Data shows that Solana ranked first among major public blockchains in RWA capital flows over the past 30 days, with a net inflow of $348 million. As tokenized U.S. Treasuries and money market products continue to expand, Solana’s share in this segment is further increasing.
Highest 30-day net inflow
The RWA Foundation, citing data from rwa.xyz on X, stated that Solana led other networks in net RWA inflows over the past 30 days. Under the distribution-based RWA metric, these assets are subscribed to, held, and managed via blockchain, allowing investors to participate directly using wallets or custodial accounts.
In the same statistic, Solana increased by 11.13% over 30 days. Ethereum grew by 0.77% during the same period, while Stellar increased by 5.22%. The XRP Ledger and Avalanche declined by 5.51% and 14.06%, respectively.
On-chain volume rises to $4.23 billion
The report states that the total value of RWA on the Solana chain has surpassed $4 billion, currently standing at approximately $4.23 billion. Over the past 30 days, the number of holders of these assets increased by 17.63% to 398,644.
This growth continues the RWA expansion trend observed over the past year. As more tokenized government bonds and cash management products enter the blockchain, Solana is emerging as one of the key distribution networks for these assets.
U.S. Treasury products continue to increase.
Currently, multiple tokenized Treasury products have been deployed on the Solana chain, including Circle’s USYC, BlackRock’s BUIDL, VanEck’s VBILL, and Franklin Templeton’s BENJI.
Ondo Finance also operates two products on Solana tied to U.S. Treasuries: USDY, which is backed by short-term U.S. Treasuries and bank demand deposits, and OUSG, which provides exposure to short-term U.S. Treasuries with a significant allocation to BlackRock’s BUIDL fund.
Alpenglow upgrade progressing in sync
In addition to expanding its RWA business, Solana has recently been advancing a core upgrade called Alpenglow, which aims to restructure the existing consensus architecture to improve confirmation speed and network responsiveness.
According to public announcements, Alpenglow plans to replace Proof of History and the existing Tower BFT voting mechanism. In late August, Solana completed its first on-chain governance vote, with a proposal to accelerate the reduction of new SOL issuance narrowly meeting the two-thirds majority threshold just before the deadline.