Solana wallet surpasses Ethereum in the amount of real-world crypto assets held

Outstanding RWA growth rate

According to the latest data from RWA, Dune Analytics, and Token Terminal (compiled from March 2025 to March 2026), Solana has surpassed Ethereum to become the leading blockchain in terms of real-world tokenized asset value (RWA) as measured by the value stored in end-user wallets. As of early March 2026:

• Solana Wallet holds approximately $4.82–$5.1 billion worth of tokenized RWA (private credit, US Treasury bonds, real estate, bonds, structured products).

• Ethereum wallets hold $4.35–$4.6 billion in the same asset class.

This marks the first time Solana has surpassed Ethereum in terms of end-user RWA (Retained Value in Works) — a key indicator of adoption by individual and institutional investors, extending beyond TVL or issuance at the protocol level.

Why does Solana have a larger number of wallets held?

Lower fees & Faster payment processing

Solana's transaction completion speed of under one second and transaction fees of approximately $0.0002–$0.001 USD per transaction make holding tokenized Treasury bonds, private notes, and fractional real estate directly in a non-custodial wallet much more practical for individual users and small institutions.

User-friendly experience for individual users and DeFi.

Wallets like Phantom, Backpack, and Solflare offer seamless token support, staking integration, and easy access to profitable RWAs (for example, Ondo's USDY yields around 4.5–5% on Solana). This contrasts with the higher gas costs and more fragmented user experience on Ethereum's L2 servers.

Explosive growth of key protocols

• Ondo Finance: Has transferred a large amount of OUSG/USDY supply to Solana → approximately $1.8–$2 billion worth of assets are now held in wallets on Solana.

• Backed Finance: Tokenized bonds and treasuries → strongly attracting Solana users

• Franklin Templeton BENJI: Expanding into Solana → attracting individual users through Phantom

• Parcl & Homebase: Coded real estate → built-in integration with Solana and high individual user engagement.

Ethereum's focus on institutional custody

While Ethereum still leads in total issuance and institutional custody (BlackRock BUIDL, Securitize, Centrifuge), the majority of that value is held in custodial accounts or smart contract repositories, not end-user wallets. Solana's advantage lies in direct custody within wallets—a better indicator of decentralized ownership and individual user adoption.

Ethereum's historical dominance

For much of the past decade, Ethereum has served as the primary platform for crypto assets and decentralized finance. This ecosystem has pioneered many of the standards used for token issuance and smart contract-based financial infrastructure.

However, the blockchain industry is becoming increasingly multi-chain, with different networks specializing in specific use cases. While Ethereum remains the central hub for DeFi and asset tokenization, competing networks are gradually gaining ground in specific areas.

The expansion of tokenized assets reflects growing interest from financial institutions in blockchain-based infrastructure. Banks, asset managers, and fintech companies are experimenting with tokenizing assets as a way to modernize financial markets.

Our review

Solana surpassing Ethereum in the amount of real assets (RWA) stored in wallets is a significant milestone — not because Ethereum is losing its absolute dominance, but because Solana has captured the retail and self-managed asset segment in the fastest-growing area of ​​cryptocurrency finance. With a stablecoin market capitalization of $313 billion and RWA accelerating, blockchains that best serve real users holding real assets are gaining a structural advantage. Currently, that blockchain is Solana.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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