Solana's Tokenized Assets Rise to $4.3 Billion in a Year
Key Facts
The value of tokenized real-world assets on Solana rose to about $4.3 billion from about $700 million a year earlier, according to an October report by Castle Labs. The expansion coincided with an increase in the value of tokenized stocks on the network from $63 million to $455 million over the comparison period. The report attributed growth in the tokenized stock category to issuers including xStocks and Backpack, with some of these products linked to decentralized lending markets. By comparison, the value of tokenized real-world assets on Ethereum rose from $15.5 billion to $16.6 billion over the same period. Ethereum thus remained larger in this comparison, despite the faster expansion of Solana's asset base.
Against the backdrop of the expansion in tokenized stocks, Kraken announced the listing of 60 tokenized assets directly in its app when it launched xStocks. The platform said the launch products took the form of tokens deployed on Solana under the technical standard used to issue tokens on the network. This provides a channel for making these assets available within Kraken's app, alongside the uses on decentralized finance platforms cited in the Castle Labs report. According to the report, xStocks can be used as collateral for borrowing on Kamino, linking tokenized stocks to the network's credit market. The report also noted that they were available for use as collateral on Jupiter Lend.
As the range of available products expanded, Ondo launched a catalog of more than 200 tokenized U.S. stocks and exchange-traded funds on Solana, according to the Solana Foundation. These products were available through Jupiter at launch, adding a channel for accessing Ondo's catalog on the network. Ondo's documentation states that its platform gives investors outside the United States exposure to U.S. securities through blockchain networks. The securities targeted by the platform include stocks and exchange-traded funds, while the documentation describes token holders' rights as "economic exposure to the underlying asset, rather than direct ownership of it." Dividends are automatically reinvested in Ondo tokens after applicable withholding taxes are deducted, according to the Solana Foundation's description of the products.
The Solana Foundation describes Ondo's products as fully backed by the underlying securities on a 1:1 basis, under the product terms announced at launch. Licensed U.S. brokerage and custody firms hold the securities backing these tokens, according to the foundation. Ondo says an independent verifier reviews asset coverage and publishes a report every business day. In a separate disclosure on xStocks risks, Kraken warns of the consequences of the insolvency of the institution holding the underlying shares. It explains that insolvency could delay access to those shares or make access impossible.
When announcing its expansion to Solana, Ondo said its platform had exceeded $460 million in total value locked across networks. It added that the platform's cumulative trading volume had exceeded $6.8 billion, reflecting activity across the networks on which it operates. The company says its liquidity model draws on liquidity from traditional exchanges, including Nasdaq and the New York Stock Exchange. This model allows it to draw on the underlying securities markets, rather than relying solely on on-chain liquidity pools, according to Ondo's description. The company also announced a global listing service that allows wallets, platforms and blockchain networks to offer exposure to tokenized U.S. stocks on the day of their initial public offering.
On the network's technical infrastructure, a statement by DeFi Development set October 21, 2026, as the scheduled activation date for the Alpenglow upgrade. The date appeared in a company statement filed with the U.S. Securities and Exchange Commission. According to the statement, the upgrade aims to reduce the time needed to reach transaction finality on Solana. The company put the target time at about 150 milliseconds after the upgrade. It compared that with about 12.8 seconds beforehand, presenting the reduction in finality time as a goal of the upcoming upgrade.