Solana appears set to broaden beyond its memecoin-heavy, retail-driven ecosystem this year, following a surge in real-world asset (RWA) tokenization activity that reached record levels in December.
Data from RWA.xyz shows that the total value of tokenized RWAs on Solana rose nearly 10% over the past month to an all-time high of $873.3 million. Over the same period, the number of Solana-based RWA token holders increased by more than 18.4% to 126,236.
Most of these assets are backed by US Treasuries, including products such as the BlackRock USD Institutional Digital Liquidity Fund and Ondo US Dollar Yield, which have market capitalizations of $255.4 million and $175.8 million, respectively.
Tokenized equities are also gaining traction, with offerings such as Tesla xStock and Nvidia xStock reaching market caps of $48.3 million and $17.6 million. In addition, institutional investment funds are increasingly being tokenized on the Solana network.
Solana is on track to become the third blockchain to surpass $1 billion in tokenized real-world assets (RWAs), trailing only Ethereum, which holds $12.3 billion, and BNB Chain, which recently crossed the $2 billion mark.
Bitwise: SOL could reach a new high in 2026 under one condition
Last month, crypto asset manager Bitwise said Solana could reach a new all-time high if the US passes the market-structure-focused CLARITY Act in 2026. The firm expects such legislation to accelerate crypto tokenization, positioning Solana as one of the primary beneficiaries.
“We’re bullish on Ethereum and Solana — really bullish,” Bitwise said. “Stablecoins and tokenization are megatrends, and Ethereum and Solana are likely to benefit the most from that growth.”
SOL trails BTC and ETH
Despite recent momentum, Solana enters 2026 at a significantly lower price than it did at the start of 2025, trading around $125 compared with roughly $190 a year earlier. The token remains more than 57% below its all-time high of $293.3, set on Jan. 19, 2025.
By contrast, Bitcoin and Ether reached their most recent all-time highs in October and August, respectively, and are currently trading much closer to those peak levels.
ETFs and institutional adoption boost confidence
Solana’s institutional credibility received a boost in late October when the US Securities and Exchange Commission approved the first batch of spot Solana exchange-traded funds. There are now six such products on the market, which have collectively attracted $765 million in inflows, according to Farside Investors data.
Institutional adoption continued in October when global remittance firm Western Union selected Solana as the blockchain for its stablecoin settlement platform. The service, designed for more than 150 million customers across 200-plus countries and territories, is expected to launch in the first half of 2026.
Strong onchain performance
Solana currently leads all blockchains in application revenue, underscoring its ability to generate substantial income even during periods of slower memecoin activity.
Over the past 30 days, Solana has generated more than $110 million in app revenue, well ahead of Hyperliquid’s $61.1 million and nearly double Ethereum’s $47.2 million, according to DeFiLlama data.
