Solana runs 47% of onchain RWA trades

Key takeaways

1. Solana accounts for 32% of onchain RWA spot volume and 47% of all RWA trades. That is $14.7B of the $46B traded across all chains. Its share of RWA market cap is only 12%, because Solana's RWA flow is small tickets traded often: a $29 median trade against $70 elsewhere.
2. Solana's lead is widest in fixed income, where the largest balances barely trade. It settles 74% of onchain fixed-income volume, $5.4B of the market's $7.4B, almost all from two private-credit issuers, while BlackRock's $741M of BUIDL recorded no spot trades in the year.
3. Tokenized equities are Solana's largest class, and most of their volume trades outside US market hours. Equities are $8.2B of Solana's $14.7B of RWA volume, and 63% of that traded while US exchanges were closed.

Abstract

Solana's standing in tokenized real-world assets depends entirely on which number is measured. On market cap it holds 12% of the onchain total, a distant position. On trading it holds 32% of spot volume and 47% of all trades, ahead of every other chain. This report measures both, class by class, over the twelve months to Aug 18, 2026, onchain spot only with perpetuals excluded.

Using Allium's RWA coverage across 24 chains, the report maps the 37 issuers with live products on Solana into the Solana Foundation's six asset classes and reports market cap, spot volume, holders and traders for each. Fixed income carries 19 of the 37 issuers and 74% of onchain volume settles on Solana. Equities are the largest class by trading, $8.2B of Solana's $14.7B, and 45% of the chain's equity volume trades on decentralized exchanges rather than issuer platforms. Private funds run 52% of onchain volume through one reinsurance fund. Commodities are concentrated in Tether Gold, which traded 40x its Solana market cap. Real estate has no Solana issuance at all, and no onchain spot trades anywhere in the class in the window.

The gap between trading share and market-cap share is the report's central finding. Solana's median RWA trade is $29 against $70 on other chains, its 374K traders averaged 114 trades each against 63 elsewhere, and the average position is $14K against $27K, so ownership reaches 1.8x more owners per dollar held. Solana is where RWA ownership is widest and flow is most frequent, while the largest institutional balances sit still.

Download the full report for the class-by-class breakdown, the issuer and product tables, and the methodology.

Informational only. Not investment advice.