Solana Tokenized Assets Leap Past $500M, Dominated by Stablecoins
Solana has reached a significant threshold as its tokenized asset value slices through teh $500 million barrier. Notably, stablecoins led the charge, making up the lion’s share of the decentralized ledger’s $11.1 billion market cap through 17 diverse tokens.
Among these tokens, Circle’s USD Coin (USDC) towers above, imprisoning around 70% of the market, equating to approximately $8.18 billion. Following closely behind is Tether (USDT), holding almost 17% of the share at roughly $1.94 billion.
Tokenized U.S. Treasury securities claim the secondary spot, valued at $304.6 million. Here, the spotlight falls on Ondo Finance’s products, USDY and OUSG, contributing a combined worth of $249.4 million.
The involvement of institutional choice funds infuses an extra $135.2 million into Solana’s pot. The major player in this domain is OnRe’s Onchain Yield Coin (ONYc).
While the total value trails Ethereum, zkSync Era, and Polygon, surpassing the $500 million benchmark underscores Solana’s ascent as a key financial tool.
This surge heralds the increasing attraction of large financial entities towards Solana for tokenization due to its swift transactions, minimal fees, and capability to accommodate considerable operations seamlessly.
Partnerships like the collaboration between the Solana Foundation and R3—an establishment with high-profile affiliates such as HSBC and Bank of America—are reflective of conventional finance’s growing recognition of Solana as a viable speedier and more economical option when transferring Real World Assets onto public blockchain platforms.
