$1.4B Solana Tokenized Credit Ranks Third Behind Ethereum

Key Points

• RWA.xyz put Solana’s tokenized credit at $1.4 billion on Oct. 14, third behind Ethereum at $3.0 billion and Liquid Network at $1.5 billion.
• Solana’s late-July overview put Kamino’s PRIME lending market above $350 million in TVL and ONyc at $247 million in onchain market cap.
• About 75% of circulating ONyc sits in lending markets, pools and yield strategies, so Solana credit tokens already work as DeFi collateral where issuers allow.

Solana now holds $1.4 billion in tokenized credit, third among networks behind Ethereum at $3.0 billion and Liquid Network at $1.5 billion, per RWA.xyz data from Oct. 14. Altcoin Buzz reported the ranking, alongside Solana’s own pitch that credit instruments on the chain “can plug into lending protocols, serve as collateral, trade through decentralized venues.” For your wallet, that pitch is the story: credit on Solana is built to be borrowed against and swapped, not just held.

Solana’s $1.4B Credit Book Ranks Third On RWA.xyz

RWA.xyz put Solana at $1.4 billion in tokenized credit on Oct. 14. That beats the $1 billion figure circulating since Oct. 13.

Ethereum leads with $3.0 billion, and Liquid Network sits second at $1.5 billion. Solana holds less than half of Ethereum’s total.

The Solana number runs through a short list of named products, not dozens of issuers. Two are Solana-only, and a third is shared with two other networks.

That shared product is why you cannot rebuild the chain total by adding the three together.

Older credit products on the chain include Apollo’s ACRED fund, tokenized through Securitize in January 2025, and Hamilton Lane’s SCOPE fund, which arrived through Libre in July 2024.

For a retail wallet, the useful layer is where that credit goes after it is minted.

Kamino’s $350M PRIME Market And 75% Of ONyc In DeFi

Solana’s own real-world asset overview counts $3.7 billion in non-stablecoin RWA value across 313,000 holders. That covers all RWA, not credit alone, as of late July.

The same page carries the lending detail. The PRIME lending market on Kamino passed $350 million in TVL within roughly three months of launch.

ONyc stood at $247 million in onchain market cap and $186 million in DeFi active TVL. The gap, about $61 million, is ONyc not deployed in DeFi.

Roughly 75% of circulating ONyc sat across lending markets, liquidity pools and yield strategies. That is the composability pitch working in practice.

Strip away the network ranking and this is really about whether your credit token can work as collateral, not just sit in a wallet.

Solana adds a condition. It all works only “where issuer controls and eligibility rules permit,” so check a token’s transfer rules before you plan to borrow against it.

The source gives no yields or rates, so there is no yield comparison to run here. You can track tokenized credit and collateral markets across chains as the data moves.

Messari’s Unconfirmed Lending Share And What To Watch

A Messari post on X dated Oct. 13 said Solana hosts more than $1 billion in tokenized credit, with more than half deposited in lending protocols.

Altcoin Buzz could not open the post and found no second outlet confirming it. Treat that lending share as unverified.

It matters, because a 50% lending share is the number that would show Solana credit gets used, not just parked.

If the Messari split holds, more than $500 million of Solana credit would already sit in lending protocols.

Nick Ducoff, head of institutional growth at the Solana Foundation, called Solana the leading destination for institutional capital moving onchain when Securitize brought its STAC credit fund to Solana.

Third place on the credit chart says that claim is still a work in progress for credit.

Other ledgers are chasing the same lane. RWA.xyz lists the XRP Ledger at $116.1 million in tokenized credit, and Clearpool plans private credit lending there.

The next RWA.xyz credit refresh is the cleanest test of whether Solana’s concentration in a few products holds.

Until then, a $1,000 wallet should read the lending data as a three-month-old snapshot.

Solana built its credit market to be borrowed against and traded. Whether the lending share Messari claims shows up in readable data decides if that $1.4 billion works for your wallet or just sits on a chart.

Weighing credit tokens as collateral? The Secondary Markets desk tracks where tokenized credit trades and which pools can take your size.