Synthesized from rwa.xyz data, corporate announcements, and technical reports
The tokenization of real-world assets (RWAs) has surged past $10B in 2025, with Solana emerging as an unlikely challenger to Ethereum’s dominance while decentralized infrastructure projects tackle AI’s energy crisis. This dual-track evolution is creating crypto’s most consequential bridge to traditional finance.
Solana’s RWA sector grew 217% this year to $553M—outpacing the broader market’s 61% growth—as institutions flocked to its high-speed, low-cost network. BlackRock moved $25.2M of its BUIDL Treasury fund onto Solana, while Ondo Finance’s tokenized notes attracted $276M. The chain now processes 684% more unique RWA wallets than in Q4 2024, with average transaction fees holding below $0.01 despite 200M daily transactions.
“Solana has become the clearance layer for tokenized assets,” said Messari’s Matthew Nay, noting its partnership with enterprise blockchain R3 Corda allows private institutions to use Solana for public settlement. This hybrid model has drawn Fortune 500 companies, with DeFi Dev Corp. and Switchboard now building RWA-specific oracles for corporate clients.
Meanwhile, decentralized physical infrastructure (DePIN) is gaining traction as AI’s energy demands spiral. Greg Osuri’s manifesto on decentralized compute networks went viral after revealing U.S. data centers now consume 200TWh annually—more than Thailand’s entire grid. His proposal to leverage underutilized renewable energy and idle computing power has attracted $47M in funding, including from a16z and former Google CEO Eric Schmidt.
The numbers underscore the urgency:
- AI will need 165-326TWh/year by 2028 (22% of U.S. household consumption)
- Solana’s RWA volume grew 14.6% in 30 days vs. Ethereum’s 3.6%
- BlackRock’s BUIDL holds $2.8B in tokenized Treasuries, with 60% on Ethereum
Critics highlight lingering risks. Aptos Labs CEO Mo Shaikh warned that “RWA growth means nothing without legal clarity,” citing unresolved custody laws in 38 states. DePIN’s promise also faces practical hurdles—the largest decentralized compute network, Akash, currently provides just 0.2% of AWS’s capacity.
The institutional embrace is accelerating regardless. Fidelity now offers RWA custody services, while Franklin Templeton runs its $380M money market fund entirely on-chain. “Tokenization isn’t the future—it’s the present,” said BlackRock’s Larry Fink, whose firm projects the RWA market could grow 4,000x as bonds, real estate, and commodities migrate to blockchains.
Key Takeaway: From Solana’s enterprise adoption to DePIN’s clean energy push, crypto’s infrastructure is evolving to meet institutional demands—but regulatory and technical hurdles remain before mainstream adoption.
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