Solana Ecosystem RWA Data Scan: Tokenization of Treasury Bonds, Stocks, and Real Estate

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

According to currentdata,the total circulating market value of RWAs other than stablecoins has exceeded US$330 billion, but this leaf="">It's just the beginning. According to the Boston Consulting Group (BCG) forecast, by 2030, the scale of RWA on the chain will reach 16 trillion US dollars.

The potential of RWA is undoubtedly huge. However, mainstream RWAnarrativewilltake the leadon which public chainbecome a reality?

As the leading public blockchain in the DeFi space, Ethereum holds over 50% of the RWA market. Solana, with its robust ecosystem development, has captured 3.2% of the RWA market, ranking seventh among major public blockchains and a significant development. With giants like BlackRock bringing billions of dollars in RWA assets to Solana through the Securitized platform, its RWA ecosystem has entered a period of rapid development.

In today's article, we will delve into Solana's current status in the RWA track, providing investors, developers, and industry observers with a comprehensive and systematic investigation.

Panoramic Analysis of Solana Ecosystem RWA Projects

Many users in the RWA market come from traditional stock markets or commodity markets. For these people, the platform's ability to respond to user requests in a short time and provide a low-latency, low-cost trading experience is a key factor. To address transaction latency, many RWA projects adopt a multi-chain deposit-taking strategy with a single-chain settlement. Solana, with its high TPS, is a suitable execution platform for RWA services. The fact that CMB International's on-chain RWA fund, CMBMINT, chose Solana as its initial offering demonstrates its appeal. Furthermore, RWA applications typically involve a large number of small transactions, such as rent distribution and interest payments. Excessively high gas fees can severely erode yields. Take Homebase, a well-known real estate tokenization platform, for example. It processes thousands of small rent payments each month. This micropayment model places extremely strict demands on low transaction fees, and Solana, with its ultra-low transaction fees, offers a natural advantage. Data shows that although Solana's RWA ecosystem is still in its early stages, it has shown strong growth momentum. According to RWA.xyz, there are currently 94 RWA assets within the Solana ecosystem, with a total market capitalization of $700 million. In the past 30 days, RWA transfers on the Sol chain reached $18 billion, second only to Ethereum in transaction volume. Currently, Solana's RWA ecosystem has formed a diversified structure, covering a wide range of assets from physical assets to financial instruments. Below we will introduce typical RWA project cases by category.

(Solana Ecosystem RWA Project Pedigree)

Treasury Bonds

Currently, treasury bonds on the chain are one of the main and most popular RWA asset types, Because government bonds offer stable, risk-free returns, they have long been highly sought after in the financial market. Compared to traditional financial markets, tokenized government bonds allow for 24/7 trading, can be offered in a fragmented retail format, and can be integrated with the DeFi ecosystem to enhance liquidity. Below, we will analyze several typical cases. Note that yield-generating stablecoins collateralized by government bonds essentially put government bonds on-chain and enjoy the benefits of these bonds. This article also includes these RWA products in the government bond category.

Maple Finance (USDC-SPL)

Maple is a well-known Treasury-related RWA project on Solana. Founded by Sid Powell and Joe Flanagan, it focuses on institutional lending and asset management. Since its launch in May 2021, it has facilitated over US$7 billion in loans and managed over US$1.7 billion in assets.

In May 2023, Maple launched the asset management solutionMaple Cash Management Pool, which provides users with a net APY of around 4.8%based on treasury bond returns. Users can freely enter and exit the pool as needed without paying lock-up or redemption fees, becoming the first treasury bond 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 income principle of Treasury bond RWA, we can decompose Maple's workflow into the following leaf="">NextSteps:

Fund Input:

Lenders deposit USDC into Maple Finance's pool and receive LP tokens representing their share of the funds.

Loan Issuance

:

The pool lends USDC to the Solana wallet of Room40 Capital, a US crypto investment company. Treasury Bond Investment: Borrowed USDC is converted into USD through Circle and invested in Treasury bonds. As the borrower, Room40 Capital is responsible for managing the Treasury bonds to generate returns. Income Distribution: The returns generated by Treasury bond investments flow back into the funding pool through the Maple platform, and lenders receive returns based on their LP shares. In the above case, because on-chain data is transparent and immutable, Room40 cannot conceal the flow of USDC funds. Real-time auditing agencies will review the returns of Room40's investment targets off-chain. If the Treasury bond yields reported by Room40 do not match the returns allocated on-chain, USDC lenders will immediately detect the anomaly. To prevent malicious behavior by institutional investors like Room40, Maple Finance requires all participants on the platform, including lenders and borrowers, to undergo KYC and AML verification, and their identities and operational backgrounds must undergo rigorous due diligence by Maple. It can be said that the combination of on-chain and off-chain work avoids the possibility of favoritism and fraud by investment institutions.

Ondo Finance (USDY&OUSG)

Currently, Ondo Finance has become the leader in the RWA track. Its flagship product USDY (Ondo USD Yield) and short-term government bond tokenized asset OUSG are the most representative RWA products in the Solana ecosystem. With high transparency, high liquidity and stable yields, they have attracted a large number of investors. As of October 2025, the circulation of USDY has reached US$250 million, ranking first among Solana's Treasury bond RWA projects and is also the largest non-stablecoin RWA asset in circulation on the Solana chain. USDY works similarly to Maple: users deposit stablecoins like USDC into a pool through the Ondo platform. Ondo then invests these funds in US Treasury bonds through regulated brokers. The yield from these bonds is distributed proportionally 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 via cross-chain bridges for use in DeFi protocols for lending, staking, or liquidity mining, effectively creating an interest-bearing stablecoin. In addition to USDY, Ondo's other major product is OUSG. After absorbing USDC, the Ondo platform invests it in BlackRock's Short-Term Treasury Bond ETF (SHV), among other assets. The resulting interest is shared among OUSG holders. The current circulating supply of OUSG has reached $79 million. Unlike USDY, OUSG primarily invests in short-term U.S. Treasury bonds. OUSG's annualized yield is generally slightly lower than USDY, but its stability is favored by institutional investors. This difference is due to the fact that, in addition to U.S. Treasuries, USDY also invests in certain bank deposit notes, which typically have slightly higher risk and returns than Treasuries. Securitize (BUIDL & VBILL) is the first company capable of issuing tokenized securities in the United States and Europe. In January 2025, Securitize partnered with Wormhole to bring Apollo Global Management's $1.3 billion credit fund, $ACRED, to Solana. Securitize's two main RWA projects on Solana are BUIDL and VBILL. Both use U.S. Treasuries as underlying assets, combining Solana's high throughput and low costs to provide investors with efficient and transparent yield-generating investment tools. BUIDL, jointly launched by BlackRock and Securitize, is BlackRock's first tokenized fund. It was first issued on Ethereum in March 2024 and expanded to Solana in March 2025. VBILL was launched by asset management company VanEck in collaboration with Securitize, and will be issued on Solana, Avalanche, BNB Chain, and Ethereum in May 2025. The current market capitalizations of BUIDL and VBILL on Solana are approximately US$175 million and US$23 million, respectively.

Etherfuse (TUSOURO & EUROB & CETES & GILTS)

In 2024, Etherfuse launched the Stablebonds platform on Solana, focusing on tokenized government bonds from various countries. Its major RWA projects on Solana include TUSOURO (Brazilian government bonds), EUROB (EU bonds), CETES (Mexican government bonds) and GILTS (UK government bonds), with a total market value of approximately US$3.9 million on Solana. xStocks is a tokenized stock product launched by Backed Finance, which almost occupies the entire market of tokenized stocks on Solana. Within one month of its launch, the total transaction volume on the Xstock chain exceeded US$300 million, fully demonstrating the market demand for stock tokenization. Each xStocks token is pegged 1:1 to a real-world stock or ETF. Regulated custodians hold actual shares, ensuring the token's value is linked to the underlying asset. Price data is synchronized to the blockchain in real time via Chainlink oracles, ensuring transparency and accuracy. Currently, xStocks covers over 60 stocks and ETFs, including Apple, Tesla, Nvidia, and the S&P 500 ETF, including most blue-chip stocks. Currently, xStocks' total market capitalization exceeds $94 million.

Private Credit

Private credit is typically provided by non-bank institutions to 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 credit has higher returns but also higher risks.

After the 2008 financial crisis, private credit quickly became one of Wall Street's hottest investment targets, and the related market size has grown from US$250 billion in 2010 to approximately US$2 trillion in 2025. Currently, the only major private lending project on Solana is Credix Finance. Other projects, such as Alloy X, have attempted this before, but they haven't been sustainable. Credix Finance was founded in 2021 and specializes in RWAs, a type of private lending service. The logic of Credix is ​​relatively simple, and it can be regarded as a lending intermediary platform between the chain and the real world: borrowing USDC from users on the chain, and then converting it into local currencies of various countries, and lending it to various types of borrowing entities. It is worth mentioning that Credix's Twitter has only been updated once since November 2024, and its information has been almost unavailable in the media in the past year. Real Estate Tokenization Real Estate On-Chain RWAs, which tokenize real estate using blockchain technology, have long been a key application scenario in the early RWA vision. Among many public chains, Solana is the primary testing ground for real estate on-chain projects. The most well-known real estate RWA project on Solana is probably Homebase, which allows investors to invest in NFT-denominated properties for as little as $100. However, the platform's official Twitter account has been suspended since August 2024, with no related news for over a year. The list of "Available" properties on its official website is also blank.

Currently, active real estate RWA projects on Solana include 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 creates City Indexes, which allow users to invest in real estate market price fluctuations in specific geographic areas. Similar to perpetual contracts, these indices are based on the average price per square foot or square meter of residential properties. Data is provided by Parcl Labs and is updated daily, aggregating millions of data points around the world to ensure the indices reflect real-time market values. Parcl can be thought of as a PerpDEX, but with real estate as the underlying asset. In addition to long and short positions, users can also add USDC to the pool to add liquidity and earn trading fees. Furthermore, users can invest with as little as $1, significantly lowering the barrier to entry. As of now, the TVL on Parcl is approximately $7 million. MetaWealth is a real estate tokenization platform open to EU and Canadian users, offering users fractional ownership of real estate that can generate passive income. After MetaWealth completes audits and research with third-party quality assessment agencies, it will acquire and rent out qualified properties. It will also fragment the ownership of properties, allowing users to invest with a minimum investment of $100 and receive rent based on their investment's share of the property's total price. Currently, MetaWealth has tokenized 138 properties, generating $850,000 in revenue, with 50,000 investors and a total of $36 million in real estate under management. In April 2025, MetaWealth listed three regulated RWA real estate bonds, becoming the first project in the Solana ecosystem to achieve this milestone. In June 2025, APS, a Czech fund manager with $13.7 billion in assets under management, purchased $3.4 million in tokenized Italian real estate through MetaWealth. MetaWealth provides an innovative, transparent, and efficient investment platform for both retail and institutional investors. Commodities Commodities are typically industrial raw materials, precious metals, or primary products with a wide range of industrial and commercial applications. The most prominent RWA implementation is the blockchain-based gold platform, such as Paxos Gold, where each token represents one ounce of gold and primarily circulates on Ethereum. Major RWA projects on Solana include BAXUS, which puts high-end alcohol on the blockchain, and Elmnts and Powerledger, which are working on energy blockchains. BAXUS stores high-end alcohol (such as rare whiskeys and wines) in secure, temperature-controlled vaults. Each bottle of alcohol is generated using blockchain technology as a unique NFT, serving as a digital certificate of ownership that records the bottle's origin, authentication, and transaction history. BAXUS also offers a marketplace similar to Opensea, allowing users to directly trade rare alcoholic beverages, supporting traditional payment methods like USDC and credit cards. Elmnts specializes in converting commodity assets such as oil and gas mining rights into digital tokens on the blockchain. These tokens represent fractional ownership of mining rights assets, allowing investors to receive royalty income from oil and gas extraction by purchasing tokens. Through tokenization, mining rights investments, which traditionally have high barriers to entry and low liquidity, become more divisible and tradable, lowering the barrier to entry.

Powerledger

Powerledger

Powerledger is an Australian energy technology company founded in 2016, committed to using blockchain technology to promote the decentralization and sustainable development of the energy industry. Powerledger uses its platform to track, trade, and trace renewable energy, covering applications such as peer-to-peer energy trading, virtual power plants (VPPs), carbon credit trading, and renewable energy certificates (RECs). Powerledger tokenizes renewable energy assets such as solar and wind power through the Solana blockchain, generating POWR tokens or other tokens for trading and tracking. These tokens represent specific energy units, carbon credits, or renewable energy certificates, allowing users to conduct peer-to-peer transactions directly on the blockchain, reducing intermediaries and improving efficiency.

Summary

The Solana chain's RWA ecosystem covers five categories: stablecoins, government bonds, private credit, real estate, and commodities. With its advantages such as high throughput and low costs, it has demonstrated great potential in the RWA sector. However, network stability issues, compliance and regulatory challenges, and fierce market competition remain major obstacles to its development. Going forward, Solana needs to overcome these challenges through technological optimization, development of compliance solutions, and ecosystem expansion, becoming a key platform connecting traditional finance and blockchain and achieving long-term sustainable development.