Solana on-chain Real World Asset Landscape: Tokenized assets cover seven core areas from stocks to real estate.

Real-world assets ( RWA ) refer to physical or traditional financial assets represented on the blockchain through tokenization, such as stocks, real estate, commodities, or credit instruments. The value of these assets derives from their practicality, scarcity, or demand in the real world, and is typically subject to existing financial regulations.

Tokenization is the process of representing 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 blockchain transformation is becoming the foundation of institutional blockchain applications, enabling around-the-clock settlement, enhancing transparency, and supporting fractional ownership of assets, thus expanding access to global capital markets.

Currently, the tokenized asset sector is mainly dominated by traditional instruments such as money market funds and government securities. Although still in its early stages, the tokenized real-world asset sector has seen rapid growth, with the total value of assets on-chain, excluding stablecoins, having surpassed 24 billion USD, a year-on-year increase of 114% compared to 11.2 billion USD 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 is even more optimistic, estimating that by 2034, the total demand for tokenized assets could reach $30.1 trillion. Regardless of the specific predictions, the trend of significant growth in RWA demand in the future is already very clear.

( The advantages of tokenizing RWA

Tokenization of RWA brings a series of 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 geographic location or socioeconomic status.

• 24/7 Market: Unlike traditional finance with limited business hours, tokenized assets are available around the clock. 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, allowing for powerful cross-asset strategies and applications to be unlocked.

• Fragmentation: Tokenization can divide the 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 of asset sources, ownership history, and transaction flows on an immutable ledger, enhancing trust and reducing the need for intermediaries.

• Operational efficiency: By eliminating multi-layer manual processing and reconciliation processes, tokenization reduces the cost and friction throughout the entire lifecycle of assets from issuance to settlement.

• Liquidity: During peak periods, the trading volume of the cryptocurrency market has rivaled or even surpassed that of traditional exchanges such as Nasdaq or the New York Stock Exchange. Tokenized RWA leverages this enormous and global liquidity, enabling 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, aiming to showcase the increasingly diverse RWA products and their practical applications. The core analysis revolves around the following seven key categories:

• Stock: Tokenized stock representing partial ownership in 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 that achieve partial ownership.

• Collectibles: Represent unique physical ownership digital tokens.

Traditional fintech and enterprises are rapidly adopting the tokenization of RWA. Correspondingly, Solana's RWA ecosystem is growing at an astonishing pace, with new projects and announcements emerging every month. Although this article aims to provide a broad and representative overview, the rapid development of the field means that not every advancement may be covered. While reading this article in order works best, each section is independently designed and can be read alone.

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( 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 ###. This is 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 Swiss National Bank's wholesale central bank digital currency ( CBDC ), 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 of Directors, highlighting the significance of this collaboration.

This integration introduces three core features:

• Real-time transaction confirmation on Solana: Corda transactions can now be validated on Solana without the need for Corda's internal notary architecture. The Corda architecture ensures that no sensitive transaction data touches the public blockchain.

• Stablecoin settlement on Solana: Institutions using Corda will be able to utilize stablecoins on Solana, such as USDC(, for tokenized asset transfer settlement, achieving atomic delivery and payment settlement without 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 the company's profits and assets. As of early 2025, the global stock market encompasses nearly 48,000 publicly listed companies, with a total market capitalization of approximately $124 trillion, a year-on-year increase of 13%, and a long-term annual growth rate of about 6%. The United States remains the dominant force, with a market capitalization 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 constraints. Trading is limited to weekdays, excluding weekends and holidays, which restricts liquidity and responsiveness compared to the round-the-clock digital asset market. Global access to U.S. stocks is uneven, and many investors cannot 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 a U.S. IPO ) IPO ( ranging between $10 million and $30 million, including underwriting, legal, compliance, and listing fees, creating a high barrier to entry that limits financing channels for emerging enterprises.

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

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) 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 ), responsible for ownership tracking, stock issuance and redemption, and dividend distribution. Importantly, Opening Bell tokens represent actual stocks, fully compliant and issued on-chain, without relying on synthetic exposure, wrapped assets, or offshore solutions.

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

Opening Bell is open to both existing public companies and later private companies. Public companies can gain new liquidity and attract crypto-native investors, while private companies can go public earlier before being allowed in traditional markets and have a pathway to fully list on NASDAQ or the New York Stock Exchange.

SOL Strategies)$HODL( is a Canadian publicly traded company focused on Solana infrastructure and is one of the first companies to announce plans to list its common shares 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 crypto venture capital fund Robot Ventures.

) Kraken xStocks

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

xStocks is a tokenized tracking certificate representing over 55 of the most popular U.S. 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. market 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, extending the utility of traditional assets.

( Ondo Global Markets

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

The platform will initially support liquidity for US-listed stocks, bonds, and ETFs, and 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 brokerage firms and custodians. These tokens will have transfer restrictions to ensure regulatory compliance, allowing transfers only between verified participants within the Ondo GM ecosystem.

Users can top up their accounts using fiat 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 like NASDAQ and held by regulated brokerage firms 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, an initiative across industries aimed at promoting the standards and interoperability of tokenized securities. The alliance brings together well-known stakeholders including the Solana Foundation, a wallet, a DEX, a wallet, a wallet, BitGo, Fireblocks, a DEX, and Alpaca, to collaboratively develop best practices around liquidity, investor protection, interoperability, and composability.

) Remora

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

Each tokenized stock is issued as an SPL token, achieving integration with Solana DeFi.