Solana Overtakes Ethereum In Trillion-Dollar Sector, Is There A New King In Town?

bitcoinistPublished on 2026-03-11Last updated on 2026-03-11

Abstract

Solana has surpassed Ethereum in the number of real-world asset (RWA) holders, with 157,112 compared to Ethereum's 153,592. However, Ethereum maintains a significant lead in total RWA value at $15.4 billion, excluding stablecoins, while Solana's RWA value is $1.8 billion. Additionally, Solana recorded higher stablecoin transaction volume in February at $660.64 billion, exceeding Ethereum's $548.82 billion. Despite this, Ethereum has a larger stablecoin market cap and more stablecoin holders. Both networks are growing in RWA holders, but Solana shows faster growth in stablecoin transfer volume and holders.

Solana has overtaken Ethereum in terms of total real-world asset (RWA) holders, providing a positive sign for the network. However, Ethereum remains ahead in total tokenized value on these networks.

Solana Ranks Ahead Of Ethereum In RWA Holders

In an X post, Solana pointed to data from RWA.xyz showing that the network had, for the first time, surpassed Ethereum in total RWA holders. SOL currently has 157,112 RWA holders while Ethereum has 153,592 holders. However, it is worth noting that the Plume network has the most RWA holders (263,132) among all networks despite boasting a lower total RWA value than Ethereum and Solana.

However, the Plume network has seen an almost 3% drop in its RWA holders over the last 30 days, while Ethereum and SOL have seen an increase of 8% and 7%, respectively. Despite SOL surpassing Ethereum in total RWA holders, Ethereum still leads in terms of total RWA value with $15.4 billion on the network, excluding stablecoins.

Meanwhile, the Solana network has a total RWA value of $1.8 billion, also behind networks such as the BNB chain and the XRP Ledger (XRPL). Furthermore, Ethereum leads SOL in the number of tokenization projects on the network, with 675 and 345, respectively. The largest projects on Ethereum are Tether Gold, Paxos Gold, Syrup USDC, and BlackRock’s BUIDL funds.

Meanwhile, the largest projects on Solana are BlackRock’s BUIDL fund, PRIME, Ondo tokenized funds, and OnRe tokenized Reinsurance. However, it is worth noting that Ethereum and SOL are still behind Arbitrum in the number of tokenized projects on their networks. Arbitrum currently has an RWA count of 1,763, although it is still behind Ethereum and SOL in total RWA value and holders.

SOL Gaining Ground On Stablecoins

Data shared by Visa showed that the Solana network gained ground over Ethereum in stablecoin transaction volume last month. SOL recorded a stablecoin transaction volume of $660.64 billion, while Ethereum saw a stablecoin transaction volume of $548.82 billion in February.

Solana has achieved this feat despite being behind Ethereum in stablecoin asset count, with Ethereum at 86 and Solana at 33. Ethereum also has a larger stablecoin market cap of $$166.7 billion, while SOL has a stablecoin market cap of $15.8 billion. Ethereum also has more stablecoin holders (21.18 million) than Solana (9.7 million).

Ethereum’s stablecoin market cap has grown over 4% in the last 30 days, but its stablecoin transfer volume has dropped 100% to 48,850. SOL, on the other hand, has seen its stablecoin holders climb over 9% in the last 30 days, and its transfer volume has surged 85% to $1.85 trillion.

SOL trading at $85 on the 1D chart | Source: SOLUSDT on Tradingview.com

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