The number of Solana addresses holding tokenized real-world assets reached approximately 1.73 million by October 25, following a rapid increase in participation. Data tracked by Blockworks showed a gain of 109,126 holders, or roughly 7%, over six days; the broader weekly increase was characterized in the report’s headline as approximately 140,000 addresses.

Equities Drive Most of the Growth

Tokenized equities accounted for nearly all of Solana’s recent expansion. The category added 105,648 holders, representing more than 90% of the network’s RWA addresses and indicating that tokenized-stock access is the primary source of new participation.

Other RWA categories posted more modest gains:

• Commodities: 2,969 additional holders, an increase of approximately 3%.
• Credit: 393 additional holders, or about 1.9% growth.
• Government debt: 180 additional holders.
• Strategies: 30 additional holders.
• Collectibles: A net decline of 94 holders, equivalent to a 1% decrease.

The distribution suggests that Solana’s RWA growth is not broad-based evenly across every asset class. Instead, the latest expansion is concentrated in tokenized equities, where the network has developed a particularly strong position relative to its overall RWA footprint.

Solana Trails Ethereum in Total Value

Despite the rapid increase in holders, Solana remains well behind Ethereum in the total value of distributed tokenized real-world assets. RWA.xyz valued Ethereum’s tokenized assets at approximately $15.9 billion in late October, compared with about $4.9 billion on Solana.

Solana has nevertheless become a major venue for tokenized-equity activity, capturing the overwhelming majority of on-chain tokenized-stock trading volume, according to the research. The distinction between holder growth, asset value and trading volume highlights the different ways networks can compete in the RWA market.

The value of Solana’s RWA market also remains concentrated among a limited group of assets. As of mid-October, BlackRock’s BUIDL, Huma’s PST and two Ctrl Alt private-equity tokens represented approximately 45% of the network’s distributed RWA value. BUIDL alone accounted for roughly one-fifth of the total.

What This Means

Solana’s rising holder count points to expanding retail and market-participant access to tokenized assets, particularly equities. However, the gap with Ethereum in aggregate value and the concentration among a few major products indicate that adoption has not yet translated into a diversified RWA market. Continued growth in tokenized stocks could strengthen Solana’s position, while broader participation across credit, government debt and commodities will be important for demonstrating deeper ecosystem maturity.