Conflicting reports have emerged regarding the total value locked (TVL) in real-world assets (RWAs) on the Solana blockchain. While one report, citing data from RWA.xyz and promoted by Solana's official account, claims the network has reached a new all-time high of $1.66 billion, a separate analysis disputes this figure, stating verifiable data shows a value of approximately $1.12 billion as of January 2026.
The disputed $1.66 billion figure represents a reported 90.1% monthly growth from $873.3 million in early January 2026, positioning Solana as the third-largest blockchain for RWA tokenization behind Ethereum ($14.88B) and BNB Chain ($2.20B). However, the counter-analysis argues that the higher number stems from methodological issues, including the aggregation of multi-chain totals, inclusion of non-RWA DeFi collateral, and confusion between protocol assets under management (AUM) and chain-specific TVL.
"For clarity, RWA here refers to tokenized U.S. Treasuries and institutional yield products natively issued or settled on Solana, not derivatives, synthetic exposures, or mirrored assets bridged from other chains," the critical report specifies. It emphasizes that accurate figures should exclude forward projections and double-counted wrapped assets to provide a regulator-ready metric.
The growth in Solana's RWA sector is largely attributed to institutional products like BlackRock's BUIDL tokenized treasury fund and yield products from Ondo Finance, supported by the Solana Foundation. This activity signals expanding institutional use of Solana for on-chain settlement. Matt Hougan, CIO at Bitwise, commented on the trend, stating, "Solana is the new Wall Street," highlighting institutional interest in stablecoins and tokenized assets on high-throughput networks.
The accuracy of these TVL figures is crucial for risk assessment, audit trails, and regulatory reporting. Analysts are advised to verify claims by cross-referencing chain-specific data from reputable sources, issuer statements, and on-chain contract disclosures, prioritizing verifiable data over aggregated marketing totals.
