Solana Q1 2026: RWA Lending Hits $1.23B as Wall Street Expands

Solana strengthened its position in institutional tokenisation and payments during Q1 2026, with real-world asset lending deposits, stablecoin settlement volumes, and tokenised trading activity all rising as broader crypto trading cooled. According to a Messari report, Solana captured 41% of onchain spot trading volume during the quarter, ahead of Ethereum and its layer-2 networks combined. BlackRock, Visa, Citi and major payment firms expanded Solana-linked products or workflows across tokenised funds, settlement and trade finance during the period.

## RWA Lending Growth

Real-world assets became the clearest institutional growth line for Solana. RWA lending deposits ended Q1 at US$1.23 billion, up 115% quarter over quarter and above Ethereum's US$1.13 billion, according to the Messari report.

Solana Foundation's March roundup stated that total RWA value on the network crossed US$2 billion, while RWA holders reached 182,000 by the end of the month. The foundation also reported that Solana RWA lending deposits reached US$1.2 billion and the network settled roughly 94% of all-time onchain tokenised equity spot volume by late March.

## Stablecoin and Tokenised Asset Activity

Stablecoin transfer volume on Solana reached US$2.1 trillion in Q1, up approximately 60% both quarter over quarter and year over year, excluding flash loans and other inorganic volume.

Solana DEXs processed US$1.3 billion in tokenised asset volume in Q1, up 164% quarter over quarter and representing a new all-time high. Total Solana DEX spot volume was US$284.5 billion, down about 18% from the previous quarter and about 50% from Q1 2025's memecoin-driven peak, but the composition of activity shifted toward stablecoins and tokenised assets.

## Institutional Product Expansion

The product base expanded beyond crypto-native lending during the quarter. xStocks accounted for 41.5% of Q1 tokenised asset volume, offering tokenised public equities through a Swiss tracker certificate structure, while PreStocks ranked second with 35.8% of volume through pre-IPO exposure.