Solana takes 73% of tokenized fund inflows as Ethereum slips

Solana added $453.5 million in tokenized fund market cap between October 18 and October 25, 2026, according to the weekly RWA Activity on the Terminal report published jointly by the RWA Foundation and Token Terminal. That was 73% of the $623.2 million of net growth recorded across the top 10 chains, all measured as of October 25.

No other chain was close. Stellar, the runner-up, added $124.5 million. Together the two chains account for about 93% of the week's growth by chain.

Chain	Tokenized fund market cap growth, Oct 18-25
Solana	+$453.5M
Stellar	+$124.5M
zkSync Era	+$16.1M
BNB Chain	+$14.4M
Offchain funds	+$10.4M
Robinhood Chain	+$2.3M

The report, which draws its figures strictly from Token Terminal and tracks market cap and holder growth across stablecoins, tokenized funds and tokenized stocks, put XRP Ledger into the top 10 for the week on $131,000. The gap between Solana and everyone else was not a rounding error. It was the whole story of the week.

Where the institutional money came from

By issuer, Franklin Templeton added $33.9 million in tokenized fund market cap and J.P. Morgan added $33.6 million. Those two asset managers provided about 44% of the $152.9 million added across the top 10 issuers, close to half of the week's institutional growth. Both run products aimed at cash management: Franklin's BENJI funds and J.P. Morgan's Treasury fund tokenization work through its Kinexys and OnChain Asset platforms.

On the independent side, Spiko led the pack in attracting new investors, adding 491 investor addresses during the week. Spiko, a Geneva-based asset manager, has built its franchise on tokenized money-market and factor funds, and its lead in address growth suggests the marginal fund buyer this week came for smaller tickets, not just treasury desks.

Holder data told a smaller version of the market cap story. Solana added 697 tokenized fund holders over the seven days and Stellar added 467, according to the report. Big money, few wallets.

Tokenized stocks: Ethereum out, BNB and Solana in

The same week, the tokenized stocks segment turned against Ethereum. The chain lost $26.0 million in tokenized stock market capitalization between October 18 and October 25, per the joint report, while BNB Chain picked up $135.9 million and Solana picked up $55.8 million. Liquidity that had parked on Ethereum's tokenized equity rails moved to cheaper venues inside a single week.

Solana also led in new stock owners, adding 114,600 tokenized stockholder addresses in seven days. Backpack, the exchange and wallet company, added 58,500 addresses of its own. Retail products did the heavy lifting on the money side: Binance's bStocks added $127.8 million and xStocks added $73.4 million, together capturing almost 94% of the segment's total weekly money growth, as reported by U.Today from the same dataset.

One caveat that travels with all of this: wallet counts measure addresses, not verified people, and a one-week window measures allocation decisions rather than accumulated market size, as CoinOtag notes in its coverage of the report. Chains and issuers outside the top 10 sit outside these figures entirely.

Stablecoins split by capital and by users

The stablecoin data showed the same divergence between where capital goes and where users go. Paxos led issuer capital inflows with a $249.8 million market cap increase, 65% of the growth among the top 10 issuers, distributed mainly through the Arc and Solana networks. Tether led user growth by a wider margin: it provided 90% of new-address inflows among the top 10 issuers, 1.7 million new wallets in a week. BNB Chain was the hub for those transactions with 1.3 million new addresses, followed by Tron at 212,000 and Solana at 184,000.

What to watch

The pattern across all three categories this week is concentration. One chain took 73% of fund inflows, two asset managers took 44% of issuer growth, two Binance products took 94% of tokenized stock money growth. Concentration at that level is either an early-stage artifact of a market finding its rails or a durable routing decision by issuers, and the answer determines whether Ethereum's outflow is a blip or a trend line. The next three weekly reports will show whether Solana can repeat at anything like this scale; $623.2 million of top-10 growth in a week was never a base rate to build on.