Overview of the RWA Ecosystem on Solana: Tokenized Assets Covering Seven Core Areas from Stocks to Real Estate

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

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

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

McKinsey & Company predicts that by 2030, the market size of tokenized assets could reach $20 trillion, covering areas such as mutual funds, bonds, exchange-traded notes (ETNs), loans, securitized products, and alternative investment tools. At the same time, Standard Chartered Bank is more optimistic, estimating that by 2034, the total demand for tokenized assets could soar to $30.1 trillion. Regardless of the specific predictions, the trend of significantly increasing demand for RWAs in the future is already very clear.

Larry Fink, CEO of BlackRock, stated: "We believe that the tokenization of financial assets will be the next step in development, meaning that all assets such as stocks and bonds will be included in a unified ledger."

The Advantages of Tokenization of RWA

Tokenization of RWA brings a series of transformative advantages that are difficult for traditional financial infrastructure to compete with:

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

• 24/7 Market: Unlike traditional finance that operates within limited business hours, tokenized assets are available 24/7. This continuous accessibility enables real-time movement of global capital and faster financial settlements.

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

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

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

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

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

• Liquidity: During peak periods, the trading volume in the cryptocurrency market is comparable to or even exceeds that of traditional exchanges such as NASDAQ or the New York Stock Exchange. Tokenization of RWA leverages this vast and global liquidity, enabling investors to enter and exit the market more quickly and efficiently.

This report provides a comprehensive overview of the RWA sector on the Solana blockchain, aiming to showcase the increasingly diverse RWA products and their practical applications, with core analysis focusing on the following seven key categories:

• Stocks: Tokenized stocks that represent partial ownership of a company.

• Money market fund: on-chain assets backed by U.S. Treasury securities and other low-risk cash equivalents.

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

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

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

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

• Collectibles: Represent unique physical ownership digital tokens.

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

R3 and Corda

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

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

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

The private network based on Corda dominates the RWA field.

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

This integration introduces three core features:

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

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

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

Stock

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

Despite its large scale, the stock market is still subject to multiple structural constraints. Trading is limited to weekdays, excluding weekends and holidays, which restricts liquidity and responsiveness compared to the 24/7 digital asset market. Global access to US stocks is uneven, and many investors are unable to directly participate in the market due to regulatory, custody, or platform barriers. For companies, the path to going public is costly and complex, with the average cost of a US initial public offering (IPO) ranging from $10 million to $30 million, including underwriting, legal, compliance, and listing fees, creating a high barrier to entry that limits financing channels for emerging businesses.

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

Opening Bell of Superstate

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

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

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

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

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

Kraken xStocks

At the Accelerate conference in May 2025, the centralized exchange Kraken announced Solana as the official launch partner for its new tokenization stock product xStocks, providing permissionless, self-custodied access to some of the hottest securities globally.

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

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

Ondo Global Markets

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

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

Users can top up their accounts with fiat or stablecoins and submit instructions through on-chain programs, APIs, or web interfaces for Ondo GM to purchase specific securities (such as TSLA). These stocks are bought on traditional exchanges like NASDAQ and held by regulated brokerage firms and custodians. In return, users receive asset tokenization representations (such as tTSLA).

To support this vision, Ondo recently announced the establishment of a global market alliance, which is a cross-industry initiative aimed at promoting the standards and interoperability of tokenized securities. The alliance brings together well-known stakeholders including the Solana Foundation, Bitget Wallet, Jupiter, Trust Wallet, Rainbow Wallet, BitGo, Fireblocks, 1inch, and Alpaca to collaboratively develop best practices around liquidity, investor protection, interoperability, and composability.

Remora

Remora Markets (formerly known as Moose Capital) is