With its high performance and low cost advantages, Solana is rapidly rising as an important platform for RWA tokenization, competing with Ethereum.

Written by: Luke, Mars Finance

Centrifuge carries deJTRSY to land on Solana

On May 22, 2025, Centrifuge announced the expansion of its tokenized asset services to the Solana blockchain, with the first token to be launched as deJTRSY, representing a $400 million short-term U.S. Treasury Fund (JTRSY) managed by Anemoy. According to Centrifuge's official statement, the deJTRSY token is based on its newly launched deRWA standard, which supports the free transfer of tokens between DeFi protocols, and can be traded, borrowed, and staked on the core platforms of the Solana ecosystem - decentralized exchange Raydium, lending platform Kamino and yield aggregator Lulo. This move enables Solana users to access stable yields on U.S. Treasuries directly through the DeFi protocol, marking a further convergence of traditional financial assets with blockchain technology.

The recent expansion of Centrifuge is not an isolated event. In the same week, the Solana Foundation announced a partnership with R3, a blockchain technology company focused on banking, aimed at bringing more real-world assets into the Solana ecosystem. Additionally, the Apollo Credit Asset Fund (ACRED) issued by the asset tokenization platform Securitize also plans to integrate with Solana's DeFi protocols to provide users with leveraged yield strategies. These actions collectively indicate that Solana is rapidly becoming an important battleground for RWA tokenization.

In an interview with The Defiant, Centrifuge CEO Bhaji Illuminati said, "We are currently focused on expanding deRWA's coverage across core asset classes, particularly in areas of strong institutional interest." She further predicts that in the next 6 to 12 months, the Solana ecosystem will see deeper integration of RWAs, covering lending markets, yield strategies, and structured products. This "native composability" is one of Solana's key strengths for RWA projects.

Market Status: Ethereum Dominates, Scale Rapidly Expands

The tokenization of real-world assets (RWAs) is the transformation of traditional assets (such as treasuries, real estate, credit, and art, etc.) into tradable digital tokens through blockchain technology. This process not only improves the liquidity of the asset, but also provides new income opportunities for investors through DeFi protocols. According to DeFiLlama data, as of May 2025, the total locked volume (TVL) of the global RWA tokenization market has exceeded $15 billion, an increase of nearly 80% from the beginning of 2024. Among them, U.S. Treasury tokenized products have become the core asset class of the RWA market due to their low risk and high stability.

Currently, Ethereum remains the main blockchain platform for RWA tokenization, occupying about 65% of the market share. Projects such as the BUIDL fund in cooperation with BlackRock and Securitize, Superstate's USTB fund, and Ondo Finance's OUSG are all deployed on Ethereum. The maturity of Ethereum's ecosystem, smart contract capabilities, and broad institutional adoption provide it with a first-mover advantage. However, Ethereum's high transaction fees and lower throughput are gradually revealing limitations in high-frequency DeFi trading scenarios, which presents an opportunity for high-performance blockchains like Solana.

According to Dune Analytics, Solana's RWA-related TVL grew from almost zero to about $1 billion in 2024, accounting for 6.7% of the global RWA market. This growth is driven by Solana's high throughput, which can process thousands of transactions per second, and low transaction costs, which average less than $0.01 per transaction. Centrifuge's deJTRSY token launch has further boosted Solana's RWA market share, which is expected to surpass $2 billion in RWA TVL by the end of 2025.

Industry experts are confident in the future of the RWA market. "RWA tokenization is the bridge between traditional finance and DeFi, and it is estimated that the global tokenized asset size could reach $10 trillion by 2030," CoinDesk reporter Francisco Agosti pointed out in the report. Meanwhile, Austin Federa, head of strategy at the Solana Foundation, posted on Platform X: "Solana's high performance and low cost make it an ideal platform for RWA tokenization, as evidenced by the addition of Centrifuge."

RWA Dedicated Chain Ecosystem: Opportunities and Challenges Coexist

With the rise of RWA tokenization, some blockchain projects have begun to focus on building RWA-specific chains or protocols to optimize the compliance, security, and efficiency of asset onboarding. Centrifuge itself is a typical representative, as its public chain based on the Substrate framework focuses on RWA tokenization, supporting compliant management and cross-chain transfer of assets. In addition, Moonbeam from the Polkadot ecosystem, the PoS chain of Polygon, and the emerging Canto chain are also actively laying out RWA-specific infrastructure.

In April 2025, Centrifuge announced a partnership with cross-chain bridge Wormhole to launch a multi-chain tokenization platform that supports the seamless transfer of assets between Ethereum, Solana, and other chains. Starting with a $230 million Treasury fund managed by Anemoy, the platform marks the multi-chain trend of RWA tokenization. Robinson Burkey, founder of Wormhole, said in an interview with CoinDesk, "Multi-chain interoperability is key to RWA scaling, and Centrifuge's technology provides an efficient solution for on-chain institutional assets."

However, the RWA dedicated chain ecosystem also faces challenges. The first is the issue of compliance. Tokenized assets need to meet regulatory requirements in different jurisdictions, such as KYC/AML (Know Your Customer/Anti-Money Laundering) regulations in the United States. Centrifuge's deRWA standard enhances the compliance and verifiability of the token by partnering with Pyth Network to provide transparent on-chain price data. Second, the ecological maturity of private chains is relatively low, and there is still a gap in the diversity of developer communities and DeFi protocols compared to general-purpose blockchains such as Ethereum and Solana.

Kate Chapman, the Chief Technology Officer of R3, commented on the collaboration between Solana and R3, stating: "Banks and financial institutions have very high demands for the performance and compliance of blockchain. The high throughput of Solana combined with R3's enterprise-level solutions will open up new possibilities for RWA tokenization." This perspective highlights the importance of collaboration between dedicated chains and high-performance public chains.

Ecological Impact

Centrifuge introduces the deJTRSY Token to Solana, not only providing users with new earning opportunities but also having a profound impact on the long-term development of the Solana ecosystem. The significance is analyzed from three aspects:

1. Enhance the DeFi competitiveness of Solana

Solana's DeFi ecosystem has shown strong growth momentum in 2024. According to Messari's Q2 2024 report, Solana's DeFi TVL grew from $1 billion in 2023 to $9 billion by the end of 2024, with Raydium and Kamino topping the list with $2.1 billion and $1.5 billion in TVL, respectively. Centrifuge's deJTRSY token further enhances Solana DeFi's asset diversity and liquidity through the integration of Raydium, Kani, and Lulo.

Marius Ciubotariu, the founder of Kamino Finance, stated on platform X: "The launch of deJTRSY injects new vitality into Kamino's lending market, and the collateralization of RWA will attract more institutional users to participate in Solana DeFi." This viewpoint reflects the expansion effect of RWA on the Solana DeFi user base.

2. Attract institutional capital inflow

A core attraction of RWA tokenization lies in its ability to provide institutional investors with compliant, low-risk on-chain investment channels. Anemoy's $400 million government bond fund is managed by Janus Henderson, reflecting the recognition of traditional financial institutions for the Solana ecosystem. Securitize's ACRED token also plans to offer users leveraged returns through Kamino's "circular" strategy, further enhancing Solana's appeal to institutional capital.

Sky (formerly MakerDAO) recently announced a $1 billion RWA investment plan, in which Centrifuge's JTRSY fund received a $200 million allocation, demonstrating institutional confidence in Solana tokenized assets. Alexei Volkov, a partner at DeFi research firm Re7 Labs, stated: "Solana's low cost and high performance make it the preferred platform for institutions deploying RWA, and Centrifuge's deRWA standard will further accelerate this trend."

3. Consolidate Solana's RWA market position

In the field of RWA tokenization, Solana is gradually challenging Ethereum's dominance. The entry of Centrifuge and the collaboration between the Solana Foundation and R3 indicate that Solana is building a complete RWA ecosystem covering trading, lending, and yield aggregation. The head of the Raydium team also recently stated: "Solana will become the main platform for asset issuance, and Raydium hopes to play a core role in it."

In addition, the stablecoin market of Solana reached a historical high of 13 billion USD at the beginning of 2025, providing ample on-chain liquidity for RWA tokenization. This liquidity provides a solid foundation for the trading and staking of tokens such as deJTRSY, further consolidating Solana's competitiveness in the RWA market.

Conclusion: The Future of the Solana RWA Ecosystem

Centrifuge expands its tokenization asset services to Solana, starting with the deJTRSY token, bringing users low-risk, high-liquidity investment opportunities while injecting new vitality into the Solana ecosystem. Against the backdrop of rapid growth in the RWA market, Solana is quickly rising as an important platform for RWA tokenization beyond Ethereum, thanks to its high performance and low cost advantages. In conjunction with the collaboration between R3 and Securitize, Solana is building a bridge connecting traditional finance and DeFi.

In the future, as more institutional capital and quality assets enter the Solana ecosystem, RWA tokenization is expected to become a key force in promoting the widespread adoption of blockchain technology. As Bhaji Illuminati stated: "deRWA is just the beginning, and Solana's native composability will open up endless possibilities for the scalable application of RWA." In this wave, Solana is not just a technology platform, but also an experimental ground for redefining the future of finance.