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 on-chain 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 on-chain 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 $24 billion (see chart below), representing a 114% year-over-year increase from $11.2 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 on-chain 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 seven key categories:

• Equities: Tokenized stocks that represent fractional ownership in companies.
• Money Market Funds: On-chain 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: On-chain 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.

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 recent 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 Opening Bell by Superstate, Kraken xStocks, Ondo Global Markets, and Remora.

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 on-chain, 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. There are no investment minimums for unaccredited investors, 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.

Kraken xStocks

At the Accelerate conference in May 2025, centralized exchange Kraken announced Solana as the official launch partner for its new tokenized equities product, xStocks, offering permissionless, self-custodied access to some of the world’s most in-demand securities.

xStocks are tokenized tracker certificates representing over 55 of the most popular U.S.-listed stocks and exchange-traded funds (ETFs), issued as SPL tokens on the Solana blockchain. xStocks are issued under an EU-approved prospectus by Backed Assets (JE), a Swiss-based startup specializing in compliant tokenization infrastructure.

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

Ondo Global Markets

Ondo Finance, a leader in RWA tokenization, is preparing to launch Ondo Global Markets (Ondo GM), a platform designed to bring US public market exposure on-chain for non-US users. Ondo GM will enable 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 will initially support 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 will 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 on-chain 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.

Remora

Remora Markets, formerly Moose Capital, is developing a platform for the compliant tokenization of traditional equities on Solana. Acquired by Step Finance in December 2024, Remora will allow users to purchase full or fractional shares of major U.S.-listed stocks, such as TSLA, AAPL, COIN, and NVDA, directly on-chain.

Each tokenized equity is issued as an SPL token, enabling seamless integration with Solana’s DeFi ecosystem. These assets can be traded on decentralized exchanges, used as liquidity in LP pools, posted as collateral in lending protocols, or deployed in yield-generating strategies, thereby bringing real-world equity exposure to on-chain financial applications.

Users deposit USDC to mint tokenized stocks at real-time market prices, with asset backing managed by regulated custodians based in the United Arab Emirates (UAE). To ensure transparency and trust, monthly proof-of-reserve audits will be published, verifying 1:1 backing of all tokenized shares.

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, and VanEck’s VBILL, marking a significant step toward on-chain 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 $2.9 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 $20 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.

Franklin Templeton FOBXX

Franklin Templeton, one of the world’s twenty largest asset managers with $1.7 trillion in AUM, extended its OnChain U.S. Government Money Fund (FOBXX) to Solana in February 2025. The fund, which already manages over $700 million, holds U.S. government securities, cash, and repurchase agreements. To date, the fund has minted over US$23 million of FOBXX tokens on Solana, providing on-chain access to a conservatively managed, government-only cash vehicle.

Ondo OUSG and USDY

Ondo Finance is a leading DeFi protocol focused on real-world assets (RWAs). On Solana, it offers two tokenized products backed by money market instruments: USDY and OUSG.

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 $1.09, reflecting an annualized native yield of about 4.3%. There are currently 162.8 million USDY tokens circulating on Solana, representing approximately $177 million in total value.

Ondo Short-Term US Government Treasuries (OUSG)

OUSG offers tokenized exposure to short-term U.S. Treasuries and money market funds for qualified purchasers and institutions who have completed onboarding with Ondo. Each OUSG token represents a share in the Ondo I LP fund, which holds the iShares Short Treasury Bond ETF (SHV). As of this writing, more than 700,000 OUSG tokens have been minted on Solana, representing over $79 million in assets.

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 $8 million of VBILL tokens on Solana.

Stablecoins

Stablecoins are digital assets issued on-chain 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 has surged in 2025, more than doubling from $5.2 billion in January to $11.2 billion in June. USDC remains the dominant stablecoin, representing over 70% of the total supply, followed by USDt at approximately 18%. 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 recently published 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 $22 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 on-chain solutions for tokenized gold.

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.

Oro

Oro is a platform for tokenized gold, offering gold-backed tokens that offer real yield to holders. Based in the UAE and backed by $1.5 million in pre-seed funding, Oro aims to modernize and democratize access to the global gold market.

At the core of Oro’s offering are two interoperable Solana-based assets:

• GOLD is an SPL token fully backed 1:1 by redeemable physical gold, held in secure third-party vaults. Each token represents one ounce of gold and can be minted or redeemed via the Oro platform. Minting or redemption incurs a 1% fee, and USDC redemptions are processed with a T+2 settlement time. 
• stGOLD is a yield-generating version of GOLD, representing tokenized gold that has been leased to institutional borrowers via fixed-term leasing pools. By converting GOLD to stGOLD, users can earn passive yield while maintaining exposure to the underlying commodity.

The platform is designed with strong regulatory compliance and bankruptcy protections, mitigating custodial and counterparty risk for both retail and institutional users. Oro publishes monthly third-party attestations confirming that vaulted gold reserves fully back the total supply of GOLD tokens. Users must complete KYC verification to interact with the platform.

Beyond improving settlement speed and access, Oro addresses global gold market barriers, such as government import restrictions, excessive taxation, and weak retail infrastructure, by providing onchain access to physical gold in a transparent and verifiable manner.

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, several projects are actively integrating private credit into on-chain finance. Kamino Finance and Drift Protocol have adopted the tokenized Apollo ACRED fund, bringing institutional-grade credit into decentralized lending markets. Meanwhile, Credix connects global investors to fintech lenders in emerging markets, facilitating loans to SMEs across Latin America. Hamilton Lane’s SCOPE private credit fund is also available on Solana, and Maple Finance’s syrupUSD, backed by secured private credit lending pools, recently launched with strong early traction.

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 Drift Protocol, are actively supporting ACRED. 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.

Meanwhile, Drift Protocol is launching Drift Institutional, a service tailored for large capital allocators bringing RWAs on-chain. Its first offering includes an institutional lending pool for ACRED and a leverage vault managed by Gauntlet, which is known for its sophisticated DeFi risk analytics.

ACRED represents a new class of programmable, high-yield real-world credit assets, now composable with Solana’s on-chain financial infrastructure, setting the stage for a new era of institutional DeFi.

Credix

Credix is a private credit marketplace built on Solana that connects institutional investors, such as hedge funds, family offices, asset managers, and accredited individuals, with fintech lenders serving small and medium-sized enterprises (SMEs) in emerging markets. The platform is currently focused on Latin America, with an active presence in Brazil and Colombia, where it has facilitated loans to SMEs through partners such as Tecredi, A55, Divibank, and Adiante.

In Brazil, SMEs account for approximately 50% of the country's GDP, yet they face some of the highest lending rates in the world and limited access to affordable financing. Credix addresses this gap by enabling non-bank fintech lenders, who must raise capital externally, to source funding from a global base of institutional investors via tokenized credit pools.

Each Credix credit pool is structured with multiple tranches, allowing investors to select their preferred level of risk and yield. Lower-risk senior tranches receive lower returns, while higher-yielding junior tranches absorb more risk. Once a deal is approved and funded, fintech lenders receive the principal amount in USDC, which is then converted into local currency and disbursed to borrowers.

All borrowers must meet strict eligibility requirements and are vetted by Credix’s underwriting team before deals go live. The platform offers end-to-end transparency and real-time settlement via blockchain infrastructure, providing investors with exposure to real-world credit flows in emerging economies while eliminating the inefficiencies of traditional debt markets.

Hamilton Lane SCOPE

Alternative asset giant Hamilton Lane announced the launch of a private credit fund on Solana. The firm’s Senior Credit Opportunities Fund (SCOPE) is accessible on-chain, allowing qualified investors to gain exposure to private credit markets.

Launched in 2022, SCOPE is designed for investors looking for “potential safety and yield during both favorable and unfavorable market conditions,” according to Hamilton Lane’s website. The fund currently manages approximately $556 million in assets and offers an annualized yield of 10% for U.S. dollar investors.

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 $52.8 million worth of syrupUSD has been issued on Solana, valued at $58.5 million. The token is already well integrated with major DeFi protocols on the network, including Kamino and Orca.

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, on-chain 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.

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 $300 billion and is projected to expand at a compound annual growth rate of 5.5%.

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.

On Solana, the real-world collectible categories gaining the most traction are alcoholic beverages, specifically fine wine and whiskey. Notable projects leading this trend are BAXUS, which focuses on tokenizing whiskey, dVIN, which brings wine collections on-chain, and Collector Crypt, which focuses on trading cards, primarily Pokémon cards.

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 on-chain 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.

Collector Crypt

Collector Crypt brings real-world trading cards, primarily Pokémon cards, onto Solana through a secure tokenization and vaulting service. Users can deposit graded cards into trusted third-party vaults where they’re authenticated, insured, and linked to their wallet as NFTs. These tokenized assets can then be held, traded, or burned to redeem the physical card for delivery.

Collector Crypt also offers Gacha-style blind pack openings with instant buyback options, and a unique eBay sniping service, allowing users to place last-second bids on Pokémon cards using USDC deposits. If the bid wins, the card is automatically tokenized and airdropped to the buyer; if not, the funds are refunded. This platform combines physical collecting with DeFi-style mechanics, offering liquidity, tradability, and even collateralization of collectible assets.

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 on-chain 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 on-chain. 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, 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