Solana just overtook Ethereum in RWA wallet count, but the full picture is more nuanced than the headline suggests.
The numbers from RWA.xyz show Solana at 154,942 wallets holding tokenized real-world assets versus Ethereum at 153,592. This is the first time Solana has led this metric. The surge started after tokenized xStock equities launched on Solana mid-2025, growing from 126,000 wallets in January to 154,942 now.
But here is the context everyone skips. Ethereum still holds $15.5 billion in tokenized RWAs compared to $1.8 billion on Solana. Ethereum supports 663 tokenization projects versus 345 on Solana. BlackRock and Fidelity park their institutional products on ETH.
So $SOL wins retail adoption while ETH wins institutional capital. Historically, retail wallet growth has been a leading indicator before institutions rotate in.
Does Solana flipping Ethereum in wallets actually matter if the value gap is 9x, or does retail always lead the way?