Solana Tokenized Stocks Hit $800M: How SOL Overtook Ethereum in On-Chain Volume

Introduction

Solana’s tokenized stocks ecosystem just surpassed $800 million in trading volume, flipping Ethereum’s share and capturing over 60% of a nearly $1.3 billion market. With faster, cheaper transactions and higher user activity, Solana [SOL] now leads the tokenized assets segment, while Gnosis logged ~$307M and Ethereum [ETH] trailed at ~$127M. This is a notable shift in market leadership within on-chain tokenized equities.

On-chain metrics explain the momentum: Solana exceeded 2.5 million daily active addresses by late September versus Ethereum’s ~747,000, with Solana also adding ~1.3 million new addresses—signaling stronger network growth and user engagement. Development activity stayed steady across chains, but Solana’s throughput and UX are driving adoption for tokenized stocks, tokenized assets, and RWA (real-world asset) flows. Key SEO terms: Solana tokenized stocks, Ethereum vs Solana, RWA, on-chain volume.

Near term, SOL’s price shows bearish pressure despite strong fundamentals: price around $192 dipped below the mid-Bollinger Band, with RSI near 35 indicating oversold conditions and potential for a technical rebound at lower bands. Traders may be taking profits after September’s rally, but liquidity and activity in tokenized stocks could underpin medium-term support. Key SEO terms: Solana price, RSI 35, Bollinger Bands, crypto market, tokenized equities. 

Background

The landscape of tokenized assets is shifting rapidly. In late September 2025, Solana (SOL) reported more than $800 million in tokenized stock trading volume, officially surpassing Ethereum (ETH) and capturing over 60% of the entire market. This milestone highlights Solana’s growing influence in the emerging field of real-world asset (RWA) tokenization, where traditional assets like stocks, bonds, and commodities are represented on blockchain networks.

According to data published by AMBCrypto, tokenized stock transfer volumes reached $1.3 billion in total, with Solana accounting for $807 million. Comparatively, Gnosis processed $307 million, while Ethereum, previously dominant in this vertical, recorded just $127 million. Beyond efficiency, Solana gained momentum thanks to faster transaction speed (processing thousands of transactions per second) and lower fees, critical advantages in high-frequency digital asset trading.

Why Solana Is Outpacing Ethereum in Tokenized Assets

The key driver behind Solana’s success is network activity and user growth. By the end of September, Solana registered over 2.5 million daily active addresses, compared to Ethereum’s ~747,000, according to Santiment network data. Solana also added nearly 1.3 million new wallet addresses in that period, indicating rapid adoption at both institutional and retail levels.

Ethereum, while still the backbone for DeFi (Decentralized Finance) and smart contracts, faces challenges with scalability and gas fees, despite efforts like Ethereum’s Layer-2 solutions (Arbitrum, Optimism) and upcoming Proto-Danksharding (EIP-4844). Meanwhile, Solana’s architecture, built for low-cost, high-throughput transactions, makes it increasingly attractive for tokenized stocks, RWAs, and institutional finance applications.

Outside research by Boston Consulting Group and ADDX estimates that the tokenized asset market could reach $16 trillion by 2030. If accurate, Solana’s early lead in volume positions it as a frontrunner in one of the largest crypto use cases ever.

What’s Next for Solana’s Price and RWA Adoption

Despite these on-chain wins, Solana’s token price has experienced short-term bearish pressure. At the time of reporting, SOL traded at $192, slipping below its mid-Bollinger Band with an RSI (Relative Strength Index) near 35 — a level that signals oversold conditions. Analysts suggest this may reflect profit-taking by traders after Solana’s recent rally, with room for a rebound if buying resumes near technical support zones.

Longer term, the fundamentals for Solana remain robust. The blockchain is increasingly favored for RWA tokenization, an area attracting financial giants. For example, Franklin Templeton launched a tokenized money market fund on Solana in 2023, and Visa has trialed stablecoin settlement on SOL. These moves signal a growing institutional appetite for Solana’s infrastructure.

While Ethereum continues to lead in developer ecosystem size and security, Solana’s growth in user metrics, speed, and adoption in tokenized assets is undeniable. If this trajectory continues, Solana could cement itself as the go-to chain for RWA integration, while Ethereum may retain its dominance in DeFi and Layer-2 innovation.