# RWA on Solana: nearly 9 in 10 holders own stock tokens

> RWA on Solana in October 2026: 885,085 holder wallets on rwa.xyz, nearly nine in ten holding stock tokens, while treasury funds hold the most value.


RWA on Solana grew in 2026 mostly through tokens that ordinary wallets hold: in October 2026 rwa.xyz counted 885,085 wallets holding real-world asset tokens on Solana, and 774,971 of them, nearly nine in ten, held stock tokens such as xStocks. The money sits elsewhere. Tokenized Treasury funds were the largest class by value at $1.54 billion, and BlackRock's BUIDL alone held $917 million across 13 wallets. Cherry (cherry.fun) is a wallet-to-wallet messenger and community app for crypto, where you sign in with a wallet, DM any wallet address and join token-gated or paid group chats; it gets one section at the end.

## How fast RWA on Solana grew in 2026

The holder count nearly tripled in under three months. rwa.xyz recorded 300,130 RWA holder wallets on Solana on 15 July 2026. Solana announced on 23 August 2026 that the chain's real-world asset value had passed $4 billion for the first time. In October 2026 rwa.xyz showed $4.39 billion in distributed asset value and 885,085 holders, a count that leaves stablecoins out.

The value and the wallets moved at different speeds. Here is rwa.xyz's Solana breakdown by asset class in October 2026, next to the same classes three months earlier:

| Asset class (rwa.xyz) | Value, October 2026 | Holders, October 2026 | Holders, July 2026 |
|---|---|---|---|
| US Treasury debt | $1.54 billion | 9,783 | 8,977 |
| Private equity | $861 million | 28 | 22 |
| Asset-backed credit | $765 million | 10,442 | 9,911 |
| Stocks | $500 million | 774,971 | 234,430 |
| Commodities | $25.2 million | 62,471 | 21,197 |

Stock tokens added about 540,000 holders in three months. Treasury funds added about 800 holders and roughly half a billion dollars of value. Both are RWA growth, and they describe two different markets: one sold to wallets in small amounts, one sold to approved investors in large tickets.

## Stock tokens: xStocks and Ondo Stocks

Most of the new wallets hold xStocks. They are issued by Backed Assets (JE) Limited, a Jersey company, and the issuer says "each xStock is backed 1:1 by the underlying asset held in regulated custody". Kraken announced on 2 December 2025 that it had agreed to acquire Backed Finance AG, without disclosing terms. In October 2026 rwa.xyz attributed 793,666 Solana holder wallets and $414 million of value to Backed Assets, and xstocks.com counted 1,165 stocks and ETFs. On 18 September 2026 xStocks announced that its tokens had passed $6 billion in trading volume on Solana.

The issuer limits who may buy. In October 2026 xstocks.com read: "xStocks are not available to residents of the United States, United Kingdom, Canada, Australia, or sanctioned jurisdictions."

Ondo is the second stock-token issuer on the chain. Ondo Global Markets went live on Solana on 21 January 2026 with more than 200 tokenized US stocks and ETFs, each backed 1:1 by securities held at US-registered broker-dealers, per the Solana Foundation's announcement that day. In October 2026 Ondo called the product Ondo Stocks (formerly Ondo Global Markets), listed 450+ tokenized stocks and ETFs across Ethereum, BNB Chain and Solana, and stated: "Ondo Stocks are offered only outside the United States and only to eligible non-U.S. persons." rwa.xyz showed 24,973 Solana wallets and $287 million in Ondo's stock tokens that month.

## Treasury funds: most of the money, few of the wallets

Tokenized Treasury funds sit at the other end, and each issuer writes its own rule.

- **BUIDL** is BlackRock's USD Institutional Digital Liquidity Fund, tokenized by Securitize, which added a Solana share class on 25 March 2025. At launch Securitize said investors "can transfer their tokens 24/7/365 to other pre-approved investors" and that interests "will not be listed on any exchange" (20 March 2024). rwa.xyz showed $917 million of BUIDL on Solana across 13 wallets in October 2026.
- **OUSG** is Ondo's token for short-term US Treasuries and money market funds. In October 2026 Ondo's page said organisations or individuals "who have onboarded to our Qualified-Access Funds" can redeem, transfer or receive it, and named the eligible investors as accredited investors and qualified purchasers. rwa.xyz showed six OUSG wallets on Solana that month and no circulating value there.
- **USDY** is Ondo's tokenized note backed by short-term Treasuries and bank deposits. Ondo says it is offered under Regulation S, so it is sold and redeemed only to non-US individuals or entities, and that once issued it "operates as a permissionless bearer asset that can be transferred to without needing to be onboarded first" (October 2026). rwa.xyz counted 8,145 USDY wallets on Solana holding $180 million that month.

Those rules explain the holder table. A fund that only moves between pre-approved investors will not reach hundreds of thousands of wallets, however much money it holds.

## Pre-IPO tokens and gold

A pre-IPO token is a claim on a vehicle that holds, or says it holds, exposure to a private company. It is never a share. PreStocks, which issues such tokens on Solana, says in October 2026 that its tokens are "1:1 backed by SPV exposure to the underlying company shares" and "confer no ownership, voting, dividend, information, or other legal rights", and that they "are not available in the U.S., to U.S. persons, or to other ineligible persons."

The companies named on those tokens have pushed back. Anthropic's help page on unauthorized stock sales (updated 29 June 2026) says a transfer "that has not been approved by our Board of Directors is void", that it does "not permit special purpose vehicles (SPVs) to acquire Anthropic stock", and that such offerings "may have no value due to our transfer restrictions." CoinMarketCap Academy reported in May 2026 that OpenAI warned that unauthorized transactions "may violate US securities laws and could result in the invalidation of the underlying equity". The [pre-IPO token](https://cherry.fun/learn/glossary/pre-ipo-token/) entry covers the structure in more detail.

Gold barely registers. Matrixdock deployed XAUm, a token for one troy ounce of LBMA-accredited gold, on Solana on 9 February 2026, with first liquidity on Raydium. In October 2026 Solana held 0.3% of the tokenized commodity value rwa.xyz tracks ($25.2 million), against 59% on Ethereum, so gold tokens still live mainly on Ethereum.

## RWA tokens on Solana at a glance

| Asset type | Example tokens on Solana | Issuer | Who can hold (issuer's rule) | Where it trades |
|---|---|---|---|---|
| Tokenized stocks and ETFs | xStocks (NVDAx, TSLAx, SPYx) | Backed Assets (JE) Limited | Not available to residents of the US, UK, Canada, Australia or sanctioned jurisdictions | Kraken and Bybit; on Solana, Jupiter, Raydium, Orca and Kamino per xstocks.com |
| Tokenized stocks and ETFs | Ondo Stocks (NVDAon, SPYon) | Ondo | Only outside the US and only to eligible non-U.S. persons; minting needs onboarding | Third-party wallets, exchanges and DEXs on Solana |
| Treasury fund | BUIDL | BlackRock, tokenized by Securitize | Pre-approved investors only | Not listed on any exchange |
| Treasury fund | OUSG | Ondo | Onboarded accredited investors and qualified purchasers | Transfers between onboarded holders |
| Treasury-backed note | USDY | Ondo | Sold and redeemed to non-US persons only; transferable without onboarding | Peer to peer on the chains it is issued on |
| Pre-IPO token | OpenAI and Anthropic PreStocks | PreStocks | Not available in the US, to U.S. persons or other ineligible persons | Jupiter and Meteora were launch partners (August 2025) |
| Gold | XAUm | Matrixdock | Not stated in the launch release | Raydium |

## What this means for holders

The token in your wallet and the right to redeem it are separate things. Once issued, xStocks and Ondo's stock tokens move between wallets and DEXs on Solana, but minting and redeeming go through the issuer, and the issuer decides who qualifies. Read the eligibility line before you buy, because a secondary-market purchase does not make you eligible to redeem.

Backing is a promise from a named company. xStocks rely on a Jersey issuer and its custodian, Ondo's tokens on US broker-dealers, PreStocks on an SPV that the company behind the shares may not recognise. xstocks.com describes its tokens as "providing price exposure only, with no voting or dividend rights", so holding one gives you no vote at the company. The [are tokenized stocks safe](https://cherry.fun/learn/guides/are-tokenized-stocks-safe/) guide walks through the questions to ask an issuer, and the [tokenized stock](https://cherry.fun/learn/glossary/tokenized-stock/) and [RWA](https://cherry.fun/learn/glossary/rwa-crypto/) entries define the terms.

Copies exist. Any Solana wallet can mint a token called "TSLAx", so the mint address and the issuer's own list matter more than the ticker.

## Where Cherry fits

On Cherry, stock tokens sit in the same wallet as everything else. The [Trading Terminal mini app](https://cherry.fun/learn/features/trading-terminal-mini-app/) has a "Stocks & RWAs" board that lists xStocks; check the Verified mark and the RWA tag, because tokens that copy xStock names also turn up in its full list. Ondo tokens and pre-IPO tokens are not on the board, and you reach them through search or a pasted mint. Every swap is a transaction you sign in your own wallet. Once you hold one, the Portfolio's "Holdings" tab lists every token in the wallet with its share of the total, so the stock token sits beside your memecoins. The [real-world assets](https://cherry.fun/learn/features/real-world-assets/) feature page covers this in more depth.

[Trading Terminal on Cherry](https://chat.cherry.fun/@trade)

Paste a mint in any group chat and the message shows a token card with price and a BUY button, so a room can argue about an issuer's backing with the token in front of it. Our map of [where memecoin holders talk](https://cherry.fun/learn/blog/where-memecoin-holders-actually-talk/) explains how those rooms form.

The [Earn mini app](https://cherry.fun/learn/features/earn-mini-app/) lists three vaults that its own notes tie to off-chain assets: Maple syrupUSDC, "backed by overcollateralized loans to vetted trading firms"; Perena USD*, whose reserve sits in "delta-neutral and treasury-backed strategies"; and JupUSD Lending, where JupUSD is "backed by reserves tied to BlackRock's BUIDL money-market fund".

Nothing here is financial advice. Tokens can lose value.

To see the board for yourself, open the Trading Terminal at [chat.cherry.fun/@trade](https://chat.cherry.fun/@trade).

## FAQ

### How many RWA holders does Solana have?
rwa.xyz counted 885,085 wallets holding real-world asset tokens on Solana in October 2026, up from 300,130 on 15 July 2026. The count leaves out stablecoins, and 774,971 of those wallets held stock tokens.

### What are the top RWA tokens on Solana by value?
By value, tokenized US Treasury funds lead, with $1.54 billion on Solana in October 2026 per rwa.xyz. BlackRock's BUIDL alone held $917 million across 13 wallets. rwa.xyz put $414 million under xStocks' issuer and $287 million under Ondo's stock-token issuer.

### Is there tokenized gold on Solana?
Yes, but little of it. Matrixdock deployed its XAUm gold token on Solana on 9 February 2026. In October 2026 Solana held 0.3% of the value of tokenized commodities tracked by rwa.xyz, against 59% on Ethereum, so gold tokens still live mainly on Ethereum.

### Can US residents hold xStocks?
The issuer says no. In October 2026 xstocks.com stated: "xStocks are not available to residents of the United States, United Kingdom, Canada, Australia, or sanctioned jurisdictions."

## Sources

- [rwa.xyz: Solana network overview](https://app.rwa.xyz/networks/solana)
- [rwa.xyz: tokenized commodities](https://app.rwa.xyz/commodities)
- [Solana Compass: Solana hits 300,000 RWA holders (16 July 2026)](https://solanacompass.com/news/solana-hits-300000-rwa-holders-to-lead-all-blockchains)
- [Solana Compass: Solana's RWA value passes $4 billion (23 August 2026)](https://solanacompass.com/news/solanas-rwa-ecosystem-hits-4-billion-in-total-value-for-the-first-time)
- [Solana Compass: xStocks passes $6 billion in Solana volume (18 September 2026)](https://solanacompass.com/news/xstocks-crosses-6-billion-in-solana-tokenized-stock-volume-as-raydium-q3-tops-23b)
- [xStocks](https://xstocks.com/)
- [Kraken: Kraken to acquire Backed (2 December 2025)](https://www.payward.com/press-release/kraken-acquires-backed-xstocks-expansion)
- [Solana Foundation: Ondo Global Markets on Solana (21 January 2026)](https://solana.com/news/ondo-global-markets-tokenized-stocks-etfs-solana)
- [Ondo Stocks](https://ondo.finance/ondo-stocks)
- [Ondo: USDY](https://ondo.finance/usdy)
- [Ondo: OUSG](https://ondo.finance/ousg)
- [Securitize: BlackRock launches BUIDL (20 March 2024)](https://investors.securitize.io/news/news-details/2024/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network-03-20-2024/default.aspx)
- [Securitize: BUIDL share class on Solana (25 March 2025)](https://wormhole.com/blog/blackrock-and-securitize-debut-new-buidl-share-class-on-solana-network-with)
- [Matrixdock: XAUm on Solana (9 February 2026)](https://www.aap.com.au/aapreleases/cision20260209ae78504/)
- [PreStocks](https://prestocks.com/)
- [Anthropic: unauthorized stock sales and investment scams](https://support.claude.com/en/articles/13704655)
- [CoinMarketCap Academy: Anthropic and OpenAI warn on pre-IPO tokens](https://coinmarketcap.com/academy/article/anthropic-openai-tokenized-share-warning)