Solana Leads Tokenized Treasury Growth With $378M in 30 Days

Solana led all blockchain networks in Treasury growth

Solana posted the largest 30-day increase in tokenized US Treasury activity among all blockchain networks, adding $378 million in net inflows, according to data from RWA.xyz. The gain placed the network ahead of Ethereum and BNB Chain in monthly growth. Tokenized Treasuries are US government debt instruments, mainly short-term bills and money market funds, issued and transferred as tokens on public blockchains. These products let institutions hold yield-bearing dollar assets directly on-chain. The 30-day figure reflects net new value added to Solana-based Treasury products, not the network's total holdings.

The tokenized Treasury market reached $16.23 billion

The broader tokenized Treasury market reached $16.23 billion in total distributed value on 15 August 2026, RWA.xyz data shows. That figure represented a 1.81% increase over the previous 30 days. Distributed value counts only the portion of each fund issued as a transferable token on an indexed network. In early 2024, the entire tokenized US Treasury market sat below $1 billion. The current total marks a roughly 16-fold expansion in under 30 months, as asset managers moved more government debt on-chain.

Circle, BlackRock and Ondo funds lead the market

Circle's USYC fund led all tokenized Treasury products at about $3 billion in value, according to RWA.xyz. BlackRock's US Dollar Institutional Digital Liquidity fund, known as BUIDL, followed at roughly $2.7 billion. Ondo Finance's US Dollar Yield token, or USDY, held about $2.15 billion. A small number of large funds hold most of the market's value, leaving the rest spread across dozens of smaller products from banks and asset managers.

Solana hosts several major institutional Treasury funds

On Solana, institutional issuers now run several regulated Treasury products. Galaxy Digital's State Street-linked SWEEP fund held about $161 million on the network, RWA.xyz data shows. BlackRock's BUIDL and Ondo's USDY also operate on Solana alongside their deployments on other chains. Large funds mirror a single register across multiple blockchains, so per-chain balances represent fragments of each product rather than separate pools. The transfer agent holds the authoritative record, which limits the impact of any single network outage on investors.

Solana's token traded near $75 at publication

Solana's SOL token traded at $75.33 at the time of publication, down 1.73% over the past seven days (CoinPaprika, 16 August 2026). The token carried a market value of about $43.9 billion. Its price sat roughly 74% below the January 2025 record high of $294. The token's market performance is separate from the growth in tokenized Treasury products hosted on the network, which tracks issuer activity rather than SOL's price.

Ethereum still holds the largest market share

Ethereum still held the largest share of the tokenized Treasury market at about 43%, according to RWA.xyz, with BNB Chain near 31.5%. Solana's monthly inflows narrowed that gap but left the network well behind the two leaders by total value. The market now spans more than a dozen blockchain networks. Growth in the sector has tracked steady institutional demand for on-chain access to short-term US government debt, though total value remains small next to the traditional Treasury market.