Points of Focus

• Solana attracted $716 million in RWA net inflows during May, the highest among all blockchain networks.
• Mastercard and Backpack expanded institutional activity on Solana through stablecoin settlement and tokenized brokerage services.
• RWA holders on Solana climbed more than 28% over the past month, while tokenized asset activity continued to grow across the ecosystem.

Solana attracted $716 million in net real-world asset (RWA) inflows during May 2026, leading all blockchain networks as financial companies expanded their presence on the chain. 

The inflows arrived alongside a series of institutional developments, including Mastercard’s launch of always-on USDC (USDC) settlement on Solana and Backpack’s rollout of a regulated brokerage platform that combines traditional securities with onchain tokenization.

The developments suggest that competition among blockchains is increasingly shifting beyond decentralized finance (DeFi) and memecoins toward tokenized financial products, payments infrastructure, and RWA markets.

Mastercard introduced always-on stablecoin settlement on Solana, Backpack announced a tokenized brokerage, and $716M of RWA capital flowed in last month, more than any other network. While the market looked one way, the institutions and builders kept shipping.

Here’s everything… pic.twitter.com/4081BykBUZ

— Solana (@solana) June 7, 2026

Solana leads blockchain RWA inflows

Data shared by the Solana ecosystem showed the network recorded the largest RWA net capital inflow across all chains in May, reaching $716 million. Separate figures from RWA.xyz show Solana’s distributed asset value stood at roughly $2.5 billion as of early June, while the number of RWA holders climbed to more than 271,000, up over 28% from 30 days earlier.

The rise in holder count accompanied the increase in capital inflows, indicating that activity expanded across a broader user base rather than being concentrated among a small number of large investors.

Mastercard and Backpack expand institutional presence

Mastercard recently introduced always-on stablecoin settlement using USDC on Solana, allowing participating businesses to settle transactions around the clock on blockchain infrastructure. Around the same period, Backpack announced Backpack Securities, a US-regulated brokerage designed to support tokenized financial products on Solana.

Additional market activity emerged in tokenized equities. Raydium surpassed $2 billion in cumulative trading volume tied to tokenized stocks, while Kamino’s xStocks market exceeded $30 million in market size. The activity points to growing interest in tokenized financial products on Solana, although the sector remains small relative to traditional capital markets.

Tokenized equities crossed $2B in cumulative volume on Raydium.

9 months for the first billion and only 2 months for the second. Tokenized equities are becoming one of the fastest growing asset classes on Solana.

Trading 24/7 onchain through xStocks pools powered by Raydium. https://t.co/zKsqH66mkH

— Raydium (@Raydium) June 5, 2026

Growth continues as adoption broadens

The broader ecosystem also recorded signs of expansion beyond institutional finance. Solana Mobile surpassed 1,000 live applications on its decentralized application (dApp) Store, while the network captured about 60% of onchain collectibles volume during the month.

The growth story is not without limitations. Solana’s RWA market remains smaller than the largest tokenization ecosystems, and institutional announcements do not always translate into immediate network usage. May’s $716-million inflow, rising holder count, and a series of tokenization-focused launches made Solana one of the busiest blockchain networks for RWA activity during the month.