The short version
- Tokenized Treasuries on Solana grew 272% this year, from $564 million to $2.1 billion, and Solana’s share of the $14.2 billion market rose from 6.2% to 14.7%.
- J.P. Morgan’s JLTXX ($741 million) and BlackRock’s BUIDL ($659 million) make up two thirds of it, and Schroders added an emerging market bond fund on Wednesday.
- SOL hasn’t followed: it is down 23% this year and touched $89.86, its lowest since August, on Wednesday.
- Next: Breakpoint in London, November 15 to 17. Follow Base Camp on X for the fund news from the stage.
$2.1 billion. That is how much in tokenized Treasuries now sits on Solana, up 272% from $564 million in January and the fastest growth of any big chain this year.
The whole market grew 57% over the same stretch, to $14.2 billion. Ethereum still holds the most, but its pile shrank 5%, from $4.7 billion to $4.5 billion. Solana’s slice more than doubled, from 6.2% to 14.7%.
Birdeye, the onchain data platform, put the numbers together on Wednesday:
Solana keeps winning the tokenized U.S. treasury race
Year-to-date, tokenized U.S. treasuries on @Solana have grown faster than on any other major chain, up 272% from $564M to $2.1B. Ethereum took the biggest hit in dollar terms, falling 5% from $4.7B to $4.5B.
The overall the
The current figures match rwa.xyz’s Treasury tracker at the time of writing: $2.10 billion on Solana, $4.47 billion on Ethereum, $14.25 billion in total.
Who Put $2.1 Billion of Tokenized Treasuries on Solana?
Mostly Wall Street money. Five funds make up almost all of it, per rwa.xyz:
- J.P. Morgan’s JLTXX money market fund: $741 million, on Solana since October 22, for qualified US investors only (rwa.xyz fund page).
- BlackRock’s BUIDL: $659 million.
- Ondo’s tokenized iShares 0-1 Year Treasury Bond ETF: $332 million, up from about $11 million three months ago.
- State Street and Galaxy’s SWEEP fund: $209 million.
- Ondo’s USDY: $143 million.
J.P. Morgan alone is a third of the total, two weeks after arriving. These are real-world assets in the plain sense: each token is a share in a fund that holds short-term US government debt and pays the interest on it. The average yield across all tokenized US Treasuries is 3.58% a year, rwa.xyz shows.
That makes big funds the core of the Solana RWA story. BNB Chain is the other quiet winner. It holds $4.43 billion, a whisker behind Ethereum’s $4.47 billion, so the top spot is now a two-way race.
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Schroders Brings Bonds, Not Just T-Bills
The newest arrival goes beyond tokenized Treasuries. Schroders, the British asset manager with over $1 trillion under management, put its emerging market bond fund on Solana on Wednesday through Centrifuge, a platform that turns funds into tokens:
Centrifuge is bringing @Schroders' first tokenized investment strategy onchain.
Introducing $SISF, the Schroder International Selection Fund Emerging Market Bond fund, powered by Centrifuge and now live on @solana.
Beyond Treasuries and short-duration credit, $SISF expands
The token, SISF, gives holders shares in a feeder fund that invests in the Schroder International Selection Fund Emerging Market Bond fund. In plain words: government and company bonds from emerging markets, a step further out on risk than T-bills. Neither side has said how much money went in on day one.
“Working with Centrifuge enables us to make our expertise in this area available to a new generation of investors,” said Marita Mcginley, Schroders’ head of operations for Asia-Pacific and digital assets.
For Schroders, Solana is a first: the fund had never been onchain before. In August the firm got the nod in Ireland for a tokenized share class of a dollar money market fund.
SIDE TRAIL: Solana Price Slips Below $100 as a Whale Sends $22M of SOL to Exchanges
Why Isn’t the SOL Price Following?
Because a tokenized Treasury is a dollar in a fund, not a bet on SOL. Holders need a few cents of SOL for fees and nothing more.
The SOL price is $95.83 at the time of writing, down 23% since January 1. On Wednesday it dipped to $89.86, its lowest since August, just above the 200-day moving average at $89.05. The rally since then has been modest: SOL is up 4% in a day, the same as Bitcoin, while Ethereum gained 6%.
The 50-day average at $108.61 sits overhead, and $100 has turned from floor into ceiling since October 29. A daily close back above $100 is the first sign buyers are back. Losing the 200-day average would put the August range back in play.
The next push may come from the stage. Breakpoint, Solana’s yearly conference, runs November 15 to 17 at Olympia in London, its first time in the UK.
TRAIL MAP: DTCC Tokenization Service Goes Live on Canton With 34 Securities
Satoshi Flipper has more than 20 years of trading experience, starting in stocks before moving into crypto in 2017, and holds an MBA from the Kellogg School of Management. The edge is reading the economic data: rate decisions, inflation, jobs numbers, earnings and the US markets that move Bitcoin.
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