Solana Tokenized Credit Hits $1.4B, Trails Ethereum and Liquid Network

RWA.xyz put Solana's tokenized credit at $1.4 billion on 14 October, third among networks behind Ethereum at $3.0 billion and Liquid Network at $1.5 billion, per the data desk's credit page.

That is the figure a reader can open today, and it is larger than the $1 billion number circulating since 13 October. It also fixes Solana's position: a real share of the tokenized credit market, and less than half of Ethereum's $3.0 billion.

Huma and OnRe Carry Most of Solana's Credit Book

Solana's total is concentrated in a few named products rather than spread across dozens of issuers.

• Huma's PayFi Strategy Token, an asset-backed credit product, at $410.8 million on Solana, from RWA.xyz's Solana network page.
• OnRe's tokenized reinsurance (ONyc), classified as specialty finance, at $292.2 million on the same page.
• PRIME at $573.1 million, listed across Solana, Ethereum and Tempo with Hastra as platform on the credit page, so it is not a Solana-only number.

The first two are Solana-only entries. The third is shared with two other networks, which is why a total for the chain cannot be assembled by adding the three together.

Solana's Own Page Counts a Bigger, Older Number

Solana's real-world asset overview measures something else: $3.7 billion in non-stablecoin real-world asset value across 313,000 holders as of late July 2026. That covers all RWA on the chain, not credit alone, and the window is three months older than the RWA.xyz snapshot.

The same page carries the lending detail the circulating reports lean on. The PRIME lending market on Kamino passed $350 million in TVL within roughly three months of launch, and ONyc stood at $247 million in onchain market cap and $186 million in DeFi active TVL, with roughly 75% of circulating ONyc deployed across lending markets, liquidity pools and yield strategies.

Solana's case for that structure is composability, in its own words:

On Solana, credit instruments can plug into lending protocols, serve as collateral, trade through decentralized venues, and settle against stablecoins within the same transaction environment, where issuer controls and eligibility rules permit.

The $1 Billion Post Could Not Be Read

A Messari post on X dated 13 October said Solana hosts more than $1 billion in tokenized credit, with more than half deposited in lending protocols. The post could not be opened, and no second outlet was found reporting the figure from its own reporting in searches covering the past week, so it stands unconfirmed here. Messari's report pages were rate-limited on every attempt, which leaves open which of its reports the number belongs to.

So the split that gives the story its shape, half of Solana's credit sitting in lending protocols, is the part without a readable primary source. The $1.4 billion network figure on RWA.xyz is a different measure, and it does not confirm the lending share.

Institutional Credit Products Land on Solana

Apollo's ACRED diversified credit fund, tokenized through Securitize, launched on Solana in January 2025 and spans corporate direct lending, asset-backed lending and structured credit. Hamilton Lane's SCOPE private-markets fund arrived through Libre in July 2024.

Other ledgers are filling out the same category. RWA.xyz lists the XRP Ledger at $116.1 million in tokenized credit, and Clearpool has set out plans for a new token and private credit lending on that chain. Ethereum's $3.0 billion and Liquid Network's $1.5 billion remain the benchmarks Solana is measured against.

For now the readable order is Ethereum first, Liquid Network second, Solana third, with Solana's $1.4 billion running through a short list of products and a lending base described only at a three-month-old snapshot. The next refresh of the RWA.xyz credit page is the cleanest way to see whether that concentration holds.