Solana is closing the year with a notable shift in narrative. Once seen primarily as a retail-driven, memecoin-heavy blockchain, the network is increasingly positioning itself as a serious venue for real-world asset tokenization and institutional activity as 2026 approaches.

Data from RWA.xyz shows that the total value of tokenized real-world assets on Solana rose nearly 10% in December to a record $873.3 million. At the same time, the number of unique holders of tokenized RWAs on the network climbed more than 18% to over 126,000 addresses, highlighting expanding participation beyond speculative trading.

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Most of the assets tokenized on Solana remain tied to US government debt and yield-bearing instruments. Products such as BlackRock’s USD Institutional Digital Liquidity Fund and Ondo’s US Dollar Yield together account for a large share of activity, with market capitalizations of roughly $255 million and $176 million, respectively. In parallel, tokenized equities — including representations of Tesla and Nvidia shares — have

continued to gain traction, alongside institutional fund products migrating onchain.

If current growth persists, Solana is on track to become only the third blockchain network to surpass $1 billion in tokenized RWAs, following Ethereum and BNB Chain.

Source: Capital Markets

Regulatory clarity seen as key catalyst for next leg higher

Market participants are watching US policy developments closely. Crypto asset manager Bitwise has argued that Solana could revisit or surpass prior highs if lawmakers pass the market-structure-focused CLARITY Act in 2026. The firm views tokenization and stablecoins as long-term structural trends, with Ethereum and Solana positioned to absorb much of that growth.

Bitwise analysts have pointed to Solana’s high throughput and low transaction costs as advantages if regulated tokenized assets expand across payments, funds, and securities markets.

SOL still lagging Bitcoin and Ether on price recovery

Despite improving fundamentals, Solana enters 2026 at a lower price level than a year earlier. SOL is trading around $125, compared with roughly $190 at the start of 2025, and remains more than 57% below its all-time high of $293 reached in January last year.

By contrast, Bitcoin and Ether have set new record highs more recently and are trading closer to their peaks. The divergence underscores that Solana’s recovery has been uneven, even as network usage and institutional interest continue to improve.

Blockchains by app revenue over the last 30 days. Source: DeFiLlama

ETFs and enterprise payments add credibility

Solana’s standing with institutional investors received a boost in October after the US Securities and Exchange Commission approved six spot Solana exchange-traded funds. Since launch, those products have attracted a combined $765 million in net inflows, according to data from Farside Investors.

The network also secured a high-profile enterprise use case when Western Union selected Solana as the base layer for a new stablecoin settlement system. The platform is expected to support cross-border payments for more than 150 million customers worldwide and is slated for rollout in the first half of 2026.

Strong onchain revenue supports long-term case

Beyond tokenization and ETFs, Solana continues to lead the industry in application-level revenue. Over the past 30 days, the network generated more than $110 million in app revenue, outpacing competitors such as Hyperliquid and Ethereum, according to DeFiLlama.

The data suggests Solana can sustain meaningful economic activity even during periods when speculative memecoin trading cools, reinforcing its appeal as infrastructure rather than a short-lived trend.