Solana Overtakes Ethereum to Lead the Tokenized Stock Market in 2026

• How Did Solana Become the Top Blockchain for Tokenized Stocks?
• What’s Driving Solana’s Growth in RWA Tokenization?
• How Does Solana Compare to Ethereum in RWA Tokenization?
• What Role Did Solana ETFs Play in This Growth?
• What’s Next for Solana and RWA Tokenization?
• FAQs About Solana’s Tokenized Stock Dominance

In a groundbreaking shift, Solana has surpassed ethereum to become the leading blockchain for tokenized stocks, with a market capitalization of $874.19 million. This milestone highlights Solana's rapid growth in the real-world asset (RWA) tokenization space, driven by institutional adoption and innovative financial products. Here’s a deep dive into how Solana achieved this feat and what it means for the future of decentralized finance.

How Did Solana Become the Top Blockchain for Tokenized Stocks?

Solana's rise to the top of the tokenized stock market is no accident. The network's $874.19 million valuation in tokenized equities now eclipses Ethereum and BNB Chain, according to CoinMarketCap data. The total market cap for tokenized stock products across all blockchains has reached $1.2 billion, with Solana capturing a significant share. The expansion was particularly strong between September and December 2025, fueled by Backed Finance's launch of over 60 tokenized stocks through exchanges like Kraken and BTCC.

Source: RWA.xyz

What’s Driving Solana’s Growth in RWA Tokenization?

Solana now boasts 126,274 RWA holder addresses, a testament to its growing institutional appeal. The network hosts diverse tokenized assets, including stocks, U.S. Treasuries, and institutional funds. Tesla’s xStock leads the pack with $46.8 million in value, followed by CRCLx xStock ($23.4 million) and Nvidia xStock ($17.4 million). BlackRock’s Institutional Digital Liquidity Fund is the largest non-stablecoin RWA protocol on Solana, holding $255 million in assets.

How Does Solana Compare to Ethereum in RWA Tokenization?

While Ethereum still dominates the broader RWA market with $12.9 billion in tokenized assets, Solana’s $874.2 million (excluding stablecoins) shows its niche strength in equities. Publicly traded tokenized stocks on solana total $196.3 million, second only to Ethereum’s $362.5 million. Solana’s stablecoin market cap stands at $14.77 billion, with 12 million holders and $259.5 billion in transfer volume.

Source: RWA.xyz

What Role Did Solana ETFs Play in This Growth?

The SEC’s approval of six Solana ETFs in October 2025 injected $765 million into the ecosystem. These ETFs now hold $801.3 million in assets, representing 1.4% of Solana’s total token supply. According to SoSoValue, this institutional inflow has been pivotal in positioning Solana as a hub for tokenized finance.

What’s Next for Solana and RWA Tokenization?

The RWA market has grown 68% since early 2024, with stablecoins, private credit, and tokenized U.S. Treasuries leading the charge. Solana’s high-speed network and 24/7 accessibility make it ideal for institutional adoption. However, SOL’s price has dipped 4% to $137.24 at publication, with a $77.4 billion market cap—down 35% year-over-year.