Invest1 publisher3 min readPublished
Solana added $378M in tokenized Treasuries while the whole market grew about $289M
BUIDL, USDY and Galaxy's SWEEP now sit on Solana. Ethereum still holds roughly 43% of a $16.23B market, but last month's net flows did not go there.
The Investor · Invest desk
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What happened
- Solana posted the largest 30-day increase in tokenized US Treasury activity among all blockchain networks, adding $378M in net inflows.
- The tokenized Treasury market reached $16.23B in total distributed value as of August 15, according to data from RWA.xyz.
- The $16.23B figure represents a 1.81% increase over the past 30 days, with Solana, Ethereum and BNB Chain leading the growth.
- BlackRock's BUIDL fund, Ondo Finance's USDY and Galaxy Digital's SWEEP all now operate on Solana, as does VBILL.
- Galaxy Digital's SWEEP currently holds roughly $161M.
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Why it matters
Solana posted the largest 30-day increase in tokenized US Treasury value of any blockchain network, adding $378M in net inflows [1]. Over the same window the entire market grew 1.81% to $16.23B in total distributed value as of August 15, according to RWA.xyz data reported by Crypto Briefing [2][3], which is roughly $289M in dollar terms [1].
That comparison is the story. Solana's gain exceeded the net growth of the whole market by about $89M [2], which means that on these two figures the remaining chains were collectively flat to negative on net over the month. The market now spans nearly 18 networks [9], and most of them were not where the money went.
The residency list explains why. BlackRock's BUIDL, Ondo Finance's USDY and Galaxy Digital's SWEEP all now operate on Solana, alongside VBILL [4]. SWEEP holds roughly $161M [5], equal to about 43% of Solana's monthly gain [8]. This is not retail yield farming: BUIDL and USDY carry transfer restrictions and accredited-investor requirements written into their smart contracts, which is how they sit inside existing regulatory frameworks [12]. What moved to Solana is institutional cash management, and it arrived as issuance decisions by a handful of large managers rather than as a broad user migration.
Stock and flow are pointing in different directions. Ethereum still commands approximately 43% of the market [6] and BNB Chain about 31.5% [7], leaving roughly 25.5% to be split among the other 16 or so networks, Solana included [3]. So Solana is leading growth from a small base while ranking nowhere near the top on installed size. The concentration is even sharper at the product level: USYC at roughly $3.0B, BUIDL at about $2.7B and USDY at around $2.15B [8] together account for about 48% of all tokenized Treasury value [4]. Those products are multi-chain. Chain share, on this evidence, is a distribution choice made by three or four issuers, not a defensible position held by a network.
Treat the growth narrative carefully. The market was below $1B in early 2024 and is now north of $16B, described as roughly 16x in under 30 months [10], though the elapsed time from early 2024 to August 15, 2025 is closer to 19 months [7]. More useful: 1.81% over 30 days compounds to about 24% a year [5], which is a normal institutional product growth rate rather than the vertical curve the two-year figure suggests. Tokenized Treasuries are already 43% to 54% of the estimated $30B to $38B broader real-world asset market [2][11][6], so the easy comparison is running out of room.
What to watch: whether Solana repeats a positive net month, since a single $378M window from four named products is one allocation decision away from reversing. Watch whether the aggregate monthly rate holds near 1.81% or decays [3]. And watch BNB Chain's 31.5% [7], the least discussed number here, because if second place is one product's hosting choice then the same is true of everyone's share.