Solana, Tether, and XRP Ledger Drive New Wave of Asset Tokenization
A new wave of asset tokenization is emerging, with Solana capturing 73% of total inflows into the top 10 blockchains during the week of October 18-25, 2026.
A joint report by RWA Foundation and Token Terminal reveals a significant shift in the real-world asset (RWA) tokenization sector. While Ethereum infrastructure experienced declining volumes, capital and new investors are moving toward alternative blockchains, with Solana emerging as the primary beneficiary.
Solana attracted $453.5 million in the tokenized funds segment, representing 73% of the total inflow into the top 10 blockchains. This dwarfs Stellar, the closest competitor, which added $124.5 million. Meanwhile, XRP Ledger entered the top 10 with a more modest $131,000.
Tokenized Stocks Market
The tokenized stocks market also showed a migration away from Ethereum, which lost $26.0 million in market capitalization. This liquidity flowed primarily to BNB Chain (+$135.9 million) and Solana (+$55.8 million). Solana led in wallet growth, adding 114,600 addresses in seven days.
Stablecoin Competition
The stablecoin market showed a clear division between issuance volumes and user growth. Paxos led in capital inflow with $249.8 million growth (65% of top 10 issuers), primarily through Arc and Solana networks. Tether dominated user expansion, adding 1.7 million new addresses (90% of top 10 issuers), with BNB Chain serving as the main infrastructure hub (+1.3 million addresses).
Institutional Activity
Institutional capital in tokenized funds showed stable inflows, with Franklin Templeton (+$33.9 million) and J.P. Morgan (+$33.6 million) accounting for nearly half of weekly growth. The independent fund Spiko led in attracting new investors, adding 491 addresses.
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