Solana Tops Ethereum in RWA Holders but Asset Value Trails

Solana overtakes Ethereum in RWA holder counts, yet Ethereum still dominates total tokenized asset value and ecosystem scale.

Rich by Coin

2026-03-11

Solana has overtaken Ethereum in the number of Real-World Asset (RWA) holders for the first time, according to data on RWA.xyz cited by Solana. However, in terms of the size of tokenized assets, Ethereum remains the dominant network. Solana’s RWA holders numbered 157,112, while Ethereum’s stood at 153,592. Plume leads in holders with 263,132, surpassing both networks.

Over the past month, Ethereum’s RWA holder count grew by about 8%, Solana by about 7%, and Plume declined about 3%. The total value of tokenized assets remains significantly larger on Ethereum, at about $15.4 billion versus Solana’s about $1.8 billion. Ethereum hosts roughly 675 tokenization projects, while Solana hosts about 345. In Ethereum’s ecosystem, major RWA projects include Tether Gold, Paxos Gold, Circle USDC tokenization, and BlackRock’s BUIDL fund; on Solana, BUIDL alongside PRIME, the Ondo tokenization fund, and the OnRe tokenization reinsurance projects are active.

Arbitrum has the most RWA projects overall, with 1,763, but asset size and holder counts still lag Ethereum and Solana. Visa data shows Solana eclipsed Ethereum in February for stablecoin transfers, at around $660.6 billion versus $548.8 billion on Ethereum. On stability and supply, Ethereum remains larger in the overall network: there are about 86 stablecoin assets on Ethereum versus 33 on Solana, with stablecoins’ market cap around $166.7 billion and $15.8 billion respectively. Holders number about 21.18 million for Ethereum and 9.70 million for Solana; in the last month, Ethereum’s stablecoin market cap rose around 4% while transfers fell, Solana’s holders rose around 9%, and transfers surged about 85% to roughly $1.85 trillion.

Analysts see Solana growing quickly in RWA and stablecoins, but Ethereum still dominates asset size and infrastructure, suggesting a dual-path where issuance remains on Ethereum while trading and settlement flows lean toward Solana. Over the long term, a division of roles — asset issuance on Ethereum and trading on Solana — could emerge, shaping tokenized finance.