The Development Panorama of Real-World Assets on Solana

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

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

Currently, the tokenized asset sector is dominated by traditional instruments such as money market funds and government securities. Although it is still in its early stages, the tokenized real-world asset sector has experienced rapid growth, with the total value of assets on the blockchain, excluding stablecoins, having surpassed $24 billion, a year-on-year increase of 114%.

McKinsey & Company predicts that by 2030, the market size of tokenized assets could reach $2 trillion, covering areas such as mutual funds, bonds, exchange-traded open-ended index notes ( ETNs ), loans, securitized products, and alternative investment tools. Standard Chartered Bank is even more optimistic, forecasting 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 RWA in the future is very clear.

Advantages of Tokenized RWA

Tokenization of RWA brings a series of transformative advantages that traditional financial infrastructure finds difficult to match:

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

• 24/7 Market: Unlike traditional finance, which operates within limited business hours, tokenized assets are available around the clock. This constant accessibility enables instant flow 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.

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

• Transparency: Blockchain-based RWAs provide real-time visibility of asset provenance, ownership history, and transaction flows 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 costs and frictions throughout the entire lifecycle of assets from issuance to settlement.

• Liquidity: During peak periods, the trading volume in the cryptocurrency market can rival or even exceed that of traditional exchanges such as NASDAQ or the New York Stock Exchange. Tokenized RWA leverages this vast and global liquidity, allowing 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 centered around the following seven key categories:

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

• Money Market Fund: On-chain assets backed by U.S. Treasury bonds and other low-risk cash equivalents.

• Commodity: A token backed by physical raw materials such as gold, oil, or natural gas.

• Stablecoin: A digital fiat currency primarily representing the US dollar.

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

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

• Collectibles: Represent unique physical ownership digital tokens.

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

R3 and Corda

At the recent Accelerate conference, Solana announced a strategic integration with the developer of the enterprise-level blockchain platform Corda, the UK software company R3(, 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 manages the Swiss National Bank's wholesale central bank digital currency ) CBDC (, the European Clearing Bank's D-FMI tokenization platform, HQLAᵡ's 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 monthly, and ensuring the security of hundreds of billions of dollars in tokenized assets. R3's clients include the European Clearing Bank, HSBC, Bank of America, the Bank of Italy, and the Monetary Authority of Singapore.

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

This integration introduces three core functions:

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

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

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

Stocks

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

Despite its large scale, the stock market is still subject to multiple structural restrictions. Trading is limited to weekdays, excluding weekends and holidays, which restricts liquidity and responsiveness compared to the 24/7 digital asset market. Access to U.S. stocks globally is uneven, and many investors cannot directly participate in the market due to regulatory, custodial, or platform barriers. For companies, the path to going public is costly and complex; the average cost of an initial public offering in the U.S. is between $10 million and $30 million, including underwriting, legal, compliance, and listing fees, creating a high barrier to entry that limits financing channels for emerging enterprises.

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

) Superstate's Opening Bell

Opening Bell is a platform developed by Superstate that allows 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, fully compliant and issued on-chain, without relying on synthetic exposure, wrapped assets, or offshore solutions.

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

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

SOL Strategies($HODL) is a Canadian publicly 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.

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) Kraken xStocks

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

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 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 it as collateral in lending protocols, extending the utility of traditional assets.

( Ondo Global Markets

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

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

Users can recharge their accounts using fiat currency or stablecoins, and submit instructions through on-chain programs, APIs, or the web interface for Ondo GM to purchase specific securities ) such as TSLA(. These stocks are purchased on traditional exchanges like Nasdaq and held by regulated brokerage firms and custodians. In return, users receive asset tokenization representations ) such as tTSLA(.

To support this vision, Ondo recently announced the establishment of a global market alliance, 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, a certain wallet, a certain DEX, a certain wallet, a certain wallet, a certain custodian, a certain custodian, a certain DEX, and a certain broker, to jointly develop best practices around liquidity, investor protection, interoperability, and composability.

) Remora

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

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