Solana Q1 Report Shows RWA Surge and Stablecoin Dominance

Steady attention without excessive speculation.

Solana RWAs Surge 43% to $2.01 Billion

Tokenized real-world assets on Solana jumped 43% QoQ to $2.01 billion, up from roughly $1.41 billion at the end of Q4 2025. The growth was led by three protocols in particular.

BlackRock’s BUIDL tokenized treasury fund more than doubled on Solana, rising 106% to $525.4 million. Anchorage Digital custodies 81% of that supply. PRIME grew 124% to $361.2 million, and ONyc surged 101% to $145.4 million.

Kamino Finance also played a role by integrating RWA collateral into its lending flows. RWA lending deposits on Solana reached $1.23 billion by the end of March, according to Messari, leading all networks in that category.

For context, Solana held just $303 million in RWAs a year ago in Q1 2025. The trajectory from $303 million to $2.01 billion in four quarters reflects a rapid shift in how institutions view the network.

Stablecoin Volume Reaches Nearly Half of Major Networks

Stablecoin adoption proved to be another standout metric. According to Artemis-adjusted data, Solana processed $246.76 billion in quarterly stablecoin transfer volume. That represents a 13% increase from Q4 2025.

More significantly, Solana now facilitates close to 50% of stablecoin transfer volume among major blockchain networks. As the report noted, “Stablecoin adoption has been a major driver of this growth, with Solana facilitating nearly half of stablecoin transfer volume among major blockchain networks.”

The network’s stablecoin market cap held relatively steady at $14.85 billion, ranking third among all chains. USDC accounted for $7.83 billion of that total, while USDT grew 34% QoQ to $2.89 billion. Notably, USDC’s share declined 21% QoQ even as USDT gained ground.

On-Chain Activity Hits Record Levels

The Solana Q1 2026 report shows that network usage remained strong even as SOL’s price declined. Daily non-vote transactions reached an all-time high of 112.6 million, marking a 50% jump from the prior quarter. Daily fee payers also remained steady at around 2.2 million, showing that user activity did not fall sharply despite weaker market conditions.

According to the Solana Q1 2026 report, Chain GDP, which measures total app revenue across the network, came in at $342.2 million. That figure barely moved from $341.8 million in Q4 2025. This stability suggests that application demand stayed consistent even as token price performance weakened.

Solana’s REV, or total economic value captured by validators, reached $89.5 million, placing the network second among all blockchains for this metric, according to Messari. The app revenue-to-cost ratio stood at 382%, meaning applications generated nearly four times more revenue than they spent on fees.

DeFi TVL Drops but Market Share Holds

DeFi total value locked on Solana declined 22% QoQ to $6.16 billion. However, this drop was largely driven by the 33% fall in SOL’s price rather than meaningful capital flight.

Solana’s share of global DeFi TVL remained stable at 6.7%, according to DefiLlama data. Spot DEX average daily volume came in at $2.84 billion. While that marked a 30% decline in absolute terms, Solana’s share of global DEX volume actually grew by four percentage points to 33%.

What Powers Solana’s Settlement Edge

Solana captures stablecoin and RWA activity because of its technical architecture. The network processes over 112 million non-vote transactions per day with sub-penny fees. Its parallel execution model avoids the congestion bottlenecks that raise costs on Ethereum during peak demand.

The technical roadmap adds further tailwinds. Firedancer, a second validator client developed by Jump Crypto, is already producing blocks on mainnet. This adds network resilience and client diversity. The upcoming Alpenglow upgrade targets roughly 150-millisecond finality, which could strengthen Solana’s case as a settlement layer even further.

What Comes Next for Solana RWAs

The Messari report focuses on Q1 2026 data through March. Since then, rwa.xyz data shows Solana’s RWA market cap has climbed toward $2.8 billion with over 217,000 holders. Stablecoin supply has also ticked up to approximately $14.99 billion, per DefiLlama.

RWA growth on Solana remains heavily concentrated in tokenized treasuries, led by BUIDL and Ondo’s USDY. Diversification into credit products via PRIME and ONyc, equities through xStocks, and RWA-backed lending via Kamino could broaden the base in coming quarters.

The core question is whether Solana can sustain this institutional momentum once broader market conditions improve and competition from Ethereum, Tron, and newer chains intensifies. For now, the Q1 data shows a network that grew its fundamentals even while its token price contracted.

This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.