Solarana's RWA Ecosystem Panorama: Tokenized Assets From Stocks To Real Estate Cover 7 Key Areas.

This article focuses on the real assets (RWA) ecosystem of the Solana chain, and describes the definition, advantages, and development of RWA tokenization.

A physical asset (RWA) refers to a physical or traditional financial asset, such as stocks, real estate, commodities, or certificates of credit, that is registered on the blockchain through tokenization. The value of these assets, whether they are real or non-real, depends on their utility, scarcity, or demand, and are generally subject to existing financial regulations.

Tokenization is the process of displaying these assets as digital tokens on the blockchain. By encoding ownership into tokens, assets such as U.S. government bonds, private equity funds, and real estate can be issued, tracked, and transferred more efficiently. This on-chain innovation is the basis of institutional blockchain applications, and it is expanding access to global capital markets by enabling 24/7 payments, improved transparency, and support for asset division ownership.

Today, the tokenized asset market is dominated by traditional financial instruments such as money market funds (MMF) and government bonds. Although it is still in its infancy, the tokenized real asset market has seen rapid growth.

The total value of blockchain assets excluding stablecoins is now above $24 billion

(see chart below), up 114% year-over-year from $11.2 billion a year earlier.

Total number of people RWA value by category in all public network

McKinsey Consulting predicts that the tokenized assets market will reach $2 trillion by 2030, including mutual funds, bonds, exchange-traded bonds (ETNs), loans, securitized products, and alternative investment tools. Meanwhile, Standard Chartered Bank, with a more optimistic outlook, forecasts that the total demand for tokenized assets will jump to $30.1 trillion by 2034. Regardless of the specific forecast, demand for RWA is certain to grow significantly in the coming years.

We believe the next step will be the tokenization of financial assets, meaning that all stocks, bonds, and other assets will be included in a unified general ledger." - Larry Fink, CEO of BlackRock

Tokenized RWA Opportunity

Advantages of Tokenized RWA

Tokenized RWAs offer a series of innovative benefits that are difficult to match with existing financial infrastructure.

• Global Accessibility : Currently, only about 15% of the world's population has access to the largest and most liquid capital markets in the United States. Tokenization increases the inclusivity of capital markets, allowing anyone with an internet connection to participate, regardless of location or socioeconomic status.

• 24/7 Markets : Unlike traditional finance, which operates within limited business hours, tokenized assets are available 24/7. This continuous accessibility allows for the immediate movement of global capital and rapid financial settlements.

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

• Composability : Tokenized RWA issued on one protocol can be used in other on-chain financial products. These programs can interact with each other like blocks, without permission, to build powerful cross-asset strategies and applications. Fragmentation: Tokenization can fragment ownership of high-value assets like real estate or art into smaller, more accessible units, expanding investor participation, improving capital efficiency, and lowering barriers to investment.

• Transparency : Blockchain-based RWAs increase trust and reduce the need for intermediaries by verifying asset provenance, ownership history, and transaction flow in real time on an immutable ledger. Operational efficiency: Tokenization reduces costs and friction throughout the asset lifecycle, from issuance to settlement, by eliminating multiple steps of manual processing and reconciliation.

• Liquidity : At its peak, the cryptocurrency market's trading volume rivaled or even surpassed that of traditional exchanges like the NASDAQ and the New York Stock Exchange (NYSE). Tokenized RWAs leverage this massive global liquidity, allowing investors to enter and exit the market more quickly and efficiently.

Solana's Real Assets (Excluding Stablecoins)

This report provides a comprehensive overview of the Solana blockchain-based RWA space, highlighting the growing diversity of RWA products and their real-world use cases. The core analysis focuses on seven key categories:

• Stocks : Tokenized shares representing partial ownership of a company.

• Money Market Funds (MMFs) : On-chain assets backed by U.S. Treasury bonds and other low-risk cash assets.

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

• Stablecoins : Digital fiat currencies, typically representing the US dollar. Private credit: On-chain debt securities representing actual loans to businesses or individuals.

• Real Estate : Tokenized real estate assets that enable fractional ownership of real estate.

• Collectibles : Digital tokens that represent ownership of a unique physical object.

Existing fintechs and enterprises are rapidly embracing RWA tokenization. Consequently, Solana's RWA ecosystem is growing at a remarkable rate, with new projects and announcements emerging every month. While this article aims to provide a broad and representative overview, the rapid evolution of this field makes it difficult to cover all trends. While this article is best read sequentially, each section is structured independently and can be read independently.

R3 and Corda

At the recent Accelerate conference, Solana announced a strategic integration with R3, the UK-based software company behind Corda, the enterprise blockchain platform. This represents a significant milestone for Solana in driving institutional adoption of RWAs and enhancing interoperability.

Corda is one of the most widely adopted blockchains in the institutional market, supporting over 60 real-time solutions. Key applications include the SIX Digital Exchange, which hosts the Swiss National Bank's wholesale central bank digital currency (CBDC), Euroclear's D-FMI tokenization platform, HQLAᵡ's collateralized liquidity network, and the Italian National Payment System.

The Corda ecosystem is the world's largest permissioned distributed ledger technology (DLT) platform network, processing tens of millions of transactions and securing hundreds of billions of dollars in tokenized assets every month. R3's clients include Euroclear, HSBC, Bank of America, the Italian Central Bank, and the Monetary Authority of Singapore (MAS).

Corda-based private networks dominate the RWA space.

The integration with Solana marks a shift from R3's existing isolated private ledger environment to direct interaction with a high-performance public blockchain. The importance of this partnership is further underscored by the Solana Foundation's investment of an undisclosed amount in R3 and the addition of Solana Foundation Chair Lily Liu to the R3 Board of Directors.

This integration introduces three key features:

• Real-Time Transaction Verification on Solana : Now you can verify Corda transactions on Solana without requiring Corda's internal notary infrastructure. Corda's architecture ensures that sensitive transaction data is never exposed to the public blockchain.

• Stablecoin Payments on Solana : Institutions using Corda can use stablecoins (e.g., USDC) on Solana to facilitate tokenized asset transfers and settlements, achieving atomic transfers and payment settlements without intermediaries or external protocols.

• Liquidity Bridge Direct to Solana : Assets issued on Corda (stocks, digital bonds, tokenized funds, etc.) can flow directly into the Solana mainnet, expanding access to global liquidity pools.

inventory

Stocks represent ownership of a company, granting shareholders rights to the company's profits and assets. As of early 2025, there were approximately 48,000 listed companies in the global stock market, with a total market value of approximately $124 trillion. This represents a 13% increase year-over-year, with a long-term annual growth rate of approximately 6%. The United States continues to dominate the market, with a market value exceeding $63 trillion by the end of 2024, accounting for more than half of the global market.

Despite its size, the stock market faces several structural constraints. Trading is limited to weekdays, excluding weekends and public holidays, limiting liquidity and responsiveness compared to the 24/7 digital asset market. Global access to US stocks is uneven, and many investors are prevented from directly participating in the market due to regulatory, custody, or platform barriers. The listing process is expensive and complex, with the average cost of a US initial public offering (IPO) ranging from $10 million to $30 million, including underwriting, legal, regulatory, and listing fees. This increases the barriers to entry for emerging companies and limits their access to funding.

Solana's tokenization addresses these frictional issues, offering enhanced liquidity, improved global accessibility, and lower barriers to capital formation. Several Solana-based projects, including Superstate's Opening Bell, are seizing this opportunity.

Superstate Opening Bell

Opening Bell is a platform developed by Superstate that enables companies, starting with Solana, to issue SEC-registered stock on the blockchain. The stock is recorded and tokenized by Superstate's SEC-registered, blockchain-based transfer agent (Superstate Services LLC), which tracks ownership, issues and redeems stock, and distributes dividends. Importantly, Opening Bell tokens represent actual stock, are fully compliant, and are issued on-chain without relying on synthetic assets, wrapped assets, or offshore solutions.

Opening Bell integrates whitelisting and authorization management to ensure that only qualified investors (both qualified and non-qualified) who have completed Know Your Customer (KYC) verification can participate. Investors can buy and sell stocks like regular token trading and enjoy benefits such as 24/7 DeFi trading, instant settlement, and transparent price disclosure. While the platform fee structure has not yet been announced, there is no minimum investment limit for non-qualified investors.

The Opening Bell is open to both existing publicly traded companies and later-stage private companies. Public companies can secure new liquidity and attract cryptocurrency investors, while private companies can go public earlier than traditional markets, paving the way for a formal listing on the NASDAQ or New York Stock Exchange.

SOL Strategies ($HODL), a Canadian publicly traded company focused on Solana infrastructure, is one of the first companies to announce plans to list its common stock on Solana via Superstate.

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

Kraken Stocks

At the Accelerate conference in May 2025, centralized exchange Kraken announced Solana as the official launch partner for its new tokenized stock product, xStocks. xStocks provides permissionless, self-custodial access to the world's most popular securities.

xStocks are tokenized tracking certificates representing over 55 of the most popular US-listed stocks and ETFs, issued as SPL tokens on the Solana blockchain.

For eligible users worldwide, xStocks offers a new way to invest in the US market without relying on traditional brokers or custodians. Users can store xStocks in their own custodial wallets, trade them on decentralized exchanges, and use them as collateral in lending protocols to increase the utility of their existing assets.

Temperature Global Market

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

The platform will initially support US-listed liquid stocks, bonds, and ETFs, with plans to expand to other asset classes, such as international stocks and corporate bonds. Each token represents 1:1 collateral for the underlying asset held by a regulated broker-dealer or custodian. To ensure regulatory compliance, token transfer restrictions apply, and transfers are only permitted between verified participants within the Ondo GM ecosystem.

Users can fund their accounts with fiat currency or stablecoins and instruct Ondo GM to purchase specific securities (e.g., TSLA) via an on-chain program, API, or web interface. These securities are purchased on established exchanges like Nasdaq and held by regulated broker-dealers and custodians. In return, users receive a tokenized representation of the asset (e.g., tTSLA).

To support this vision, Ondo recently announced the formation of the Global Markets Alliance, a cross-industry initiative to advance standards and interoperability for tokenized securities. The Alliance brings together key stakeholders, including the Solana Foundation, Bitget Wallet, Jupiter, Trust Wallet, Rainbow Wallet, BitGo, Fireblocks, 1inch, and Alpaca, to develop best practices for liquidity, investor protection, interoperability, and composability.

Remora

Remora Markets (formerly Moose Capital) is developing the Solana platform for regulatory-compliant tokenization of existing stocks. Acquired by Step Finance in December 2024, Remora will enable users to purchase all or part of US-listed stocks, including TSLA, AAPL, COIN, and NVDA, directly on-chain.

Each tokenized stock is issued as an SPL token, seamlessly integrating with the Solana DeFi ecosystem. These assets can be traded on a DEX, used as liquidity in liquidity pools, used as collateral in lending protocols, or utilized in yield-generating strategies, bringing the real-world experience of stock investing to on-chain financial applications.

Users deposit USDC to issue tokenized shares at real-time market prices, and the asset collateral is managed by a regulated custodian located in the United Arab Emirates (UAE). To ensure transparency and reliability, all tokenized shares are 1:1 collateralized through monthly proof-of-holding audits.

Money market fund

A money market fund (MMF) is an open-ended mutual fund that pools investors' cash to purchase short-term, high-quality financial instruments (primarily Treasury bonds, government repurchase agreements, corporate checks, and certificates of deposit).

According to the latest data from the Investment Company Research Institute, U.S. money market funds held $7.1 trillion in assets in June 2025. Money market funds account for approximately 16% of regulated fund assets worldwide .

Outside of North America, even individual savers and small businesses have limited access to US dollar money market funds (MMFs). Strict investor eligibility requirements, capital outflow limits, and the costs of cross-border regulatory compliance make these products largely monopolized by large institutions in a handful of financial centers. Tokenization provides a pathway for MMFs to reach a broader global audience seeking liquid US dollar yields, democratizing access to these cash-equivalent products.

In recent quarters, major traditional financial firms have introduced tokenized versions of their flagship money market funds (MMFs) on Solana. Prominent examples include BlackRock's BUIDL Fund, Franklin Templeton's FOBXX, and Vanda's VBILL, representing significant progress 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. Launched in March 2024, the fund has quickly grown to become the largest tokenized money market (MTM) fund with over $2.9 billion in assets under management.

The fund offers flexible custody arrangements, daily dividend payments, and an annual management fee of 0.20% to 0.50%. Approximately $20 million worth of tokens have been issued on Solana. BUIDL's cross-chain interoperability is enabled by Wormhole Native Token Transfer (NTT), which allows tokens to move seamlessly and securely between blockchains.

Franklin Templeton FOBXX

Franklin Templeton, one of the world's top 20 asset managers, manages $1.7 trillion in assets. In February 2025, the firm expanded its on-chain U.S. Government Treasury Fund (FOBXX) to Solana. The fund manages over $700 million in assets and holds U.S. government bonds, cash, and repurchase agreements (RPs). To date, over $23 million in FOBXX tokens have been issued on Solana, providing on-chain access to conservatively managed government-issued cash instruments.

Temperature OUSG and USDY

Ondo Finance is a leading DeFi protocol focused on RWA. It offers tokenized products backed by two money market instruments, USDY and OUSG, on Solana.

Temperature USD Yield Token (USDY)

USDY is a yield-generating tokenized bond backed by short-term U.S. Treasury securities and bank demand deposits. As a true holding asset, anyone can buy, hold, or transfer USDY without registering on Ondo or completing KYC, making it a convenient stablecoin alternative for individual investors. USDY's value increases as its underlying yield accumulates. The current price is $1.09, reflecting an annualized underlying yield of approximately 4.3%. There are currently 162.8 million USDY tokens in circulation on Solana, with a total value of approximately $177 million.

Temperature Short-Term U.S. Government Bonds (OUSG)

OUSG offers tokenized investment opportunities in short-term U.S. Treasury bills and money market funds (MMFs) to qualified investors and institutions who have completed Ondo registration. Each OUSG token represents one share of the Ondo I LP fund, which holds the iShares Short-Term Treasury Bond ETF (SHV). As of this writing, Solana has issued over 700,000 OUSG tokens, representing over $79 million in assets.

Banda VBILL

Vanda's Tokenized Treasury Bond Fund (VBILL) is scheduled to launch on Solana in May 2025. Designed for institutional and accredited investors, the fund will accept a minimum subscription of $100,000 on Solana, offer management fees as low as 0.20%, and support 24/7 mining using USDC. The fund has issued approximately $8 million worth of VBILL tokens on Solana.

Stablecoin

Stablecoins are digital assets issued on-chain, designed to maintain a stable value, and are typically pegged to fiat currencies like the US dollar. Stablecoins come in the following forms:

• Fiat collateral : Collateralized by cash and short-term assets (e.g., U.S. Treasury bonds).

• Cryptocurrency Collateral : Backed by cryptocurrency holdings such as SOL or ETH.

• Algorithm : Maintains the peg using market incentives and partial collateralization.

Fiat-backed stablecoins are the most widely used, typically holding US Treasury bonds and other short-term financial instruments as reserves. However, these stablecoins are not tokenized representations of the underlying assets and typically do not transfer the profits generated from the reserves to holders. They represent a digital form of cash.

By 2025, Solana's stablecoin supply had doubled, from $5.2 billion in January to $11.2 billion in June. USDC remains the dominant stablecoin, accounting for over 70% of the total supply, followed by USDt at approximately 18% . Beyond these two major players, a growing number of emerging stablecoins are emerging, providing users and developers with diverse options.

goods

Raw materials are undoubtedly the most fundamental form of RWA, the physical raw materials that support and drive the global economy. This category includes everything from energy (crude oil, natural gas, etc.) to metals (copper, aluminum, gold, etc.) and agricultural products (coffee, wheat, corn, livestock, etc.).

Commodities are one of the world's largest and most complex asset classes. The gold market alone has a market capitalization of over $22 trillion. The oil and gas industry is projected to generate approximately $5.95 trillion in revenue by 2024.

However, despite their size, commodity markets suffer from several structural frictions.

• Opacity and vulnerable price discovery : Most trading still takes place over-the-counter. BCG points out that profits often depend on information asymmetry, which persists because pricing is opaque.

• Manual, Document-Based Payments : Cross-border shipments often rely on letters of credit and paper documentation, which adds days to processing time and often delays shipments due to discrepancies.

• Data fragmentation and off-market negotiations : According to research by the International Monetary Fund (IMF), in illiquid or opaque markets, the lack of reliable benchmarks leads to bid-ask price spreads, forcing participants to factor uncertainty into their pricing.

Agridex

AgriDex serves as a digital marketplace where buyers and sellers can register, negotiate, and complete transactions. Stablecoin-based payments enable near-instant settlement, significantly reducing the time and costs associated with traditional payment channels. The platform also supports trade finance and insurance, and integrates with external data sources, oracles, APIs, and tax systems to streamline complex transactions.

Governance is managed by a Decentralized Autonomous Organization (DAO), and token holders can vote on proposals and drive platform development. To prevent food fraud and improve traceability, AgriDex records all transactions and product attributes, strengthening trust throughout the supply chain. AgriDex's interface provides users with tools for managing transactions, tracking shipments, verifying product quality, and accessing real-time market information.

Uranium Digital

Uranium Digital aims to disrupt the most opaque and bureaucratic commodity markets by building the first institutional-grade, 24/7 spot market for physically delivered uranium. The project recently raised $6.1 million in a seed round led by Framework Ventures and is working to bring efficiency, price prediction, and real-time trading capabilities to a market long dominated by over-the-counter (OTC) and forward contracts.

Traditionally, purchasing uranium, particularly yellowcake, the enriched uranium oxide powder used as nuclear fuel, has been a slow and fragmented process. Institutional investors typically send out requests for quotation (RFQs) and wait months for non-binding quotes, which often don't match daily quotes. Settlement can take weeks or even months, and prices are almost entirely opaque.

Uranium Digital is revolutionizing this process by issuing tokenized representations of physical uranium. Each token is equivalent to one pound of yellowcake, held in three globally recognized exchanges. The platform offers near-instant trading and settlement services to verified institutional participants, offering the first true alternative to traditional uranium procurement channels. Purchasers who meet Know Your Customer (KYC)/Know Your Business (KYB) requirements and pass sanctions screening can receive physical uranium, creating a direct link between the token market and the underlying commodity.

Uranium Digital aims to improve price discovery, reduce settlement times, and provide institutional clients with a user-friendly, trustworthy, and compliant environment. Furthermore, the project addresses the urgent need for efficient procurement of this key raw material essential for the clean energy transition, given that the global uranium market currently faces a 25% supply-demand imbalance.

Oro

Oro is a gold tokenization platform that offers gold-backed tokens that provide substantial returns to holders. Based in the UAE, the platform has raised $1.5 million in seed funding and aims to revolutionize and democratize access to the global gold market.

Oro's core products are two interoperable assets built on Solana.

• Gold : SPL tokens are fully backed 1:1 with physical gold stored in a secure third-party vault. Each token represents one ounce of gold and can be minted or redeemed through the Oro platform. A 1% fee applies for issuance or redemption, and the settlement time for USDC redemptions is T+2.

• St. Gold

The platform is designed with strict regulatory compliance and bankruptcy protection in mind, reducing custody and counterparty risks for individual and institutional users. Oro issues third-party certification every month to ensure that the total supply of GOLD tokens is fully backed by gold reserves in its vaults. Users must complete KYC verification to interact with the platform.

In addition to improving payment speed and accessibility, Oro provides on-chain access to physical gold in a transparent and verifiable manner, addressing barriers to the global gold market, including government import restrictions, excessive taxes, and weak retail infrastructure.

Private placement credit

Private placements are loans provided to companies or projects through bilateral negotiations, typically issued, held, and serviced by non-bank lenders such as funds or business development companies. Unlike publicly traded financial instruments like corporate bonds, private placements are not issued on the open market and take various legal forms, including loans, notes, bonds, or private securitization structures. By raising funds from institutional and qualified investors and injecting them directly into the borrower, private placements offer faster and more flexible financing. For lenders, they offer floating-rate products, more stringent covenants (with lender protections), and attractive risk-adjusted returns.

According to the 2025 Private Debt Report by Preqin, a BlackRock subsidiary, global private credit assets managed through traditional time deposit-type closed-end funds are projected to reach approximately $1.7 trillion by the end of 2024. A broader estimate from the Alternative Investment Management Association (AIMA), which includes open-end funds, separately managed accounts (SMAs), and evergreen funds, puts private credit assets under management at approximately $3 trillion, and this asset class is expected to maintain strong double-digit growth over the next several years.

Due to high investment barriers, complex underwriting procedures, and low liquidity, the private credit market has traditionally been limited to large institutional investors such as pension funds, insurance companies, and sovereign wealth funds. Most private credit fund structures still require high minimum investment amounts (e.g., USD 5 million or more) and are designed for qualified or accredited investors only.

Tokenization of private equity funds enables fractional ownership of the underlying assets, significantly lowering minimum investment limits and increasing market accessibility and liquidity. As one of the fastest-growing sectors in the global capital market, private equity funds offer attractive returns, making them an ideal choice for DeFi strategies like mortgages and leveraged returns.

On Solana, several projects are actively integrating private credit into on-chain finance. Kamino Finance and Drift Protocol introduced the tokenized Apollo ACRED fund, bringing institutional-grade credit to the decentralized lending market. Meanwhile, Credix connects global investors with fintech lenders in emerging markets to provide loans to small and medium-sized enterprises in Latin America. Hamilton Lane's SCOPE private credit fund is also available on Solana, and Maple Finance's syrupUSD, backed by a collateralized private credit pool, recently launched to great acclaim.

Apollo ACRED

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

The $1 billion ACRED fund primarily invests in corporate direct loans (63%), including senior secured debt obligations and unit loans from large corporations and sponsor-backed issuers. The remainder is comprised of performing credit, with a focus on highly liquid senior secured debt obligations (26%) and asset-backed debt obligations (10%).

ACRED is the first asset tokenized using Securitize's Solana-based sToken framework, allowing investors to partially invest in Apollo's private credit strategy. The fund's organic yield is approximately 9.5%, making it a suitable candidate for DeFi leverage and rotation strategies.

Kamino Finance and Drift Protocol, two of Solana's largest lending protocols, are actively supporting ACRED. Kamino has integrated ACRED into its Multiply product, enabling users to leverage return strategies. Steakhouse Financial provides risk and consulting expertise for robust credit modeling.

At the same time, Drift Protocol launched Drift Institutional, a service for large capital allocators, bringing RWA to the chain. Its first product includes ACRED's institutional lending pool and a leveraged vault managed by Gauntlet, renowned for its sophisticated DeFi risk analysis.

ACRED represents a new class of programmable, high-yielding real-world credit assets that, combined with Solana's on-chain financial infrastructure, lays the foundation for a new era of institutional DeFi.

Credix

Credix, a Solana-based private credit marketplace, connects institutional investors—hedge funds, family offices, asset managers, and qualified individuals—with fintech lenders targeting small and medium-sized enterprises (SMEs) in emerging markets. The platform is currently focused on the Latin American market, with active operations in Brazil and Colombia. It has provided loans to SMEs through partners such as Tecredi, A55, Divibank, and Adiante.

In Brazil, small and medium-sized enterprises (SMEs) account for approximately 50% of the country's GDP, yet they face some of the highest lending rates in the world and struggle to access affordable financing. Credix bridges this gap by enabling non-bank fintech lenders who need to raise capital externally to do so through a tokenized credit pool supported by a global institutional investor base.

Each Credix credit pool uses a multi-tranche structure, allowing investors to choose their desired level of risk and return. Lower-risk senior tranches offer lower yields, while higher-yield subordinated tranches offer higher yields. Once a transaction is approved and funded, the fintech lender receives the USDC principal, which is then converted into local currency and paid out to the borrower.

All borrowers must meet strict eligibility requirements and undergo a review by the Credix underwriting team before any transaction can commence. The platform leverages blockchain infrastructure to provide end-to-end transparency and real-time settlement, enabling investors to access real credit flows in emerging markets while addressing inefficiencies in traditional debt markets.

Hamilton Lane

Alternative asset giant Hamilton Lane announced the launch of a Solana-based private credit fund. Hamilton Lane's Senior Credit Opportunities Fund (SCOPE) will be accessible on-chain, allowing qualified investors to invest in the private credit market.

According to the Hamilton Lane website, SCOPE, launched in 2022, is designed for investors "seeking potential safety and income in both favorable and unfavorable market conditions." The fund currently manages approximately $556 million in assets and offers a 10% annual return to US dollar investors.

Maple Finance Syrup USD

Maple Finance's SyrupUSD is a yield-generating stablecoin based on fixed-rate, over-collateralized loans issued through Maple's institutional lending platform. These short-term loans provide SyrupUSD holders with high, stable yields and short-term liquidity. These yields are derived from a combination of Maple's high-yield collateral and a pool of high-quality collateralized loans.

Since its founding in 2019, Maple has established itself as a leading on-chain asset manager, securing over $3.3 billion in loans and currently holding $776 million in outstanding balances. SyrupUSD is currently trading at $1.10, with a base annual percentage yield (APY) of 6.52%. Staking incentives paid in Maple governance tokens can further increase this yield.

In June 2025, SyrupUSD officially expanded to Solana via the Chainlink Cross-Chain Interoperability Protocol (CCIP). Since launch, $52.8 million worth of SyrupUSD has been minted on Solana, with a current value of $58.5 million. The SyrupUSD token is tightly integrated with Solana's major DeFi protocols, including Kamino and Orca.

real estate

Real estate, encompassing residential, commercial, and agricultural properties, is the world's largest source of wealth, with an underlying asset value of approximately $379.7 trillion . Real estate industry revenue is projected to reach approximately $4.13 trillion by 2024, growing at a compound annual growth rate of approximately 6.2%.

Even with increased scale, the transaction process remains slow and costly. A typical sale still takes 30 to 45 days, depleting capital and increasing transaction execution risk. Furthermore, transaction fees and brokerage commissions can range from 2% to 10% of the property's value. Exacerbating this friction are fragmented regional regulations and information asymmetry, which hinder liquidity, distort price predictions, and leave the market vulnerable to periodic bubbles.

In the following section, we'll explore three Solana-based projects: Parcl, Homebase, and MetaWealth. Each project takes a different approach to improving the efficiency of the real estate market. Homebase and MetaWealth offer on-chain fractional ownership of real estate in the US and European markets, respectively, while Parcl focuses on tokenizing real estate price indices, enabling users to invest in the real estate market without owning the actual assets.

Park

Parcl was founded in 2021. At its core, Parcl is a proprietary real estate price data feed that aggregates over 100 million data points daily. This data is used to calculate the median price per square foot (or square meter) across hundreds of markets, updated every 24 hours. This comprehensive price index provides investors with a transparent and real-time benchmark.

Parcl's permanent automated market maker allows users to take long or short positions on the index with up to 20x leverage. This allows users to trade directional real estate markets in cities like New York, Chicago, Dallas, and Washington, D.C.

Parcl currently supports 34 real estate markets with a total value locked (TVL) of over $10 million. By eliminating the complexity and illiquidity of purchasing physical real estate or investing in traditional real estate investment trusts (REITs), Parcl provides a simple, global, and highly liquid access to the real estate market.

Built entirely on Solana, Parcl offers low fees and fast settlements, making it one of the most technologically advanced and accessible real estate protocols in the cryptocurrency industry.

Metawells

MetaWells is a Solana-based investment platform focused on fractional ownership of real estate in the European market. Since its launch, MetaWells has facilitated over $35 million in tokenized real estate investments and listed assets in countries such as Romania, Spain, Greece, and Italy. It has over 50,000 investor accounts and holds 138 tokenized assets.

The platform offers a mobile-centric experience through iOS and Android apps, providing investors with a dashboard for portfolio management, tracking property performance, and receiving rental income distributions. MetaWealth combines three key components.

• Asset Tokenization : Properties undergo a detailed due diligence process, including a valuation by Colliers International. Approved properties are tokenized into fractional ownership units representing direct ownership of the underlying asset.

• Investment Management : Investors can explore and invest in a variety of income-generating real estate assets.

• Income Distribution : Rental income is automatically distributed to token holders in real-time via the MetaWealth mobile app.

The platform also offers $AUM, a native utility and governance token that supports staking and governance participation.

MetaWealth originally launched on Ethereum and strategically migrated to Solana for faster settlements, lower fees, and greater scalability.

According to the team, "Solana's exceptional transaction speeds, low costs, and environmentally 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 obtained its European Virtual Asset Service Provider (VASP) license, effective April 2025. This regulatory milestone will enable the platform to offer compliant real estate secondary market trading.

home base

Homebase allows US residents to invest in real estate through fractional ownership with a minimum investment of $100. In March 2023, Homebase made headlines by tokenizing two single-family rental properties in McAllen, Texas. Within two weeks, the two properties raised over $400,000 from 38 individual investors, who purchased NFTs representing shares in the special purpose vehicle (SPV) that legally owned the properties. Of the 76 investors who participated in Homebase's first two offerings, 78% were non-institutional investors, with an average investment of $4,000 to $5,000.

The core of Homebase's infrastructure relies on the use of Solana. The network's low fees, fast settlements, and Circle's USDC support ensure technical feasibility and investor confidence. Investors use USDC to make purchases, which are then converted into fiat currency for real estate acquisition. Rental income from real estate is converted back into USDC and automatically paid to investors' wallets each month.

Ownership is represented in the form of an NFT and can be traded on the Homebase marketplace. This token is registered with the SEC, and Homebase offers a wallet recovery protocol to mitigate security risks. Participation is currently limited to US residents and requires KYC verification.

Collection

Collectibles, including art, wine, classic cars, sports memorabilia, luxury watches, comic books, and trading cards, have grown into a significant alternative asset class. The collectibles market is currently worth approximately $300 billion and is expected to grow at a compound annual growth rate of 5.5% .

Transaction costs are high. Auction houses like Sotheby's can charge buyers a premium of up to 26% and sellers a commission of around 10%. This means that up to one-third of the sale price can be lost in commissions.

Authenticity and provenance are also long-standing issues, especially when it comes to vintage sports memorabilia. The FBI estimates that up to half of all items in circulation are counterfeit.

The fastest-growing physical collectibles category on Solana is alcoholic beverages, particularly fine wine and whiskey. Key projects leading this trend include BAXUS, which focuses on whiskey tokenization; dVIN, which offers on-chain wine collectibles; and Collector Crypt, which focuses on trading cards (primarily Pokémon cards).

Boxers

BAXUS is the world's first peer-to-peer marketplace for fine wine and spirits trading, storage, and collectibles. The platform leverages tokenization and secure custody services to bring traditionally opaque and illiquid asset classes on-chain, providing broader global accessibility, liquidity, and price transparency.

New York-based BAXUS allows users to purchase fractional ownership of bottles or cases of wine and spirits. Each asset is represented by an NFT tied to a physical bottle stored in a vault. This means collectors and investors can own fractional ownership of fine wine without having to purchase or store the entire bottle.

BAXUS uses a storage model that stores all bottles in secure, insured vaults. This ensures authenticity, temperature-controlled storage, and reliable sales of assets. This platform addresses a key friction point in the liquor market.

• Secondary Market Liquidity : Rare bottles have traditionally been sold only through auctions or specialty retail channels.

• Transparent pricing data : replacing fragmented and often informal valuation systems.

• Capital Efficiency : Users can borrow USDC against their holdings.

In May 2024, the company announced the completion of a $5 million funding round led by Multicoin Capital, with Solana Ventures joining to support the company's global expansion.

Divin

dVIN is building a decentralized infrastructure for the $1 trillion global wine industry (collectibles and wholesale) by tokenizing wine bottles and streamlining the highly decentralized supply chain. As of 2024, dVIN has partnered with over 70 wineries and tokenized over $2 million worth of wine, focusing on solving core industry-wide problems such as authenticity, fraud prevention, supply chain traceability, customer acquisition, and supply chain transparency.

At the heart of dVIN is the "digital cork" system, where each bottle of wine is assigned a unique NFT during production. This digital cork serves as a certificate of authenticity and traceability, containing metadata about the wine's origin, production details, and supply chain path. This creates a verifiable and tamper-proof link between each physical bottle and Solana's digital bottle.

When a consumer drinks a wine, they scan the NFC tag on the bottle via the dVIN app to open the digital cork, burn the original NFT, and issue a tasting token. This not only proves they've consumed the bottle, but also unlocks winery-specific rewards, such as loyalty points in the form of VinCoin (VIN).

The global wine industry, with over 30,000 independent winemakers and 10 million brokers, is a highly fragmented market. dVIN's infrastructure provides a unified and transparent source of truth on provenance and logistics, while enabling new forms of loyalty, engagement, and monetization for winemakers and collectors.

Collector's Tomb

Collector's Crypt provides a secure tokenization and storage service for physical trading cards (primarily Pokémon) on Solana. Users can store their graded cards in a trusted third-party vault, where they are authenticated, insured, and linked to their wallets as NFTs. These tokenized assets can be held, traded, or burned upon receipt of the physical cards.

Collector's Crypt offers gacha-style blind box openings (with an instant buyback option) and a unique eBay bid-sniping service, allowing users to place last-minute bids on Pokémon cards using USDC deposits. If the bid is successful, the card is automatically tokenized and airdropped to the buyer; if the bid is unsuccessful, the funds are refunded. The platform combines physical collectibles with DeFi-style mechanisms, providing liquidity, tradability, and even collateralization for collectible assets.

as a result

RWA tokenization encompasses a broad and constantly evolving landscape, from simple fiat-backed stablecoins and tokenized government bonds to more complex and illiquid assets such as private credit, real estate, stocks, and collectibles.

While RWA projects have long existed on-chain, their growth has been hampered by regulatory uncertainty, particularly in the US, the world's largest financial market. Recent regulatory changes have fueled growing interest in on-chaining of traditional financial assets. This trend is accelerating rapidly, and Solana has established itself as a leading platform for RWA projects, leveraging its battle-tested, high-throughput architecture, low fees, and mature developer ecosystem. Solana's unique features provide an ideal environment for efficiently issuing, managing, and trading tokenized assets.

This report explores several key emerging categories on Solana, including stablecoins, money market funds (MMFs), tokenized real estate, equities, commodities, collectibles, and private credit. It highlights a variety of use cases and the growing number of teams building underlying RWA infrastructure on the network.

As the sector continues to evolve, Solana's RWA ecosystem is expected to experience significant upgrades driven by increased institutional participation, a clearer regulatory framework, and continued consumer demand.

Disclaimer: This article is intended for educational purposes only and is not intended as investment advice. Please maintain a prudent and objective perspective.

Original article from Helius edited by the SolEasy team