Solana appears poised to expand from its memecoin-centric and retail-dominant network this year, after reporting record real-world asset tokenization activity in December.
Data from RWA.xyz shows that the value of tokenized RWAs on Solana has increased by almost 10% over the past month to a record high of $873.3 million, while the number of Solana RWA token holders has increased by over 18.4% to 126,236 over the same period.
Most of these risk-weighted assets are based on U.S. Treasuries such as BlackRock USD Institutional Digital Liquidity Fund and Ondo US Dollar Yield, which have market capitalizations of $255.4 million and $175.8 million, respectively.
Fresh tokenized stocks such as Tesla xStock and Nvidia xStock are also rising, reaching $48.3 million and $17.6 million respectively, while institutional funds are also tokenized on Solana.
Solana is set to become the third blockchain to surpass $1 billion in tokenized RWAs, following Ethereum’s $12.3 billion and BNB Chain, which recently surpassed $2 billion.
SOL will set a up-to-date high in 2026 if one thing happens: Bitwise
Last month, crypto asset manager Bitwise predicted Solana would set a up-to-date all-time record if the U.S. passes the CLARITY Act focusing on market structure in 2026.
Related: Can Solana shed its memecoin image in 2026?
If this is successful, Bitwise expects cryptocurrency tokenization to gain momentum and Solana to be one of the biggest winners of this uptrend: “We are bullish on Ethereum and Solana. Really bullish. Mainly because we believe that stablecoins and tokenization are megatrends, and Ethereum and Solana are likely to be the biggest beneficiaries of this growth.”
SOL has some catching up to do on BTC, ETH
Solana (SOL) enters 2026 at a much lower price than it started in 2025, trading at approx. $125 compared to about $190 this time last year.
SOL is also more than 57% below the all-time high of $293.3 set on January 19, 2025, while Bitcoin (BTC) and Ether (ETH) set their all-time highs recently – in October and August – and are currently trading much closer to those prices.
ETFs and institutional payments are also driving SOL dynamics
Solana’s legitimacy in the institutional space was strengthened in tardy October when the U.S. Securities and Exchange Commission approved the first tranche of now six publicly traded Solana funds.
The combined impact of these Solana products was $765 million, Farside Investors data can be seen.
Also in October, international remittance giant Western Union selected Solana to build its stablecoin settlement platform for over 150 million customers in over 200 countries and territories. It is expected to be introduced in the first half of 2026.
Solana’s onchain metrics look solid
Solana leads all blockchains in terms of app revenue, proving that it can generate high revenue even as memecoin activity slows.
It has raked in over $110 million in the last 30 days, well ahead of second-place Hyperliquid’s $61.1 million and almost double Ethereum’s $47.2 million, DeFiLlama data can be seen.
Warehouse: How cryptocurrency regulations have changed in 2025 – and how they will change in 2026
