Solana RWA Growth Surges Ahead of Ethereum in 2025

Solana may still trail Ethereum in total RWA value, but it's gaining fast. According to RWAxyz, the value of tokenized RWAs on Solana surged from $173.8M to $553.8M this year, marking a 218% increase. In comparison, Ethereum’s RWA value climbed 81% year-to-date, growing from $4.3B to $7.7B.

Across the board, the tokenized RWA sector is heating up, with total on-chain value rising 196% since January, from $8.6B to $25.5B. Ethereum remains dominant with the largest market share, but Solana’s rapid momentum shows real competition.

Messari’s recent report confirms this trend, pointing to strong performance in yield-bearing RWAs on Solana, especially from Ondo Finance’s OUSG and USDY. These two assets alone represent 60% of Solana’s RWA market (excluding ONyc), with a combined valuation of $248M. Most RWAs across both networks are still stablecoins, but tokenized treasuries are starting to shine.

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