Solana on-chain real-world asset ecosystem panorama: from stocks to real estate, tokenization assets cover 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. These assets, whether tangible or intangible, derive their value from the practicality, scarcity, or demand in the real world, and are often 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 the 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.

Currently, the tokenization of assets is mainly 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 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% from $11.2 billion a year ago.

A consulting firm predicts that by 2030, the market size of tokenization 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, forecasting that by 2034, the total demand for tokenization 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 tokenization of RWA

Tokenization of RWA brings a series of transformative advantages that are difficult for traditional financial infrastructure 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 socio-economic 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 movement 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, permissionlessly 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 RWA provides 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 cost and friction 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. The tokenization of 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 stocks representing partial ownership of a company.

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

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

• Stablecoin: primarily represents the digital fiat currency of 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 that enable partial ownership.

• Collectibles: Represent unique physical ownership digital Tokens.

Traditional fintech and enterprises are rapidly embracing the tokenization of RWA. Correspondingly, Solana's RWA ecosystem is growing at an astonishing rate, with new projects and announcements emerging every month. Although this article aims to provide a broad and representative overview, the rapid developments in the field may mean that not every advancement can be covered. While reading this article in order works best, 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 national bank's wholesale central bank digital currency ( CBDC ), a D-FMI 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 monthly and ensuring the security of hundreds of billions of dollars in tokenized assets. R3's clients include a certain clearing bank, a certain bank, a certain national central bank, and a certain national financial regulatory authority.

The integration with Solana marks a shift for R3 from its traditionally isolated private ledger environment to direct interactions with high-performance public blockchains. The Solana Foundation has committed to investing in R3, and the chairman of the Solana Foundation will join the R3 board, highlighting the significance of this collaboration.

This integration has launched three core functions:

• Real-time transaction confirmation on Solana: Corda transactions can now be verified on Solana without the need for the internal notarization architecture of Corda. 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 tokenization of asset transfer settlements, 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 the company's profits and assets. As of early 2025, the global stock market covers nearly 48,000 publicly listed companies, with a total market capitalization of approximately $124 trillion, 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 limitations. Trading is limited to weekdays, excluding weekends and holidays, which restricts liquidity and responsiveness compared to the 24/7 digital asset market. Global access to U.S. stocks is uneven, with many investors unable to directly participate in the market due to regulatory, custodial, or platform barriers. For companies, the path to going public is costly and complicated, with the average cost of a U.S. IPO ) IPO ( ranging between $10 million and $30 million, including underwriting, legal, compliance, and listing fees, creating a high barrier to entry that limits financing options 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 the blockchain, 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, fully compliant and issued on-chain, without relying on synthetic exposure, wrapped assets, or offshore solutions.

By integrating whitelisting and permission controls, Opening Bell ensures that only qualified investors who have completed the Know Your Customer (KYC) verification can participate, including both qualified and non-qualified investors. 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 disclosed, 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 list earlier before traditional market approval, and have a pathway to fully list on NASDAQ or the New York Stock Exchange.

SOL Strategies###$HODL( is a Canadian 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 a lending protocol and a partner at the early crypto venture capital fund Robot Ventures.

) xStocks trading platform

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

xStocks is a tokenized tracking certificate 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 provides a new way to gain exposure to the US market without relying on traditional brokers or custodians. Users can hold xStocks in their self-custody 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 1:1 backing of the underlying assets held by regulated broker-dealers 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 ) such as TSLA(. These stocks are purchased on traditional exchanges like NASDAQ and are 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 standardization and interoperability of tokenized securities. This alliance brings together well-known stakeholders, including the Solana Foundation, a certain wallet, a certain DEX, a certain wallet, a certain wallet, a certain custodial platform, a certain custodial platform, a certain DEX, and a certain brokerage firm, to collaborate on best practices around liquidity, investor protection, interoperability, and composability.

Remora

Remora Markets(, formerly known as Moose Capital), is developing a compliant tokenization platform for traditional stocks on Solana. After being acquired by Step Finance in December 2024, Remora will allow users to purchase full 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. These assets can be traded on DEXs, used as liquidity in liquidity pools, serve as collateral in lending protocols, or deployed in yield-generating strategies, thereby bringing real-world stock exposure into on-chain finance.