Solana on-chain RWA Ecosystem Overview: From Stocks to Real Estate, Tokenized Assets Covering Seven Core Areas

Real-world assets ( RWA ) refer to physical or traditional financial assets such as stocks, real estate, commodities, or credit instruments that are tokenized and placed 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 foundational pillar of institutional blockchain applications, enabling around-the-clock settlement, enhancing transparency, and supporting fractional ownership of assets, thereby expanding access to global capital markets.

Today, 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 tokenization of real-world assets has seen rapid growth, with the total value of assets on the blockchain, excluding stablecoins, now exceeding $24 billion, a year-on-year increase of 114% from $11.2 billion a year ago.

A consulting firm 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. Meanwhile, a certain bank is even more optimistic, expecting 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 quite 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 world’s 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 geographical location or socioeconomic status.

• 24/7 Market: Unlike traditional finance which operates within limited business hours, tokenized assets are available around the clock. This continuous accessibility enables instant flow of global capital and faster financial settlements.

• Programmability: After tokenization, RWA becomes a programmable digital asset. This automates the terms of financial contracts, 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 allows the ownership of high-value assets such as real estate or art to be divided into smaller, more accessible units, thereby increasing investor participation, improving capital efficiency, and lowering investment thresholds.

• Transparency: Blockchain-based RWA provides real-time visibility of asset sources, ownership history, and transaction flows on an immutable ledger, enhancing trust and reducing the need for intermediaries. Operational efficiency: By eliminating multi-layered manual processing and reconciliation processes, tokenization reduces the costs and friction throughout the entire lifecycle of assets from issuance to settlement.

• Liquidity: During peak periods, the trading volume of the cryptocurrency market rivals or even exceeds 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:

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

• Money Market Fund: An on-chain asset backed by US Treasury bonds and other low-risk cash equivalents.

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

• Stablecoin: A digital fiat currency primarily representing 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 for fractional ownership.

• Collectibles: Represent unique physical ownership digital tokens.

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

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(# R3 and Corda

At a recent conference, Solana announced a strategic integration with ), the developer of the UK software company R3###'s enterprise-level blockchain platform Corda. This 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 a digital exchange for a certain country’s wholesale central bank digital currency ( CBDC ), a tokenization platform for a clearing bank, a collateral liquidity network, and a 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 several well-known banks and financial institutions.

Corda-based private networks dominate the RWA sector

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 the chairman of the Solana Foundation 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 Corda’s internal notarization 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 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 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 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 constraints. 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, with many investors 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 U.S. IPO ) 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 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 enables companies to issue SEC-registered stocks on-chain, starting with Solana. The stocks are recorded and tokenized by Superstate’s SEC-registered, blockchain-supported transfer agent ) Superstate Services LLC ###, responsible for ownership tracking, stock issuance and redemption, and 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 access control, Opening Bell ensures that only eligible investors who have completed the Know Your Customer (KYC) verification can participate, including both qualified and non-qualified investors. Investors can buy and sell shares 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.

Opening Bell is open to both existing listed companies and later private companies. Listed 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.

(# Exchange xStocks

At a conference in May 2025, a centralized exchange announced Solana as the official release partner for its new tokenized stock product xStocks, providing permissionless, self-custodied access to some of the world’s hottest securities.

xStocks is a tokenized tracking certificate representing more than 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 their self-custodial 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 the leader in RWA tokenization, 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 a 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 or stablecoins and submit instructions through on-chain programs, APIs, or web interfaces for Ondo GM to purchase specific securities ( like TSLA). These stocks are purchased on traditional exchanges like NASDAQ and are held by regulated broker-dealers and custodians. In return, users receive asset tokenization representation ### like 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 stakeholders, including the Solana Foundation, several well-known digital wallets, custodians, and DEXs, to collaboratively 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 directly purchase full or partial shares of US-listed stocks such as TSLA, AAPL, COIN, and NVDA on-chain.

Each tokenized stock is issued as an SPL token, achieving seamless integration with the Solana DeFi ecosystem. These assets can be traded on DEXs, used as liquidity in liquidity pools, serve as collateral in lending protocols, or deployed in yield generation strategies, thereby bringing real-world stock exposure into on-chain financial applications.

Users deposit USDC to mint tokenized stocks at real-time market prices, with asset backing from the United Arab Emirates.