Real World Assets on Solana: A Comprehensive Overview

Introduction

Real-world assets (RWAs) are physical or traditional financial assets, such as stocks, real estate, commodities, or credit instruments, that are brought onchain through tokenization. These assets, whether tangible or intangible, derive their value from real-world utility, scarcity, or demand, and are typically governed by existing financial regulations.

Tokenization refers to the process of representing these assets as digital tokens on a blockchain. By encoding ownership rights into tokens, assets like U.S. Treasury bills, private equity, or real estate can be issued, tracked, and transferred more efficiently. This onchain transformation is emerging as a foundational pillar for institutional blockchain adoption, enabling around-the-clock settlement, improved transparency, and fractional ownership, thereby expanding access to global capital markets.

Today, the tokenized asset landscape is led by traditional instruments, including money market funds and government securities. Although still in its early stages, the tokenized RWA sector has experienced rapid growth, with the total value of assets on blockchains, excluding stablecoins, currently exceeding $38.3 billion, representing a 204% year-over-year increase from $18.8 billion a year ago.

Consultants McKinsey project that the market capitalization of tokenized assets could reach $2 trillion by 2030, driven by adoption across mutual funds, bonds, exchange-traded notes (ETNs), loans, securitized products, and alternative investment vehicles. Meanwhile, Standard Chartered forecasts more optimistically that total demand for tokenized assets could soar to $30.1 trillion by 2034. Regardless of the estimate, the outlook is clear: demand for RWAs is set to grow significantly in the future.

What are the advantages of tokenizing RWAs?

Tokenizing RWAs brings a range of transformative advantages that traditional financial infrastructure struggles to match:

• Global Accessibility: Today, only about 15% of the world’s population has access to the largest and most liquid capital markets in the U.S. RWAs make capital markets more inclusive, allowing anyone with an internet connection to participate, regardless of geography or socioeconomic status.
• 24/7 Markets: Unlike traditional finance, which operates within limited business hours, tokenized assets are available around the clock. This always-on access enables instant global capital mobility and faster financial settlements.
• Programmability: Once tokenized, RWAs become programmable digital assets. This enables the automation of financial contract terms, such as interest payments, maturities, or compliance checks, reducing administrative overhead and operational risk.
• Composability: RWAs issued by one protocol can be used by other onchain financial products. Just like building blocks, programs can interact permissionlessly, unlocking powerful cross-asset strategies and applications.
• Fractionalization: Tokenization enables the division of ownership in high-value assets, such as real estate or fine art, into smaller, more accessible units, thereby broadening investor participation, enhancing capital efficiency, and lowering investment minimums.
• Transparency: Blockchain-based RWAs provide real-time visibility into asset provenance, ownership history, and transaction flows on an immutable ledger, increasing trust and reducing the need for intermediaries.
• Operational Efficiency: By eliminating layers of manual processing and reconciliation, RWAs reduce costs and friction across the asset lifecycle, from issuance to settlement.
• Liquidity: At their peak, crypto markets have rivaled or even surpassed the trading volumes of traditional exchanges like NASDAQ or the NYSE. RWAs tap into this deep, global liquidity, making it easier for investors to enter or exit positions quickly and efficiently.

This report provides a comprehensive overview of the RWA landscape on the Solana blockchain. It aims to showcase the growing diversity of RWA offerings and examine their practical applications. The core analysis is structured around eight key categories:

• Equities: Tokenized stocks that represent fractional ownership in companies.
• Money Market Funds: Onchain assets backed by U.S. Treasury bills and other low-risk cash equivalents.
• Commodities: Tokens backed by tangible raw materials like gold, oil, or natural gas.
• Stablecoins: Digital representations of fiat currencies, primarily the U.S. dollar.
• Private Credit: Onchain debt instruments representing real-world loans to businesses or individuals.
• Real Estate: Tokenized real estate holdings enabling fractional property ownership.
• Collectibles: Digital tokens representing ownership of unique physical items.
• Speciality Finance: Exposure to specialized financial markets such as reinsurance and other alternative real-world cash flows.

Traditional fintech and enterprise companies are rapidly embracing the tokenization of RWAs. Accordingly, Solana’s RWA ecosystem is growing at a remarkable pace, with new projects and announcements emerging every month. While this article aims to offer a broad and representative overview, the fast-moving nature of the space means we may not capture every development. While the article flows best when read in order, each section is designed to stand alone and can be read independently.

R3, Corda

A key milestone in Solana’s push to accelerate institutional RWA adoption and enhance interoperability was the announcement at the 2025 Accelerate conference of a strategic integration with R3, the UK-based software firm behind the enterprise-grade blockchain platform Corda.

Corda, the company’s permissioned Distributed Ledger Technology (DLT) platform, is among the most widely adopted blockchains in the institutional space, powering over 60 live solutions. Notable deployments include the SIX Digital Exchange, which hosts the Swiss National Bank’s wholesale CBDC, Euroclear’s D-FMI tokenization platform, HQLAᵡ’s collateral mobility network, and Italy’s national payments system.

Its ecosystem hosts the world’s largest network of permissioned blockchain platforms, facilitating tens of millions of transactions per month and securing tens of billions of dollars in tokenized assets. R3’s clients include Euroclear, HSBC, Bank of America, the Italian central bank, and the Monetary Authority of Singapore.

The integration with Solana marks a shift in strategy for R3’s traditionally siloed, private ledger environments, which will soon be able to interact directly with a high-performance public blockchain. The Solana Foundation committed to an undisclosed investment in R3, and Solana Foundation President Lily Liu will join R3’s board, underlining the importance of the partnership.

The integration is launching with three core capabilities:

Real-Time Transaction Confirmation on Solana: Corda transactions can now be validated on Solana, eliminating the need for Corda’s internal notary architecture. Corda’s architecture ensures that no sensitive transaction data ever touches the public blockchain.

Stablecoin Settlement on Solana: Institutions using Corda will be able to settle tokenized asset transfers using Solana-based stablecoins like USDC. This enables atomic delivery-versus-payment settlement, removing the need for intermediaries or external protocols.

A Direct Liquidity Bridge to Solana: Assets issued on Corda, including equities, digital bonds, and tokenized funds, will be able to flow directly onto the Solana mainnet, expanding access to global liquidity pools.

Equities

Equities represent ownership in a company, giving shareholders a claim on its profits and assets. As of early 2025, the global equity market, spanning nearly 48,000 publicly listed companies, had a combined market capitalization of approximately $124 trillion, reflecting 13% year-over-year growth and a long-term annualized growth rate of around 6%. The United States remains the dominant force, accounting for over $63 trillion in market value at the end of 2024, more than half of the global total.

Despite its scale, the equities market remains constrained by several structural limitations. Trading is restricted to weekday hours, excluding weekends and holidays, which limits liquidity and responsiveness compared to 24/7 digital asset markets. Global access, particularly to U.S. equities, is uneven, with many investors outside major financial centers facing regulatory, custodial, or platform barriers that prevent them from participating directly in the market. For companies, the path to public markets is expensive and complex, with the average U.S. IPO costing between $10 and $30 million in underwriting, legal, compliance, and listing fees, creating a high barrier to entry and limiting access to capital for emerging businesses. 

Tokenization on Solana addresses these points of friction by offering enhanced liquidity, global accessibility, and lower barriers to capital formation. Several Solana-based initiatives are tackling this opportunity, including Backpack Securities, Kraken xStocks, Ondo Global Markets, and Opening Bell by Superstate.

Backpack Securities

Backpack Securities’ approach to tokenized equities creates a two-way bridge between traditional brokerage infrastructure and Solana. Users can purchase real U.S.-listed stocks and ETFs through Backpack as security entitlements governed by New York UCC Article 8. For supported assets, users can convert those holdings into tokenized securities and withdraw them to a Solana wallet; depositing the tokens back into Backpack reverses the process, converting them into traditional securities holdings.

This structure is distinct from both tracker products and issuer-native models. Backpack’s onchain token is a tokenized claim on an SPV holding the underlying assets, with its value anchored 1:1 through a mint-and-redemption mechanism. Crucially, the token can be redeemed through Backpack for the corresponding real security rather than only settled for cash. In effect, Backpack makes conventionally issued equities portable between brokerage and blockchain infrastructure without requiring the company itself to issue its shares onchain.

Once tokenized, the securities become self-custodied Solana assets that can trade 24/7, move wallet-to-wallet, and integrate with decentralized exchanges and DeFi applications. Backpack also preserves the economics of corporate actions: dividends on tokenized securities are automatically reinvested into additional tokenized shares, while events such as stock splits are reflected through proportional balance adjustments.

Backpack launched this model on Solana in partnership with Sunrise, beginning with tokenized SpaceX shares ($SPCX) in June 2026. $SPCX went live on Solana the same day the underlying equity began trading on Nasdaq, providing an early demonstration of how a public equity can move between traditional market infrastructure and an always-on onchain market.

Kraken xStocks

At the Accelerate conference in May 2025, Kraken announced Solana as the launch network for xStocks, its tokenized equities framework developed with Backed. The product went live on June 30 with 60 U.S.-listed stocks and ETFs, including Apple, Nvidia, Tesla, and the S&P 500, giving eligible non-U.S. investors permissionless, self-custodied exposure to major public-market assets directly on Solana. Since then, the catalog and distribution network have expanded substantially, with xStocks now integrated across exchanges, wallets, and DeFi applications.

xStocks are tokenized tracker certificates rather than the underlying shares themselves. Each token provides economic exposure to a specific stock or ETF and is collateralized 1:1 by the corresponding security held with regulated custodians in segregated accounts. Backed Assets (JE) Limited, a Jersey-based bankruptcy-remote special purpose vehicle, issues the instruments, which do not confer shareholder rights such as voting. On Solana, xStocks use the Token-2022 standard and can be freely transferred between wallets and applications.

KYC-verified participants can mint or redeem xStocks through the issuer's primary market, where creation and redemption are tied to prices in the underlying equity market. Once issued, however, the tokens circulate permissionlessly on secondary markets and can trade 24/7. Dividends and stock splits are reflected onchain via a rebasing mechanism, allowing corporate actions to flow through to token holders automatically.

Adoption has grown rapidly since launch. By January 2026, xStocks had already surpassed 57,000 unique onchain holders and $3 billion in onchain transaction volume, with Solana accounting for roughly 93% of xStocks' tokenized asset value at the time. By late July 2026, the value of xStocks on Solana had climbed to approximately $442 million, representing more than 67% of Solana's tokenized-equity market. Across the wider multichain xStocks network, the project's live dashboard currently reports ~$650 million in AUM and over 200,000 holders.

Ondo Global Markets

Ondo Finance, a leader in RWA tokenization, launched Ondo Global Markets (Ondo GM) in 2025, a platform designed to bring US public market exposure onchain for non-US users. Ondo GM enables wallets and applications to natively offer access to US stocks, ETFs, and mutual funds through freely transferable, tokenized securities that are usable across Solana DeFi.

The platform supports liquid US-listed stocks, bonds, and ETFs, with plans to expand into additional asset classes, including international equities and corporate bonds. Each token represents a 1:1 backing of the underlying asset, held by regulated broker-dealers and custodians. These tokens come with transfer restrictions to ensure regulatory compliance, allowing movement only between verified participants within the Ondo GM ecosystem.

Users can fund their accounts with fiat or stablecoins and submit instructions via an onchain program, API, or web interface for Ondo GM to purchase specific securities such as TSLA. These shares are acquired on traditional exchanges, such as the Nasdaq, and held by regulated broker-dealers and custodians. In return, users receive tokenized representations of the assets (e.g., tTSLA).

To support this vision, Ondo recently announced the Global Markets Alliance, a cross-industry initiative aimed at fostering standards and interoperability for tokenized securities. The alliance brings together prominent stakeholders, including the Solana Foundation, Bitget Wallet, Jupiter, Trust Wallet, Rainbow Wallet, BitGo, Fireblocks, 1inch, and Alpaca to collaborate on best practices around liquidity, investor protection, interoperability, and composability.

Opening Bell by Superstate

Opening Bell is a platform developed by Superstate that enables companies to issue SEC-registered equity directly onto blockchains, starting with Solana. Shares are recorded and tokenized by Superstate’s SEC-registered, blockchain-enabled transfer agent (Superstate Services LLC), which handles ownership tracking, share issuance and redemption, and dividend distribution. Importantly, Opening Bell tokens represent actual shares, fully compliant and issued onchain, without relying on synthetic exposure, wrapped assets, or offshore workarounds.

By integrating allowlists and permissioned controls, Opening Bell ensures that only eligible, KYC-verified investors, both accredited and unaccredited, can participate. Investors can buy and sell shares like standard tokens, with 24/7 DeFi trading, instant settlement, and transparent price discovery. Unaccredited investors have no investment minimums, though the platform’s fee structure has not yet been disclosed.

Opening Bell is open to both existing public companies and late-stage private firms. Public companies gain access to new liquidity and a crypto-native investor base, while private firms can list shares earlier than traditional markets would allow, with a pathway to a full up-listing on Nasdaq or NYSE.

SOL Strategies ($HODL), a publicly traded Canadian firm focused on Solana infrastructure, is one of the first to announce plans to list its common shares on Solana via Superstate. The company also intends to list on Nasdaq, creating a dual-market presence that bridges public markets and the digital asset ecosystem.

Superstate, the New York-based blockchain firm behind Opening Bell, is led by DeFi pioneer Robert Leshner, founder of the Compound lending protocol and partner at early-stage crypto venture fund Robot Ventures.

Money Market Funds

Money Market Funds (MMFs) are open-end mutual funds that pool investor cash and buy short-dated, high-quality instruments, primarily Treasury bills, government repos, commercial paper, and certificates of deposit.

According to the latest data from the Investment Company Institute, the assets held by MMFs within the United States were $7.01 trillion in June 2025. MMFs represent roughly 16% of all regulated fund assets worldwide. Inflows have been driven by attractive short-term yields and by investors shifting out of bank deposits following the 2023 banking sector stresses. Funds typically advertise same-day liquidity, providing holders with the ability to redeem on demand.

Outside North America, retail savers and even smaller corporations have limited access to dollar MMFs. Tight investor-eligibility rules, outbound capital quotas, and cross-border compliance costs collectively keep the product mainly in the hands of big institutions in a handful of financial centers. Tokenization provides a channel through which MMFs can reach a much broader global audience seeking highly liquid, dollar-denominated yields, democratizing access to these cash-equivalent products.

In recent quarters, several major players in traditional finance have brought tokenized versions of their flagship money market funds to Solana. Notable examples include BlackRock’s BUIDL Fund, Franklin Templeton’s FOBXX, Ondo USD Yield Token, and VanEck’s VBILL, marking a significant step toward onchain access to regulated cash-equivalent products.

BlackRock BUIDL Fund

In March 2025, BlackRock and Securitize announced the expansion of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to Solana. Initially launched in March 2024, BUIDL has quickly become the largest fund in the tokenized money market sector, surpassing $2.7 billion in assets under management.

The fund offers flexible custody arrangements, distributes dividends daily, and charges an annual management fee of 0.20% to 0.50%. Roughly $740 million worth of tokens have already been issued on Solana. Cross-chain interoperability for BUIDL is enabled by Wormhole Native Token Transfers (NTT), allowing for seamless and secure token movement between blockchains.

Ondo USD Yield Token (USDY)

USDY is a yield-bearing tokenized note backed by short-term U.S. treasuries and bank demand deposits. As a true bearer asset, anyone can purchase, hold, or transfer USDY without onboarding with Ondo or completing KYC, making it a convenient stablecoin alternative for retail investors. USDY’s value appreciates as the underlying yield accrues. Its current price is $1.14, reflecting an annualized native yield of about 4.3%. There are currently 156.7 million USDY tokens circulating on Solana, representing approximately $178.6 million in total value.

VanEck VBILL

VanEck’s tokenized treasury-bill fund (VBILL) went live on Solana in May 2025. Tailored for institutional and qualified investors, VBILL accepts subscriptions on Solana starting from $100,000, charges a lean 0.20 % management fee, and supports 24/7 minting via USDC. The fund has already issued approximately $13.9 million of VBILL tokens on Solana.

State Street Galaxy SWEEP

In May 2026, State Street Investment Management and Galaxy Asset Management launched the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) on Solana. The tokenized private liquidity fund invests primarily in short-duration U.S. Treasuries and Treasury-backed instruments, alongside cash and stablecoins, and is managed by State Street with Galaxy providing the tokenization infrastructure.

SWEEP is designed specifically for 24/7 institutional cash management. Qualified investors can subscribe using PYUSD or USDC at any time, while a reserve of PYUSD held within the fund enables 24/7 stablecoin redemptions, subject to available liquidity. Unlike many yield-bearing tokens, SWEEP is non-rebasing, making it easier to integrate into lending, collateral, and treasury-management applications; it is also accepted as collateral across Galaxy’s trading and lending desks. Chainlink NAVLink publishes the fund’s daily NAV onchain, while CCIP supports future cross-chain interoperability.

Stablecoins

Stablecoins are digital assets issued onchain that aim to maintain a stable value, typically pegged to fiat currencies like the U.S. dollar. They come in several forms:

• Fiat-backed: Collateralized by cash and short-term assets such as U.S. Treasury bills
• Crypto-collateralized: Backed by reserves of cryptocurrencies like SOL or ETH
• Algorithmic: Rely on market incentives and partial collateral to maintain their peg

Fiat-backed stablecoins are the most widely adopted, often holding U.S. Treasury bills and other short-term instruments in reserve. However, these stablecoins are not tokenized representations of the underlying assets, and they generally do not pass through the yield generated by those reserves to holders. They represent a digital form of cash.

Solana’s stablecoin supply was $16.3 billion in August 2026. USDC remains the dominant stablecoin, representing over 47% of the total supply, followed by Tether’s USDt at approximately 24%. Beyond these two major players, a growing long tail of emerging stablecoins is gaining momentum, creating a diverse range of options for users and developers.

Stablecoins represent the largest category of real-world assets, but in this report, we’ll keep our analysis brief. For a deeper dive, we recommend reviewing our report, Solana’s Stablecoin Landscape.

Commodities

Commodities are arguably the most fundamental form of real-world assets—tangible raw materials that underpin and fuel the global economy. The category encompasses everything from energy sources, such as crude oil and natural gas, to metals like copper, aluminum, and gold, to agricultural goods including coffee, wheat, corn, and livestock.

Commodities make up one of the world’s largest and most complex asset classes. Gold alone commands a market capitalization of more than $31 trillion. The oil-and-gas sector generated about $5.95 trillion in revenue in 2024, while global agricultural commodities are valued at roughly $2.7 trillion.

Yet, despite their heft, commodity markets remain riddled with structural frictions:

• Opacity and weak price discovery. Most trading still occurs over the counter; Boston Consulting Group notes that profits often hinge on information asymmetries that persist precisely because pricing is opaque.
  
• Manual, paperwork-heavy settlement. Cross-border cargoes typically rely on letters of credit and paper documents, which add days to the processing time and create frequent discrepancies that stall shipments.
  
• Fragmented data and OTC bargaining. IMF research shows that in illiquid or non-transparent markets, the absence of reliable benchmarks inflates bid-ask spreads and forces participants to price in valuation uncertainty.

Several Solana-based projects are targeting specific segments of the commodities market. AgriDex is building infrastructure for the global agricultural industry, while Uranium Digital is bringing transparency and access to the niche uranium market, and Oro is developing onchain solutions for tokenized gold.

Tokenized Precious Metals

Solana’s precious metals RWA market is increasingly diverse, with mature tokenized gold options that provide exposure through different legal and technical structures, joined by emerging silver products.

Pax Gold (PAXG) is a direct tokenization of physical gold issued by Paxos Trust Company, N.A., a national trust bank regulated by the U.S. Office of the Comptroller of the Currency (OCC). Each PAXG represents one fine troy ounce of gold held in LBMA-accredited vaults, with holders owning the underlying physical gold under Paxos' legal custody. PAXG expanded to Solana in June 2026, where it is issued using Token-2022 with compliance controls built into the token. It can ultimately be redeemed through Paxos for physical bullion, unallocated gold, or USD.

Tether Gold (XAUt0) brings another major physically backed gold asset to Solana, but through a different mechanism. Tether's original XAUt represents ownership of one fine troy ounce of gold allocated to a specific LBMA-standard bullion bar held in Switzerland. On Solana, XAUt0 represents this exposure: an omnichain version of XAUt built using LayerZero's OFT standard. XAUt0 can move between supported chains and be converted back into XAUt, which in turn supports physical redemption.

Gold xStock (GLDx) is a tracker certificate backed 1:1 by shares of SPDR Gold Shares (GLD), one of the world's largest gold ETFs. The underlying ETF shares are held with regulated custodians, while GLDx circulates as a freely transferable Solana token.

Oro takes a more vertically integrated approach with GOLD, its 1:1 vaulted gold token. Each token is backed by at least one fine troy ounce of physical bullion, held with institutional custodians such as Brink's and independently verified by RSM. Oro differentiates itself by building additional financial products around the asset: holders can earn yield through institutional gold leasing, use gold as collateral for borrowing, or redeem their tokens for physical metal.

Dominion extends this model to silver with SILV, a Solana-native token designed to represent economic exposure to one troy ounce of physical silver held in professional vault storage. SILV is minted only against silver already held in reserve, with Dominion planning onchain reserve attestations alongside independent verification. SILV represents a claim backed by the protocol's silver reserves rather than legal title to a particular bar. At launch, it is designed to support cash redemption at the prevailing silver price, with physical redemption planned subsequently.

AgriDex

AgriDex has developed a decentralized marketplace designed to enhance transparency, efficiency, and fairness throughout the global agricultural supply chain. The platform connects a diverse range of stakeholders, including small farmers, large distributors, trade financiers, insurers, and logistics providers.

Functionally, AgriDex operates as a digital marketplace where buyers and sellers can list, negotiate, and finalize deals. Stablecoin-based payments enable near-instant settlement, significantly reducing the time and cost associated with traditional payment rails. The platform also supports trade financing and insurance, integrating external data sources, oracles, APIs, and tax systems to streamline complex transactions.

Governance is managed through a DAO, giving token holders the ability to vote on proposals and shape the platform's evolution. To combat food fraud and enhance traceability, AgriDex records every transaction and product attribute, thereby increasing trust throughout the supply chain. Its interface provides users with tools for managing deals, tracking shipments, verifying product quality, and accessing real-time market intelligence.

Uranium Digital

Uranium Digital is creating the first institutional-grade, 24/7 spot market for physically settled uranium, aiming to modernize one of the most opaque and bureaucratic commodity markets. The project recently raised $6.1 million in a seed round led by Framework Ventures to bring efficiency, price discovery, and real-time trading to a market long dominated by over-the-counter deals and forward contracts.

Traditionally, buying uranium, specifically yellowcake, the powdered form of uranium oxide concentrate used as nuclear fuel, has been a slow and fragmented process. Institutional buyers typically issue requests for quotes (RFQs) and wait months to receive non-binding offers through opaque forward sales contracts, many of which don't align with daily quoted prices. Settlement can take weeks or months, and price transparency is virtually nonexistent.

Uranium Digital overhauls this process by issuing tokenized representations of physically backed uranium, with each token corresponding to one pound of yellowcake stored at one of three globally recognized conversion facilities. The platform enables near-instant trading and settlement for verified institutional participants, offering the first real alternative to legacy uranium procurement channels. Buyers who meet KYC/KYB requirements and pass sanctions screening can take physical delivery of the uranium, creating a direct bridge between token markets and the underlying commodity.

Uranium Digital aims to enhance price discovery, reduce settlement times, and provide a trusted and compliant environment familiar to institutional clients. With a global uranium market currently facing a 25% supply shortfall relative to demand, the project also addresses a growing urgency for more efficient sourcing of a critical input in the clean energy transition.

Private Credit

Private credit refers to credit extended to companies or projects on a bilaterally negotiated basis, typically originated, held, and serviced by non-bank lenders such as funds or business development companies. Unlike publicly traded instruments, such as corporate bonds, private credit is not issued through public markets and takes various legal forms, including loans, notes, bonds, or private securitization structures. Capital is raised from institutional and accredited investors and deployed directly to borrowers, providing faster and more flexible financing. For lenders, private credit offers exposure to floating-rate instruments, tighter covenants (conditions and clauses that protect lenders), and attractive risk-adjusted returns.

According to the 2025 Private Debt Report by Preqin (BlackRock), global private credit assets managed through traditional fixed-term closed-end funds reached approximately $1.7 trillion as of year-end 2024. Broader estimates from the Alternative Investment Management Association (AIMA), which also includes open-end funds, separately managed accounts (SMAs), and evergreen vehicles, put total private credit assets under management at around $3 trillion, with the asset class expected to maintain strong double-digit growth in the coming years.

The high minimum investment thresholds, complex underwriting, and illiquidity have traditionally made private credit markets inaccessible to all but large institutional investors, such as pensions, insurers, or sovereign wealth funds. Most private credit fund structures still require high minimum investments (e.g., $5 million or more) and are designed for accredited or qualified purchasers. 

Tokenization of private credit funds enables fractional ownership of underlying assets, dramatically reducing minimum investment thresholds and making the market more accessible and liquid. As one of the fastest-growing segments of global capital markets, private credit offers attractive yields, making it an ideal fit for DeFi strategies such as collateralized lending and leveraged yield.

On Solana, a growing range of projects are bringing different forms of private credit into onchain finance. These include Apollo’s ACRED fund, which provides exposure to institutional private credit; Maple Finance’s syrupUSD, backed by secured lending pools; Hastra’s PRIME and AUTO, which channel capital into U.S. home-equity and auto loans; and Kamino Institutional Commodity Yield and Obligate’s oTFY, which extend onchain credit into commodity and trade finance.

Hastra PRIME

PRIME is a yield-bearing token developed by Hastra that brings exposure to U.S. home-equity lending onto Solana. The structure begins with wYLDS, Hastra’s SEC-registered yield-bearing stablecoin. Users stake wYLDS to mint PRIME, with the deposited capital supplied to Figure’s Democratized Prime HELOC+ lending pool, where it provides financing against home equity lines of credit originated by Figure. Interest paid through these real-world lending operations ultimately provides the yield received by PRIME holders.

Unlike a fixed-rate private credit fund, PRIME’s return responds continuously to demand for credit. Its base rate is determined by utilization of the HELOC+ pool, with Hastra deducting a 0.50% annual platform fee. PRIME remains transferable and can be used as collateral in Solana DeFi, allowing the underlying credit yield to remain productive while users borrow or create looped leverage positions against it.

The product has demonstrated significant demand through Kamino. At the end of Q1 2026, a Blockworks report recorded approximately $626 million in deposits in Kamino’s Figure market, helping Kamino’s overall RWA markets reach $1.23 billion in deposits. Kamino’s Multiply infrastructure has been particularly important here, allowing users to loop yield-bearing RWA collateral against stablecoin borrowing through a single position.

Hastra AUTO

AUTO extends the Hastra and Figure credit stack from home equity into U.S. consumer auto loans. Launched on Solana in July 2026, AUTO is minted when users stake wYLDS, which programmatically directs capital into an auto-loan pool on Figure’s Democratized Prime marketplace. The yield therefore comes from interest paid by consumers on real car loans.

The underlying credit pipeline involves several steps. Agora Data originates and services near-prime auto loans; the loans are recorded through Figure Connect and its DART infrastructure. Figure Forge pools them into standardized, fungible loan-participation interests representing claims on the underlying cash flows. Figure then provides the structuring and credit enhancement, while Hastra distributes the resulting yield exposure to AUTO holders. This differs from most tokenized private credit funds, where the onchain token represents a fund interest rather than structured participation in the underlying loan pool.

AUTO targeted roughly 9% yield at launch, with rates varying according to utilization of the lending pool. The structure includes protections such as an 87% advance rate, a reserve account and a $25 million commitment from Figure as first-loss capital. AUTO launched with a Kamino integration, making the credit asset usable as DeFi collateral and enabling users to build leveraged yield strategies around consumer-loan exposure.

Kamino Institutional Commodity Yield

Kamino Institutional Commodity Yield introduces another form of private credit: short-term financing for physical commodity trades. Importantly, the product does not provide exposure to commodity prices. Instead, users deposit USDC to finance working-capital loans to corporations and commodity traders moving assets such as metals, energy products, and selected soft commodities through global supply chains. Depositors receive kicUSDC, a vault token whose redemption value increases as interest from the underlying loans accrues.

Deposited capital flows through a special-purpose vehicle into an off-chain lending operation implemented through a fund supervised by the Cayman Islands Monetary Authority (CIMA). Loans typically run for one to three months and finance transactions where both the commodity purchase and onward sale have already been contractually agreed. Before capital is released, financing is backed 1:1 by cash in segregated accounts; after release, loans are designed to be overcollateralized by the physical commodities themselves. This structure aims to generate returns from trade-finance margins while limiting direct exposure to commodity price fluctuations.

The vault launched in August 2026 with an initial $25 million USDC capacity and a target yield of ~7–8%. It combines an instant liquidity buffer with an onchain FIFO withdrawal queue for capital deployed into outstanding loans. The product expands Solana’s private-credit market beyond corporate and consumer lending into commodity trade finance, an institutional credit market that has historically been difficult for onchain capital to access directly.

Apollo ACRED

Powered by Apollo Global Management, a $785 billion alternative asset manager, ACRED (Apollo Diversified Credit Securitize Fund) is now available on Solana as a regulated tokenized credit fund, issued by Securitize. This integration marks the first tokenized credit fund to enter Solana’s DeFi ecosystem, enabling composability with lending protocols and unlocking attractive yield strategies.

The $1 billion ACRED fund is primarily composed of Corporate Direct Lending (63%), targeting large-scale corporate originations and sponsor-backed issuers through senior secured and unitranche loans. The remainder includes Performing Credit (26%), which is focused on liquid, senior-secured corporate debt, and a 10% allocation for Asset-Backed Lending.

ACRED is the first asset tokenized on Solana using the Securitize sToken architecture, allowing investors to gain fractional exposure to Apollo’s private credit strategies. The fund natively yields approximately 9.5% APR, making it a compelling candidate for DeFi leverage and looping strategies.

Two of Solana’s largest lending protocols, Kamino Finance and Loopscale, are actively supporting ACRED, turning the tokens into productive collateral within Solana DeFi. Kamino is integrating the asset into its Multiply product, enabling users to deploy leveraged yield strategies. The integration is being supported by Steakhouse Financial, which provides risk and advisory expertise to ensure robust credit modeling. Loopscale offers a complementary fixed-rate lending model, allowing eligible users to borrow stablecoins against ACRED and loop the position for greater exposure to the fund’s yield.

Maple Finance syrupUSD

Maple Finance’s syrupUSD is a yield-bearing stablecoin backed by fixed-rate, overcollateralized loans issued through Maple’s institutional lending platform. These short-duration loans offer both high, consistent yield and short-term liquidity to syrupUSD holders. The yield is sourced from a mix of Maple’s High Yield Secured and Blue Chip Secured lending pools.

Since its founding in 2019, Maple has emerged as a leading onchain asset manager, having originated over $3.3 billion in loans to date, with $776 million in active loans currently outstanding. syrupUSD is priced at $1.10 and delivers a native 6.52% APY, which can be further enhanced through staking incentives paid in Maple’s governance token.

In June 2025, syrupUSD officially expanded to Solana via an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Since its launch, more than 75.2 million syrupUSD has been issued on Solana, valued at $88.7 million. The token is already well integrated with major DeFi protocols on the network, including Kamino, Jupiter Lend, and Orca.

Obligate Trade Finance Yield (oTFY)

Obligate Trade Finance Yield (oTFY) brings short-duration commodity trade finance onchain. oTFY is issued by a Luxembourg securitization vehicle and represents a claim on the NAV of a revolving portfolio composed primarily of investment-grade trade-finance bonds. The underlying financing is tied to transactions involving liquid, globally traded physical commodities, with exposure diversified across many individual trades and protected by marine insurance exceeding the value of the underlying commodities.

The product launched on Solana in June 2026 and is now integrated with Kamino, allowing the token to move beyond a traditional buy-and-hold investment and function as onchain lending collateral. As of August 14, oTFY has approximately $26 million in TVL and an 8.75% APY, with its NAV appreciating as income from the underlying trade-finance portfolio accrues. Primary-market subscriptions and redemptions occur with the issuer at NAV, while secondary-market holders can trade the SPL token through DeFi markets 24/7, subject to available liquidity.

Collectibles

Collectibles, including fine art, wine, classic cars, sports memorabilia, luxury watches, comics, and trading cards, have grown into a substantial alternative asset class. The market is currently valued at nearly $335 billion and is projected to expand at a compound annual growth rate of 6.9%.

Transaction costs are high; auction houses like Sotheby’s can charge up to 26% in buyer premiums and around 10% in seller commissions, meaning as much as a third of a sale's value can be lost to fees. 

Authenticity and provenance also pose persistent challenges, particularly in categories like vintage sports memorabilia, where the FBI estimates that up to half of items in circulation may be counterfeit.

Tokenized collectibles have become one of Solana’s fastest-growing consumer RWA categories. Trading cards in particular have evolved from a niche experiment into a sizeable onchain market led by Collector Crypt and Phygitals, alongside a growing long tail of platforms such as Beezie, Slabz, and others. By June 2026, Solana accounted for roughly 60% of total onchain collectibles market volume. The category is also becoming increasingly financialized, with vaulted physical collectibles now supporting secondary trading, instant liquidity, and even card-backed lending. Beyond trading cards, Solana’s collectibles market also includes BAXUS for tokenized whiskey and spirits, dVIN for bringing wine collections onchain, and Jurassic Finance for fractional ownership of museum-grade dinosaur fossils.

Collector Crypt

Collector Crypt has emerged as the largest platform in Solana’s rapidly growing tokenized trading-card market. The platform stores professionally graded physical cards in insured third-party vaults and issues an onchain asset representing each card. Ownership can then change hands instantly without moving the physical collectible, while holders can redeem the token to have the underlying card shipped to them. Collector Crypt has now tokenized more than 130,000 cards and surpassed $1.6 billion in total volume.

Its Gacha product remains a major driver of activity, allowing users to open randomized packs of real cards and either keep their pull or immediately sell eligible cards back. Collector Crypt has also evolved into infrastructure for the wider ecosystem: Solflare Packs, Rarible’s Gacha Station, and Jupiter Gacha all draw from Collector Crypt’s vaulted inventory. Tokenized cards can increasingly be used as financial assets, including as collateral for fixed-rate loans through Jupiter Offerbook.

Phygitals

Phygitals has developed into another major Solana marketplace for tokenized trading cards, with more than 100,000 cards tokenized and over $250 million in total volume. Every digital asset is backed 1:1 by a specific professionally graded physical card stored in insured vaults operated by PSA, Fanatics, or Alt, and holders can trade the card digitally or redeem it for physical delivery.

Like Collector Crypt, Phygitals combines tokenization with a highly consumer-oriented collecting experience. Users can open provably fair randomized packs, trade cards through its marketplace, or immediately sell eligible pulls back for 85–90% of their market value. The platform has also expanded into formats such as claw machines, duels, and drafts. A particularly important integration is Fanatics Collect, which makes Phygitals inventory accessible through a major traditional collectibles marketplace and helps connect onchain ownership with existing offchain collector liquidity.

Jurassic Fi

Jurassic Finance extends Solana’s tokenized collectibles market into the unconventional asset class of museum-grade dinosaur fossils. Each fossil is acquired through its own dedicated special purpose vehicle (SPV), which then issues a fungible SPL token on Solana. Token holders receive transferable economic and legal rights to the underlying specimen through the SPV, while authentication, custody, and insurance remain offchain.

Its first offering (a $660,000 USDC raise) centers on Deaton, a museum-grade Triceratops skull with roughly 60–65% of its original bone mass and all three horns intact. Once acquired, fossils are intended to be placed with museums and institutions, which handle storage, conservation, and insurance in exchange for display rights. The model therefore combines fractional ownership and onchain liquidity with institutional custody, opening an extremely high-value and traditionally illiquid collectibles market to a much broader group of participants.

BAXUS

BAXUS is the first global peer-to-peer marketplace for buying, selling, trading, and storing collectible wine and spirits. The platform brings a traditionally opaque and illiquid asset class onchain through tokenization and secure custody, enabling broader global access, liquidity, and price transparency.

Based in New York, BAXUS allows users to purchase fractional ownership in bottles or cases of wine and spirits. Each asset is represented as an NFT tied to a vaulted, physical bottle. This means collectors and investors can own a share of a high-end bottle without needing to purchase or store the item.

BAXUS operates on a custodial model, storing all bottles in secure, insured vaults. This ensures authentication, proper climate-controlled storage, and the ability to resell assets with confidence. The platform solves key frictions in the spirits market:

• Secondary market liquidity: previously rare bottles were traditionally sold only through auctions or specialized retail outlets
• Transparent pricing data: replacing fragmented and often informal valuation systems
• Capital efficiency: as users can borrow USDC against their holdings

In May 2024, the company announced a $5 million funding round led by Multicoin Capital, with notable participation from Solana Ventures to support its global expansion.

dVIN

dVIN is building a decentralized infrastructure for the $1 trillion global wine industry (collectables and wholesale) by tokenizing wine bottles and streamlining the highly fragmented supply chain. With pilots involving over 70 wineries and more than $2 million in wine already tokenized as of 2024, dVIN is focused on solving critical issues across the sector, including authenticity, fraud prevention, chain of custody, customer acquisition, and supply chain transparency.

At the core of dVIN’s offering is the ‘Digital Cork’ system, a unique NFT assigned to each bottle of wine upon production. This digital cork serves as a certificate of authenticity and traceability, containing metadata about the wine's origin, production details, and supply chain journey. It creates a verifiable, tamper-proof link between each physical bottle and its digital counterpart on Solana.

When a consumer drinks their wine, they scan the bottle’s NFC tag through the dVIN app to open the Digital Cork, which burns the original NFT and mints a Tasting Token. This token not only certifies that the bottle was consumed but also unlocks winery-specific rewards, such as loyalty points in the form of VinCoin (VIN).

With over 30,000 independent winemakers and 10 million intermediaries worldwide, the wine industry is a heavily fragmented market. dVIN’s infrastructure provides a unified, transparent source of truth for provenance and logistics, while also unlocking new forms of loyalty, engagement, and monetization for both wine producers and collectors.

Real estate

Real estate, covering residential, commercial, and agricultural property, is the world’s largest store of wealth, with the underlying asset base valued at roughly $379.7 trillion. Industry revenues reached about $4.13 trillion in 2024, with an expected annual compound growth rate of approximately 6.2 percent.

Even at this scale, transaction processes remain slow and costly. A typical sale still takes 30 to 45 days to close, tying up capital and heightening execution risk, while closing fees and brokerage commissions can cost 2–10% of a property’s value. Layered onto these frictions are fragmented local regulations and persistent information asymmetry, factors that sap liquidity, distort price discovery, and leave the market vulnerable to periodic bubbles.

In the sections below, we examine three established Solana-based projects: Parcl, Homebase, and MetaWealth, each taking a distinct approach to improving efficiency in the real estate market. Homebase and MetaWealth enable fractionalized, onchain property ownership in the U.S. and European markets, respectively. Parcl, by contrast, focuses on tokenizing real estate price indices, allowing users to gain exposure to property market movements without owning physical assets.

Parcl 

Founded in 2021, Parcl enables users to gain exposure to residential real estate markets worldwide for as little as $1, without owning or managing physical property. The platform offers synthetic indexes that track the price performance of major global housing markets, enabling low-cost, liquid access to real estate.

At the heart of Parcl is a proprietary real estate price feed that aggregates over 100 million data points daily. This data is used to calculate the median price per square foot (or meter) across hundreds of markets, with updates occurring every 24 hours. These synthetic price indexes offer a transparent and real-time benchmark for investors.

Using Parcl’s perpetual automated market maker, users can take long or short positions on these indexes with up to 20x leverage. This enables directional trading on real estate markets in cities such as New York, Chicago, Dallas, and Washington, D.C.

Parcl currently supports 34 real estate markets and has surpassed $10 million in total value locked (TVL). By removing the complexity and illiquidity associated with buying physical property or investing in traditional Real Estate Investment Trusts (REITs), Parcl provides a streamlined, global, and highly liquid gateway to the real estate market.

Built entirely on Solana, Parcl benefits from low fees and fast settlement, making it one of the most technically advanced and accessible real estate protocols in the cryptocurrency industry today.

Metawealth

MetaWealth is a Solana-based investment platform focused on fractionalized real estate ownership across European markets. Since its launch, MetaWealth has facilitated over $35 million in tokenized property investments, listing assets in countries such as Romania, Spain, Greece, and Italy, with a user base of over 50,000 investor accounts and 138 tokenized assets.

The platform offers a mobile-first experience through its iOS and Android applications, providing investors with a dashboard for managing portfolios, tracking property performance, and receiving rental income distributions. MetaWealth combines three main components:

1. Asset Tokenization: Real estate properties undergo a detailed due diligence process, including valuation by Colliers International. Approved properties are tokenized into fractional ownership units that represent direct ownership of the underlying asset.
2. Investment Management: Investors can browse and invest in a curated list of income-generating real estate assets.
3. Yield Distribution: Rental income is automatically distributed to token holders in real time via MetaWealth’s mobile app.

The platform also features a native utility and governance token, $AUM, which enables staking and participation in governance.

Originally launched on Ethereum, MetaWealth made the strategic decision to migrate to Solana, citing faster settlement, lower fees, and improved scalability.

According to the team, “Solana's superior transaction speed, low costs, and eco-friendly infrastructure align with MetaWealth's mission to provide an efficient and seamless user experience.”

Headquartered in Dublin, with offices in Zurich and Bucharest, MetaWealth recently secured a European Virtual Asset Service Provider (VASP) license in April 2025. This regulatory milestone will enable the platform to offer a compliant secondary market for trading property.

Homebase

Homebase enables U.S. residents to invest in real estate through fractional ownership, with entry points as low as $100. In March 2023, Homebase made headlines by tokenizing two single-family rental properties in McAllen, South Texas. The offerings raised over $400,000 in just two weeks from 38 individual investors, who purchased NFTs representing shares in a special purpose vehicle (SPV) that legally owns the properties. Of the 76 investors across Homebase’s first two offerings, 78% were non-institutional, with an average check size between $4,000 and $5,000.

Key to Homebase’s infrastructure is the use of Solana. The network’s low fees, fast settlement, and native USDC support via Circle made it an ideal choice for ensuring both technical feasibility and investor trust. Investors fund purchases using USDC, which is then converted into fiat currency for property acquisition. Rental income from the property is converted back into USDC and automatically distributed monthly to investors’ wallets.

Ownership is represented as NFTs, which are tradable on the Homebase marketplace. These tokens are registered with the SEC, and Homebase provides wallet recovery protocols to mitigate security risks. Participation is currently limited to U.S. residents and requires KYC verification.

Speciality Finance

Solana is starting to support more specialized forms of real-world finance whose returns come from markets such as insurance underwriting. These assets are particularly interesting onchain because they introduce sources of yield that have historically been difficult for most investors to access and whose returns are uncorrelated with crypto and public markets.

OnRe

OnRe brings the economics of the global reinsurance market directly onchain through ONyc, a Solana-native yield-bearing token. ONyc represents a proportional claim on a regulated, legally segregated account in Bermuda that provides collateral for short-duration insurance and reinsurance contracts. Returns come primarily from premiums paid by insurers, supplemented by yield earned on the collateral supporting those policies. Claims and other underwriting results are reflected in the token's NAV.

Holders are providing capital against insurance risk rather than borrower credit risk. OnRe's transparency dashboard currently shows roughly $256 million in AUM and an 11.65% trailing 12-month APY, with deal-level visibility into deployed capital, expected losses, premiums, and underwriting returns. ONyc is also integrated with Kamino, where it can be supplied as collateral or used through Multiply to create leveraged exposure to its reinsurance yield.

Re Protocol

Re Protocol provides another route into reinsurance, but with a substantially different risk structure. Its flagship reUSD token sits at the senior end of Re's reinsurance capital stack. Capital deposited into the protocol helps fund licensed reinsurers and collateralize real insurance contracts, while reUSD accrues a basis-plus yield that updates through an appreciating token price. Underwriting losses are first absorbed by the reinsurer's own equity and the junior reUSDe tranche before reaching reUSD, providing structural (although not absolute) principal protection.

Re, therefore, separates insurance exposure into different risk tranches rather than passing underwriting performance directly through a single token. Behind the protocol is a diversified reinsurance portfolio spanning homeowners, commercial auto, small-business commercial insurance, and workers' compensation. reUSD expanded to Solana in August 2026 through Chainlink CCIP, launching lending markets on both Kamino and Jupiter Lend.

Conclusion

The tokenization of real-world assets (RWAs) spans a broad and evolving spectrum, from straightforward instruments like fiat-backed stablecoins and tokenized treasury bills to more complex and less liquid assets such as private credit, real estate, equities, and collectibles.

Although RWA projects have existed onchain for years, their growth was long constrained by regulatory ambiguity, particularly in the U.S., the world’s largest financial market. Recent shifts in regulatory posture have sparked a surge of interest in bringing assets from traditional finance onchain. This momentum is accelerating rapidly, with Solana emerging as a leading platform for RWA projects due to its battle-tested high-throughput architecture, low fees, and mature developer ecosystem. Solana's capabilities make it an ideal environment for the efficient issuance, management, and trading of tokenized assets.

In this report, we examined several key categories emerging on Solana, including stablecoins, money market funds, tokenized real estate, equities, commodities, collectibles, speciality finance, and private credit. This review highlights the diversity of use cases and the growing number of teams building foundational RWA infrastructure on the network.

As the space continues to evolve, we anticipate that Solana’s RWA ecosystem will undergo significant upgrades, driven by increased institutional participation, clearer regulatory frameworks, and ongoing consumer demand.

Many thanks to 0xIchigo and Brady for reviewing earlier versions of this work.

Further Resources

• Solana for Enterprise: Reasons and Use Cases - Helius Blog
• Real World Assets - Solana Official
• Solana network - RWA.xyz