Solana on-chain RWA Ecosystem Overview: From Stocks to Real Estate, Tokenized Assets Cover Seven Core Areas

Real-world assets (RWA) refer to physical or traditional financial assets such as stocks, real estate, commodities, or credit instruments that are tokenized and placed on-chain. The value of these assets derives from their practicality, scarcity, or demand in the real world, and they are typically subject to existing financial regulations.

Tokenization is the process of presenting these assets in the form of digital tokens on the blockchain. By encoding ownership as tokens, assets such as U.S. Treasury bonds, private equity, or real estate can be issued, tracked, and transferred more efficiently. This on-chain transformation is becoming the foundation of institutional blockchain applications, enabling 24/7 settlement, enhancing transparency, and supporting fractional ownership of assets, thereby expanding access to global capital markets.

Currently, the tokenization of assets is dominated by traditional instruments such as money market funds and government securities. Although it is still in the early stages, the tokenization of real-world assets has seen rapid growth, with the total value of assets on-chain (excluding stablecoins) exceeding $24 billion, a year-on-year increase of 114% from $11.2 billion a year ago.

McKinsey & Company predicts that by 2030, the market size of tokenized assets could reach $20 trillion, covering areas such as mutual funds, bonds, exchange-traded notes (ETNs), loans, securitized products, and alternative investment tools. Standard Chartered Bank anticipates that by 2034, the total demand for tokenized assets could reach $30.1 trillion. Regardless of the specific forecasts, the trend of significant growth in demand for RWA in the future is already very clear.

The Advantages of Tokenizing RWA

Tokenization of RWA brings transformative advantages that traditional financial infrastructure finds hard to match:

• Global Accessibility: Currently, only about 15% of the global population can participate in the largest and most liquid capital markets in the United States. Tokenization makes capital markets more inclusive, allowing anyone with internet access to participate, regardless of their geographic location or socio-economic status.

• 24/7 Market: Unlike traditional finance that operates during limited business hours, tokenized assets are available 24/7. This continuous accessibility enables instant global capital flow and faster financial settlements.

• Programmability: After tokenization, RWA becomes a programmable digital asset. This automates the terms of financial contracts, such as interest payments, maturity dates, or compliance checks, thereby reducing management costs and operational risks.

• Composability: A tokenized RWA issued by one protocol can be used by other on-chain financial products. These programs can interact with each other like building blocks, unlocking powerful cross-asset strategies and applications without permission.

• Fragmentation: Tokenization can divide ownership of high-value assets such as real estate or artworks into smaller, more accessible units, thereby expanding investor participation, improving capital efficiency, and lowering investment thresholds.

• Transparency: Blockchain-based RWA provides real-time visibility into asset provenance, ownership history, and transaction flows on an immutable ledger, enhancing trust and reducing the need for intermediaries.

• Operational Efficiency: By eliminating multiple layers of manual processing and reconciliation processes, tokenization reduces the cost and friction of the entire lifecycle of assets from issuance to settlement.

• Liquidity: During peak periods, the trading volume of the cryptocurrency market has reached or even exceeded that of traditional exchanges such as NASDAQ or the New York Stock Exchange. The tokenization of RWA leverages this vast and global liquidity, allowing investors to enter and exit the market more quickly and efficiently.

This report provides a comprehensive overview of the RWA sector on the Solana blockchain, with core analysis focused on the following seven key categories:

• Stocks: tokenized stocks representing partial ownership of a company.

• Money Market Fund: On-chain assets backed by U.S. Treasury bonds and other low-risk cash equivalents.

• Commodities: Tokens backed by physical raw materials such as gold, oil, or natural gas.

• Stablecoin: Mainly represents the digital fiat currency of the US dollar.

• Private Credit: Represents on-chain debt instruments that provide real-world loans to businesses or individuals.

• Real Estate: Tokenization of real estate assets to achieve partial ownership in real estate.

• Collectibles: represent unique physical ownership digital Token.

Traditional fintech and enterprises are rapidly embracing the tokenization of RWA. Accordingly, Solana's RWA ecosystem is growing at an astonishing pace, with new projects and announcements emerging every month.

R3 and Corda

At the recent Accelerate conference, Solana announced a strategic integration with the UK software company R3 (the developer of the enterprise-level blockchain platform Corda), marking a key milestone for Solana in promoting institutional adoption of RWA and enhancing interoperability.

Corda is one of the most widely used blockchains in the institutional sector, supporting over 60 real-time solutions. Notable applications include the SIX Digital Exchange, which hosts the wholesale Central Bank Digital Currency (CBDC) of the Swiss National Bank, the D-FMI tokenization platform of the European Clearing Bank, the collateral liquidity network of HQLAᵡ, and the Italian National Payment System.

The Corda ecosystem has the world's largest permissioned distributed ledger technology (DLT) platform network, processing tens of millions of transactions every month, and ensuring the security of hundreds of billions of dollars in tokenized assets. R3's clients include the European Central Bank, HSBC, Bank of America, the Bank of Italy, and the Monetary Authority of Singapore.

The integration with Solana marks a shift from R3's traditionally isolated private ledger environment to direct interaction with high-performance public blockchains. The Solana Foundation has committed to an undisclosed amount of investment in R3, and Solana Foundation Chair Lily Liu will join the R3 board, highlighting the significance of this collaboration.

This integration introduces three core functionalities:

• Real-time transaction confirmation on Solana: Corda transactions can now be verified on Solana without the need for the internal notarization framework of Corda. The Corda architecture ensures that no sensitive transaction data touches the public blockchain.

• Stablecoin Settlement on Solana: Institutions using Corda will be able to settle tokenized asset transfers using stablecoins (such as USDC) on Solana, achieving atomic delivery and payment settlement without the need for intermediaries or external protocols.

• Direct liquidity bridge to Solana: Assets issued on Corda (including stocks, digital bonds, and tokenized funds) will be able to flow directly into the Solana mainnet, expanding access to global liquidity pools.

Stock

Stocks represent ownership in a company, granting shareholders the right to claim a portion of the company’s profits and assets. As of early 2025, the global stock market encompasses nearly 48,000 listed companies, with a total market capitalization of approximately $124 trillion, reflecting a year-on-year growth of 13%, and a long-term annualized growth rate of about 6%. The United States remains a dominant force, with a market cap exceeding $63 trillion by the end of 2024, accounting for more than half of the global total.

Despite its large scale, the stock market is still subject to multiple structural limitations. Trading is limited to weekdays, excluding weekends and holidays, which restricts liquidity and responsiveness compared to the round-the-clock digital asset market. Access to U.S. stocks is uneven globally, with many investors unable to directly participate in the market due to regulatory, custody, or platform barriers. For companies, the path to going public is costly and complex, with the average cost of an initial public offering (IPO) in the U.S. ranging from $10 million to $30 million, including underwriting, legal, compliance, and listing fees, creating a high barrier to entry that restricts financing channels for emerging enterprises.

Tokenization on Solana addresses these friction points, providing enhanced liquidity, global accessibility, and lower barriers to capital formation. Several Solana-based projects are seizing this opportunity, including Superstate's Opening Bell.

Superstate's Opening Bell

Opening Bell is a platform developed by Superstate that enables companies to issue SEC-registered stocks on the blockchain, starting with Solana. The stocks are recorded and tokenized by Superstate's SEC-registered, blockchain-supported transfer agent (Superstate Services LLC), which is responsible for ownership tracking, stock issuance and redemption, and dividend distribution. Importantly, Opening Bell Tokens represent actual stocks, are fully compliant, and are issued on-chain without relying on synthetic exposure, wrapped assets, or offshore solutions.

By integrating whitelisting and permission control, Opening Bell ensures that only eligible investors who have completed Know Your Customer (KYC) verification (including both accredited and non-accredited investors) can participate. Investors can buy and sell stocks just like trading standard tokens, enjoying 24/7 DeFi trading, instant settlement, and transparent price discovery. Although the platform's fee structure has not yet been announced, there is no minimum investment requirement for non-accredited investors.

Opening Bell is open to both existing public companies and later-stage private companies. Public companies can gain new liquidity and attract crypto-native investors, while private companies can go public earlier before traditional market approval, with a pathway to a full listing on NASDAQ or the New York Stock Exchange.

SOL Strategies is a Canadian publicly listed company focused on Solana infrastructure and is one of the first companies to announce plans to list its common stock on Solana through Superstate.

The New York blockchain company Superstate behind Opening Bell is led by DeFi pioneer Robert Leshner, who is the founder of the Compound lending protocol and a partner at the early cryptocurrency venture capital fund Robot Ventures.

Kraken xStocks

At the Accelerate conference in May 2025, a trading platform announced Solana as its official release partner for the new tokenized stock product xStocks, providing permissionless, self-custodied access to some of the most popular securities globally.

xStocks is a tokenized tracking certificate representing over 55 of the most popular US-listed stocks and ETFs, issued as SPL tokens on the Solana blockchain.

For eligible users worldwide, xStocks offers a new way to gain exposure to the U.S. markets without relying on traditional brokers or custodians. Users can hold xStocks in self-custody wallets, trade on decentralized exchanges, and use them as collateral in lending protocols, expanding the utility of traditional assets.

Ondo Global Markets

Ondo Finance is a leader in RWA tokenization and is preparing to launch Ondo Global Markets (Ondo GM).

The platform will initially support liquid US-listed stocks, bonds, and ETFs, with plans to expand to other asset classes such as international stocks and corporate bonds. Each token represents 1:1 backing of the underlying assets held by regulated broker-dealers and custodians. These tokens will carry transfer restrictions to ensure regulatory compliance, allowing transfers only between verified participants within the Ondo GM ecosystem.

Users can recharge their accounts using fiat currency or stablecoins, and submit instructions through on-chain programs, APIs, or web interfaces for Ondo GM to purchase specific securities (such as TSLA). These stocks are purchased on traditional exchanges and held by regulated broker-dealers and custodians. In return, users receive asset tokenization representations (such as tTSLA).

To support this vision, Ondo recently announced the establishment of a global market alliance, which is a cross-industry initiative aimed at promoting the standardization and interoperability of tokenized securities. The alliance brings together well-known stakeholders, including the Solana Foundation, multiple wallets, exchanges, and infrastructure providers, to collaboratively develop best practices around liquidity, investor protection, interoperability, and composability.

Remora

Remora Markets (formerly known as Moose Capital) is developing a compliant tokenization platform for traditional stocks on Solana. After being acquired by Step Finance in December 2024, Remora will allow users to directly purchase full or partial shares of US-listed stocks such as TSLA, AAPL, COIN, and NVDA on-chain.

Each tokenized stock is issued as an SPL Token, achieving seamless integration with the Solana DeFi ecosystem. These assets can be traded on DEXs, used as liquidity in liquidity pools, serve as collateral in lending protocols, or deployed in yield generation strategies, thereby bringing real-world stock exposure into on-chain financial applications.

Users deposit USDC to mint tokenized stocks at real-time market prices, with asset support managed by a regulated custodian located in the United Arab Emirates (UAE).