$4.3B Solana RWAs Climb From $700M, Ethereum Adds 7%

Key Points

• Castle Labs says Solana’s tokenized RWA market grew from $700 million to $4.3 billion in a year, while Ethereum’s rose about 7%.
• Solana’s tokenized stock market rose from $63 million to $455 million, and its RWA base now equals 26% of Ethereum’s, up from 4.5%.
• A $1,000 Solana wallet can post xStocks as collateral on Kamino or Jupiter Lend, joining over $500 million in RWA TVL active across Solana DeFi.

Solana’s tokenized real-world asset market grew from $700 million to $4.3 billion over the past year, while Ethereum’s rose about 7% to $16.6 billion, according to a Castle Labs research report compiled in English by TechFlow on Oct. 16. “The most critical significance of bringing real-world assets on-chain lies in unlocking their productivity,” Castle Labs wrote. For your wallet, that is the test: tokenized stocks like xStocks already sit on Kamino and Jupiter Lend collateral lists, so Solana RWAs can be borrowed against, not just held.

Solana’s RWA Base Hits $4.3B, 26% Of Ethereum’s

Solana now holds $4.3 billion in tokenized real-world assets, up from $700 million a year ago, per Castle Labs.

Ethereum moved from $15.5 billion to $16.6 billion over the same stretch. It still holds the bigger book by a wide margin.

A year ago, Solana’s RWA base equaled 4.5% of Ethereum’s. Castle Labs now puts that ratio at 26%.

Tokenized stocks drove much of the jump. Solana’s stock token market rose from $63 million to $455 million, led by issuers xStocks and Backpack.

Ethereum’s tokenized stock market sits near $750 million, so Solana still trails on that line too.

The report also names credit and yield products now live on the chain: OnRe’s ONyc, Hastra’s PRIME and AUTO, and Maple’s syrupUSDC.

$500M In Active DeFi TVL And The Collateral Loop

Castle Labs counts more than $500 million in active RWA TVL deposited in DeFi protocols on Solana. That equals about 8% of the chain’s total value locked.

Over $65 million of tokenized U.S. stocks already earns onchain yield, and xStocks sit on the approved collateral lists at Kamino and Jupiter Lend.

Yield-bearing stablecoins carry the other half of the loop. USDe and USDY together top $635 million in supply on Solana.

USDe alone sits at $313 million in Jupiter Lend and $190 million in Kamino, where incentives on sUSDe started Solana’s first leveraged lending flywheel.

The loop works like this: you post a yield-bearing asset, borrow against it, and buy more of the same asset. It pays only while the asset’s yield beats the borrow rate.

Strip away the chain rivalry and this is really about whether your tokenized stock or stablecoin can earn yield and back a loan at the same time.

Castle Labs gives no supply or borrow rates, so there is no clean yield comparison here.

Meanwhile, you can compare tokenized asset markets across Solana, Ethereum and other chains while the rate data catches up.

Castle Labs Flags Solana’s Lending Gap And SOL Yield Cut

Noveleader, the Castle Labs researcher who wrote the report, says the chain needs better collateral: “vigorously developing yield-bearing stablecoins (YBS) and diversified RWA assets appears particularly urgent.”

The reason is SOL’s own yield. The newly passed Double-Disinflation Proposal gradually cuts SOL’s net inflation, so liquid staking yields fall with it.

Castle Labs expects lower staking yields to push borrow rates down and squeeze what depositors earn. RWAs with steadier yields would fill that gap.

Depth is the other weak spot. Ethereum’s lending TVL is 11 times Solana’s, per the report.

Stablecoin supply cuts the other way. Solana tops $16.3 billion, up about 6% to 7% over the year, while Ethereum fell 9% to $146 billion.

Most of the new money has not reached DeFi yet.

Castle Labs says newly issued assets such as USDGO, USD1 and BlackRock’s BUIDL added $3.5 billion, but only about $5.6 million of them sits in DeFi protocols.

We tracked the collateral side when Solana retook the lead in weekly tokenized stock trading. The loop scales only if more supply moves into lending.

Watch Kamino and Jupiter Lend collateral listings next.

Solana’s RWA base grew fastest, but Ethereum still lends 11 times more. Whether Kamino and Jupiter Lend turn that $4.3 billion into usable collateral is what your wallet actually depends on.

Following the chain race? The Protocol Battles desk tracks which networks turn tokenized assets into DeFi collateral first.

Frequently Asked Questions

How fast did Solana’s RWA market grow this year?

Castle Labs says Solana’s tokenized real-world asset market rose from $700 million to $4.3 billion over the past year. Ethereum’s rose about 7%, from $15.5 billion to $16.6 billion, over the same period. Solana’s base now equals about 26% of Ethereum’s, up from 4.5%.

Can I use tokenized stocks as collateral on Solana?

In some cases, yes. Castle Labs says xStocks sit on the approved collateral lists at Kamino and Jupiter Lend, and over $65 million of tokenized U.S. stocks already earns onchain yield. Check each lending market’s listed assets and limits before you borrow.

How much USDe is deposited in Solana lending protocols?

Castle Labs puts USDe at $313 million in Jupiter Lend and $190 million in Kamino. USDe and USDY together top $635 million in supply on Solana. Incentives on sUSDe started the chain’s first leveraged lending loop.

Will lower SOL inflation reduce DeFi yields on Solana?

Castle Labs expects it to. The Double-Disinflation Proposal gradually reduces SOL’s net inflation, which lowers liquid staking yields, and the report expects borrow rates and depositor yields to compress with them. It argues higher-yield RWAs and yield-bearing stablecoins are needed to offset that.