediary platform between the chain and reality: borrowing **** to **** USDC from on-chain users, then converting it to various **** local **** currencies ****, **** lending to various types of **** borrowing entities **, and providing **** lending **** returns to on-chain users.

It is worth mentioning that Credix's Twitter has only been updated once since November 2024, and there is almost no information about it in the media over the past year.

Real Estate Tokenization

Real estate on-chain RWA tokenizes real estate through blockchain technology, and has always been the primary application scenario in the early vision of RWA.

Among many public chains, Solana is the main testing ground for real estate on-chain projects. The most well-known real estate RWA project on Solana is Homebase, which allows investment in NFTized properties starting from just $100. However, the platform's official Twitter account has not been updated since August 2024, and there have been no news updates for over a year. The “Available” property list on its official website is also blank.

Currently, the active real estate RWA projects on Solana are Parcl and MetaWealth.

Parcl

Parcl is a real estate derivatives protocol that focuses on the tokenization of real estate market price indices, allowing users to gain market exposure by investing in real estate price indices.

Parcl allows users to invest in the price fluctuations of the real estate market in specific geographic areas by creating City Indexes, similar to perpetual contracts that enable users to go long or short on property prices. These indexes are based on the average price per square foot or square meter of residential properties, with data provided by Parcl Labs, updated daily, aggregating millions of data points worldwide to ensure the indexes reflect real-time market values.

We can directly understand Parcl as a PerpDEX, but the underlying asset is real estate. In addition to going long and short, users can also provide USDC to the liquidity pool to earn trading fees. Furthermore, users can participate in investments with as little as $1, significantly lowering the investment threshold.

As of now, the TVL on Parcl is approximately $7 million.

MetaWealth

MetaWealth is a real estate tokenization platform open to the EU and Canada, providing users with partial ownership of real estate that can generate passive income.

After completing audits and research with third-party quality assessment agencies, MetaWealth will acquire and rent qualified properties, while fragmenting the ownership of the properties, allowing users to participate in investments with a low threshold of just $100, and distribute rental income based on the proportion of their investment in the total property price.

Currently, MetaWealth has tokenized 138 properties, generating $850,000 in revenue, with 50,000 investors, managing properties worth $36 million. In April 2025, MetaWealth launched three regulated RWA real estate bonds, becoming the first project in the Solana ecosystem to achieve this milestone;

In June 2025, the Czech fund company APS, managing $13.7 billion in assets, acquired $3.4 million worth of tokenized Italian real estate through MetaWealth. MetaWealth offers an innovative, transparent, and efficient investment platform for both retail and institutional investors.

commodities

Commodities are usually industrial raw materials, precious metals, or primary products, with a wide range of industrial and commercial uses. The main aspect of their RWA (Real World Asset) tokenization is to put gold on the blockchain, such as Paxos Gold, where each token represents one ounce of gold, primarily circulating on Ethereum. On Solana, the main RWA commodity projects include BAXUS, which tokenizes high-end wines, and Elmnts and Powerledger, which focus on energy.

BAXUS

BAXUS stores high-end spirits (such as rare whiskey and wine) in secure temperature-controlled vaults, with each bottle generating a unique NFT through blockchain technology, serving as a digital ownership certificate that records the bottle's provenance, authentication, and transaction history. It also provides a marketplace similar to Opensea, allowing users to trade rare spirits directly and supports traditional payment methods such as USDC and credit cards.

Elmnts

Elmnts focuses on converting bulk commodity assets such as oil and gas mining rights into digital tokens on the blockchain. These tokens represent fractional ownership of the mining rights assets for investors, allowing them to earn royalty income from oil and gas extraction by purchasing tokens. Through tokenization, traditionally high-barrier and illiquid mining rights investments become more divisible and tradable, reducing the barriers to investment entry.

Powerledger

Powerledger is an Australian energy technology company founded in 2016, dedicated to using blockchain technology to promote decentralization and sustainability in the energy sector. Powerledger enables the tracking, trading, and provenance of renewable energy through its platform, covering applications such as P2P energy trading, virtual power plants (VPP), carbon credit trading, and renewable energy certificates (RECs).

Powerledger tokenizes renewable energy assets such as solar and wind energy through the Solana blockchain, generating POWR tokens or other tokens for trading and tracking. These tokens represent specific units of energy, carbon credits, or renewable energy certificates, allowing users to conduct peer-to-peer transactions directly on the blockchain, reducing intermediaries and increasing efficiency.

Summary

The RWA ecosystem on the Solana chain covers five categories: stablecoins, government bonds, private credit, real estate, and commodities. With advantages such as high throughput and low costs, it has shown great potential in the RWA sector. However, issues of network stability, compliance and regulatory challenges, as well as intense market competition remain major obstacles on its development path. In the future, Solana needs to overcome these challenges through technological optimization, the development of compliance solutions, and ecosystem expansion to become an important platform connecting traditional finance and blockchain, achieving long-term sustainable development.

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