Which Networks Are Gaining Ground in Real-World Asset Issuance?

How Ethereum Established the Tokenization Standard—and Where That Standard Is Being Tested

Ethereum has been the default network for issuing real-world assets for several years. Its compliance-oriented token standards, established developer ecosystem, and institutional familiarity earned it a commanding position. By mid-2025, Ethereum held approximately 66.6% of the total real-world asset market—roughly $12.5 billion in issued assets. Ethereum Role in Tokenization Revolution

That position is not under threat of collapse, but it is being tested. Ethereum's transaction costs, throughput constraints, and scalability limitations have created space for alternative networks and Layer-2 solutions. The Next Chapter in the Public Chain Landscape

Solana: Measurable Growth in Real-World Asset Issuance

The Numbers

Solana's tokenized asset market reached $873.3 million in December 2025, a 10% increase within that month alone, with participating wallet addresses rising approximately 18.4%. Solana Sees Record $873m in Tokenized RWAs Year-to-date, that represents a 140% increase from approximately $418 million at the start of 2025. Solana Tokenized Assets Soar 2025

What Is Being Issued

Notable instruments now issued or expanded on Solana include:

Ondo Finance's USDY and OUSG — yield-bearing Treasury products. State of Solana Real-World Assets
BlackRock's BUIDL fund — expanded its presence to Solana, demonstrating that institutional fund structures are no longer confined to a single network. State of Solana Real-World Assets
Apollo's ACRED — a private credit fund issued on Solana with compliance frameworks appropriate for institutional participants. State of Solana Real-World Assets

What Issuers Are Evaluating

Settlement speed and cost: Sub-$0.01 transaction fees and block finality under 0.4 seconds are material advantages for high-frequency or high-volume issuance.
Institutional participation: J.P. Morgan issued $50 million in commercial paper on Solana, using USDC on a public network. JP Morgan Harnesses Blockchain Debt Issuance
Asset class breadth: Tokenized equities, government securities, and private credit funds have all been structured on the network.

One operational consideration: Solana has experienced periodic network outages. Issuers for whom continuous availability is a hard requirement should weigh this alongside the performance advantages.

Polygon, ZKsync, and Other Networks

Ethereum retains its lead, but Polygon POS has established a meaningful position in digital bonds and structured instruments, with some analysts ranking it as Ethereum's closest competitor in real-world asset issuance. Tokenized Asset Weekly Updates

ZKsync Era holds approximately 17.2% of real-world asset market share in certain analyses; Aptos registers around 4%, with Solana near 3.9% at comparable periods. Solana Tokenized Assets Soar 2025

Each offers improved throughput, lower execution costs, and Layer-2 scaling options that are increasingly relevant to fund structures, structured finance instruments, and tokenized debt.

Institutional Activity: Recent Examples

J.P. Morgan issued $50 million in commercial paper on Solana via USDC. JP Morgan Harnesses Blockchain Debt Issuance
Galaxy Digital issued its own equity on Solana, enabling continuous global settlement. Galaxy Digital Tokenize Stock
Euroclear, HSBC, and Bank of America have each entered agreements through R3 to move tokenization activity onto Solana, representing a significant signal from the traditional financial sector. Banks Sign Deals Through R3 to Shift Tokenization onto Solana

What Issuers and Asset Managers Should Weigh

Advantages of Emerging Networks

Lower issuance costs: Execution fees on Solana and comparable networks are substantially below Ethereum mainnet.
Faster time to market: Quicker settlement and more direct integration paths reduce operational drag.
Broader investor reach: Both institutional and qualified retail investors are active across multiple networks, expanding the addressable market for new structures.

Considerations That Remain

Regulatory precedent: Ethereum has the more established record with legal and compliance frameworks. Alternative networks are maturing, but the precedents are thinner.
Ecosystem depth: Stablecoin liquidity, compliance tooling, and available technical infrastructure remain more developed on Ethereum.
Network trust: Institutional confidence in any network is built over time and through track record. Ethereum's lead here is real, even as others close the gap.

Key Diligence Questions for Any Issuance

Whether evaluating a network for a new programme or advising an issuer on infrastructure decisions, the following questions warrant deliberate answers:

Network selection rationale: What are the material advantages in cost, speed, and compliance support for this specific instrument?
Asset class and instrument structure: Private credit, government securities, real estate, or equity each carry distinct legal, custody, and reporting requirements.
Eligibility and compliance controls: Are transfer rules enforced at the instrument level? Is KYC/AML integrated with the issuance structure? Does the framework satisfy applicable securities regulations?
Liquidity and secondary market access: Where will the instrument trade? What are the mechanics for redemption, yield distribution, and collateral use?

Why the Market Is Moving Now

Several structural factors are accelerating network diversification in real-world asset issuance:

Institutional demand for yield in a moderate-rate environment is drawing more asset managers toward programmable instruments.
Pressure to improve settlement efficiency, auditability, and transparency is encouraging banks and fund administrators to evaluate network options more actively.
Technical improvements in throughput, composability, and stablecoin infrastructure have made alternative networks viable for high-value, compliance-sensitive issuance.

Ethereum's Remaining Position

Ethereum retains approximately 58–66% of real-world asset value across networks. Solana Tokenized Assets Soar 2025 Its stablecoin liquidity, settlement infrastructure, and programme of ongoing upgrades—including Layer-2 scaling developments—continue to reinforce its position for many use cases. Where trust, legal precedent, and liquidity concentration matter most, Ethereum remains the reference standard.

Frequently Asked Questions

Q: Is Solana as regulatory compliant as Ethereum for institutional asset issuance? Not yet at parity. Many programmes on Solana operate within sound compliance frameworks, but Ethereum has more established legal precedent and regulatory familiarity. The critical factor in any jurisdiction is the compliance architecture of the issuer's chosen structure—not the network in isolation.

Q: Can equity or private credit instruments be issued on Solana? Yes. Apollo's ACRED and Galaxy Digital's equity issuance are active examples. Issuers must address jurisdiction-specific requirements, custody arrangements, and securities filings regardless of network.

Q: What return profiles should investors expect from tokenized real-world asset instruments? That depends entirely on the underlying asset. Government securities carry lower risk and correspondingly lower yield. Private credit and alternative fund structures may offer higher returns, with commensurate diligence requirements, liquidity constraints, and lock-up periods.

Q: How do institutional investors evaluate tokenized real-world asset programmes? The same fundamental criteria apply as in traditional structures—cash flow quality, legal seniority, risk-adjusted return—alongside infrastructure-specific factors: network execution costs, settlement speed, transfer rule enforcement, and secondary market access.

Solana's growth and the activity of Polygon, ZKsync, and others represent a structural shift in how institutions are approaching network selection for real-world asset issuance. The decision is no longer a default—it is a considered one. Issuers that approach it with the same rigour applied to instrument structure, regulatory compliance, and investor eligibility will be better positioned to execute at scale and build durable investor confidence.