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The Solana blockchain has surpassed Ethereum in the number of RWA wallets
The inflow of retail investors who are actively trading fractional shares of tech companies has allowed Solana to surpass Ethereum in the number of active users. It is now the network with the largest number of addresses holding tokenized real-world assets (RWA).
However, the financial metrics tell a different story. Ethereum’s layer-one blockchain still firmly controls the main share of corporate capital.
Retail traders pushed the platform to the top of audience metrics
Data provider RWA.xyz reports highly illustrative statistics. The number of wallets with digital assets on Solana recently reached 154,942. As a result, this figure slightly exceeded that of its main competitor, which has 153,592 holders. Therefore, the project has for the first time become the industry leader in user adoption specifically in this segment.
In addition, the sharp audience growth followed the launch of xStock instruments in mid-2025. Low transaction costs quickly attracted a large number of regular traders who actively use the blockchain to buy digital shares of volatile companies such as Tesla and Nvidia. By January, the base had reached 126,000 addresses, after which the pace of registrations accelerated significantly.
Institutional players keep capital in the main network
This milestone certainly reflects the product’s success in attracting mass-market users. Nevertheless, this metric reveals only a small part of the broader picture. If one evaluates the total assets under management, Ethereum’s dominance remains completely unquestionable.
At present, tokens worth an impressive $15.5 billion are held on this platform. That figure is nearly nine times greater than the $1.8 billion held in the Solana ecosystem. In addition, the leading smart contract network supports 663 different projects. By comparison, the nearest competitor hosts only 345.
Key RWA projects on Ethereum.
Key RWA projects on Ethereum. Source: RWA.xyz
Such a striking contrast in value highlights a clear division of functions between the two competing systems. The highly capitalized ecosystem relies on support from giants of traditional finance. These include major corporations such as BlackRock and Fidelity Investments. These institutions have launched truly heavyweight instruments there, including money market funds and Treasury bills.
At the same time, the competitor has also achieved notable success in the corporate sector. Developers have enabled the implementation of specialized solutions from leading asset managers. Despite this, the current indicators point to a clear split in development direction. One blockchain is becoming the preferred venue for securities trading among retail participants. Meanwhile, the other continues to serve as a reliable settlement layer for Wall Street capital.
