The number of Solana addresses holding tokenized real-world assets (RWAs) climbed approximately 7% over six days, adding 109,126 holders to reach about 1.7 million as of October 25, according to data tracked by Blockworks. The total had stood near 1.6 million. Because such figures are tallied by wallet address rather than by individual, the metric reflects address-level participation on the network rather than a count of unique users.

Tokenized real-world assets are blockchain-based representations of traditional instruments such as stocks, commodities, credit, and government debt.

Equities led the expansion, gaining 105,648 holders and now accounting for more than 90% of all RWA addresses on Solana. The category's dominance made it the primary driver of the overall increase, with equities representing nearly all of the period's net new addresses.

Commodities recorded 2,969 new holders, an increase of roughly 3%, while credit added 393 holders, or 1.9%. Government debt and strategies posted more modest gains of 180 and 30 holders, respectively. Collectibles was the only RWA category to register a net decline, shedding 94 holders, equivalent to a 1% decrease.

Ethereum Still Leads on Value

Solana remains well behind Ethereum in overall tokenized real-world asset value, despite its rapid growth in selected markets. RWA.xyz valued Ethereum's distributed tokenized assets at roughly $15.9 billion as of late October, versus about $4.9 billion on Solana. Holder counts and dollar valuations capture different dimensions of the market, which helps explain how Solana can lead on participation growth while trailing on the size of capital deployed.

Solana has nevertheless become a major venue for tokenized equities, capturing the overwhelming majority of on-chain tokenized-stock trading volume, and RWA participation on the network has grown considerably in recent months.

The value of Solana's RWA market remains concentrated among a few major assets. As of mid-October, BlackRock's BUIDL fund, Huma's PST, and two Ctrl Alt private-equity tokens together made up roughly 45% of the network's distributed RWA value, with BUIDL — BlackRock's tokenized money market fund — alone accounting for around one-fifth of the total. That concentration on the value side stands in contrast to the breadth of holder growth recorded across categories. Upcoming data releases from Blockworks and RWA.xyz will indicate whether equities continue to expand their share of RWA addresses and whether Solana narrows the gap in total value with Ethereum.