Solana just posted the largest 30-day increase in tokenized US Treasury activity among all blockchain networks, adding $378M in net inflows.
The broader tokenized Treasury market hit $16.23B in total distributed value as of August 15, according to data from RWA.xyz. That figure represents a 1.81% increase over the past 30 days, with Solana, Ethereum, and BNB Chain leading the charge.
Solana’s institutional moment
BlackRock’s BUIDL fund, Ondo Finance’s USDY, and Galaxy Digital’s SWEEP (which currently holds roughly $161M) all now operate on Solana. Add in VBILL, and the network has quietly assembled a roster of institutional-grade Treasury products.
Ethereum still runs the show, but the gap is narrowing
Despite Solana’s growth spurt, Ethereum remains the undisputed heavyweight in tokenized Treasuries, commanding approximately 43% of the total market share. BNB Chain sits in second place with around 31.5%.
The top three products by size tell you everything about who’s winning the issuance race. USYC leads with roughly $3.0B, followed by BUIDL at approximately $2.7B and USDY at around $2.15B.
The tokenized Treasury market now spans nearly 18 different blockchain networks.
From under $1B to $16B in two years
In early 2024, the entire tokenized US Treasury market sat below $1B. Now it’s north of $16B, a roughly 16x expansion in under 30 months.
The broader tokenized real-world asset ecosystem, which includes everything from private credit to real estate, now exceeds an estimated $30B to $38B in total value.
Products like BUIDL and USDY come with transfer restrictions and accredited-investor requirements baked into their smart contracts, allowing these tokens to exist within existing regulatory frameworks.