May brought new highs across Solana’s RWA ecosystem, tokenized equities activity, stablecoin supply, perps volume, and spot ETF inflows. Solana’s share of cumulative onchain tokenized equities spot trading volume reached 97%, RWA total value reached a new all-time high of $2.8B+, and spot Solana ETF AUM crossed $1B. The month also brought the first stablecoin issued by a U.S. national bank available directly within a banking app. A global payments network activated Solana-native stablecoin infrastructure.
The ecosystem additions were broad: new validator clients, a redesigned token program, new rate market infrastructure, expanded agent tooling, and RWA asset classes that included reinsurance, spirits, EV hardware, energy infrastructure, and physical silver alongside equities and stablecoins.
May by the Numbers
- $2.8B+ in RWA value: Solana’s RWA ecosystem reached a new all-time high during May, with new highs across value, holders, active addresses, and transfer volume
- 97% tokenized equities share: Solana accounted for 97% of cumulative onchain tokenized equities spot trading volume
- $16.4B stablecoin supply: Solana stablecoin supply crossed $16B during May
- $64.6B in perps volume: Solana perps venues reached a new monthly volume record in May
- $115.3M in ETF inflows: US spot Solana ETFs recorded highest net inflows in May, with zero outflow days
Tokenized Assets and RWA
May was one of Solana’s strongest months yet for tokenized assets, with RWA value, holders, active addresses, transfer volume, and tokenized equities activity all reaching new highs.
Solana's RWA ecosystem reached a new all-time high of $2.8B+ in total value, with onchain RWA holders crossing 230K, also a new high. Solana captured 97% of cumulative onchain tokenized equities spot trading volume. Separately, tokenized stock holders crossed 200K for the first time.
OnRe marked its one-year anniversary with $178M+ AUM and 6,200 ONyc holders. ONyc crossed $100M in active market cap and expanded liquidity through integrations with Exponent Finance and Loopscale, adding concentrated liquidity, fixed-rate limit order infrastructure, and an automated growth vault. Forward Industries and RockawayX co-led a $5M Series A for OnRe.
- Bullish tokenized its entire 151M-share cap table on Solana following its acquisition of Equiniti
- Republic opened trading for tokenized Animoca Brands equity on Solana for eligible investors
- Streamex and Orca launched 24/7 onchain secondary liquidity infrastructure for regulated tokenized securities, with GLDY as the first tokenized security to trade through a custom permissioned pool on Orca
- Dominion Market launched 1:1 asset-backed physical silver tokenization natively on Solana, held in secure vault custody.
- Evoracharge tokenized its physical EV batteries and chargers as RWAs after delivering 300K km of energy via mobile charging and battery swap services
ETFs and Institutional Capital
Institutional access also expanded in May, with spot Solana ETF inflows accelerating and new custody, signing, and fund infrastructure coming online.
US spot Solana ETFs crossed $1B in AUM, reaching approximately $1.13B by month-end. US spot Solana ETFs recorded their strongest monthly net inflows of 2026, with zero outflow days.
- Amundi, Europe's largest asset manager, and Spiko Finance expanded their SAFO UCITS fund to Solana
- Kraken Custody launched regulated SPL custody for institutional clients, starting with 18 tokens
- Anchorage introduced Visual Sign Protocol, decoding complex Solana transactions into plain English for institutional signers, starting with a curated group of applications
DeFi: Lending, Perps, and Yield Infrastructure
DeFi activity broadened across lending, fixed-rate markets, perps, routing, and yield infrastructure, with several venues setting new growth records during the month.
Kamino's Ethena market crossed $400M in total size within 24 hours of launch, the fastest market expansion in Kamino's history. The combined Ethena markets on Jupiter Lend and Kamino crossed $1B in deployed capital within days. Bitwise curated the Jupiter Lend Ethena market for eligible participants.
- Exponent Finance launched v2 with strategy vaults, a hybrid liquidity engine, and risk-tranching swaps built on its open-source yield-stripping infrastructure
- Jupiter Offerbook entered public beta as a fixed-rate, fixed-term credit platform enabling borrowing against any token, NFT, or trading card
- Loopscale introduced Loopscale Earn, consolidating fixed-yield assets, lending, borrowing, looping, market making, perps, and multi-venue execution into curated vault positions
- Solstice crossed $500M in TVL and received an allocation from NYSE-listed Bullish into its delta-neutral yield strategy
- RockawayX's USDC RWA vault on Kamino crossed $40M in supply
- Reflect overhauled its stablecoin infrastructure with venue-agnostic multi-venue routing and independent risk analysis replacing team-discretion allocation
- Hive launched a non-custodial stablecoin yield aggregator that routes stablecoins across multiple lending markets
- Raydium activated limit orders, dynamic fees, and single-sided fees on its CLMM
- Meteora launched limit orders that pay yield on executed trades
- Phoenix launched 24/7 onchain crude oil and gold perpetuals trading. Perps activity also reached a new high in May, with Solana venues recording $64.6B in monthly perp volume, according to DeFiLlama
- DFlow went live as Coinbase's primary Solana liquidity router
- Externally issued tokens also reached a new high as a share of Solana spot DEX activity, accounting for 8% of monthly spot DEX volume in May. Reflecting Solana’s growing role as a venue for trading non-native assets
- Mayan crossed 1M external wallets bridged to Solana, with $2.5B+ in stablecoins moved across 600K+ transactions
Stablecoins and Payments
Stablecoin and payments activity continued to move closer to mainstream distribution, with bank, payments, consumer app, and merchant infrastructure announcements all touching Solana in May.
Western Union's USDPT stablecoin went live on Solana, issued by Anchorage Digital Bank, N.A., with rollout beginning in initial markets and expected to expand across Western Union's network through 2026.
- Cash App rolled out USDC support for all eligible customers, including support for Solana
- SoFi made SoFiUSD (SoFiD) available on Solana in late May, the first stablecoin issued by a U.S. national bank to become available directly within a banking app, where SoFi's approximately 15M members can buy, sell, hold, and convert it
- USDF, a custom stablecoin built in partnership with Coinbase, went live on Flipcash on Solana
- KRWQ, a Korean won-pegged stablecoin from KrwqCash, expanded to Solana
- MoonPay became the first crypto onramp integrated into ChatGPT Apps. WalletConnect added Solana support to WalletConnect Pay, expanding merchant stablecoin and token acceptance to eligible participants
- AirAsia MOVE, Intebix, and the Solana Foundation signed a letter of intent to bring KTZE, a Kazakhstani tenge-pegged stablecoin, to Solana
Consumer RWAs
Consumer-facing RWAs continued to expand beyond financial assets, with collectibles, spirits, cards, and fan tokens bringing physical and cultural assets onchain.
Collector Crypt surpassed $1B in total platform volume and partnered with ComicBook to bring a collectibles gacha machine to 40M users
- Beezie expanded its tokenized collectibles platform to Solana
- Phygitals crossed $250M in total platform volume
- Slabzapp debuted an RWA collectibles arcade designed to extend trading card engagement beyond pack-opening
- Artifacte launched as an RWA aggregator combining luxury collectibles, card lines, and gacha mechanics
- BAXUSco activated physical RWA vending machines for direct spirits collection and trading
- PSG and AFC Fan Tokens went live on Solana
Agentic Commerce and Machine Payments
Machine payments became a more visible part of the Solana story in May, as agents gained new ways to discover APIs, execute transactions, communicate, and settle payments onchain.
The Solana Foundation launched Pay.sh in collaboration with Google Cloud: a marketplace where AI agents can discover, access, and pay per request for Google Cloud APIs including Gemini, BigQuery, and Vertex AI using stablecoins on Solana, without accounts or subscriptions.
- Phoenix released Vulcan, a CLI trading tool for human traders and agents
- Flash Trade activated MCP for prompt-to-transaction execution
- Clawpump released MCP v2 with NousResearch Hermes compatibility, giving agents access to 94 DeFi endpoints, market intelligence, and Phoenix perp leverage
- Packet MCP deployed wallet-native inbox and payment infrastructure for autonomous agents, enabling encrypted messaging, persistent communication threads, and on-chain payment rails for agents operating as network participants
- Starchild integrated Solana Skills into its marketplace, covering payments, token transfers, and application building
- AgentScore described facilitating a fully autonomous AI agent wine purchase on Solana, with verified KYC age-gating and payment settled over Solana with no human in the transaction loop
- Milo v2 launched with curated agent discovery, portfolio updates, and expanded market filters
Infrastructure
At the protocol and developer layer, May brought upgrades aimed at making Solana cheaper, easier to build on, and more resilient for high-throughput applications.
Anza shipped P-Token to mainnet, an optimized rewrite of the SPL Token program that reduces token instruction compute costs by approximately 96%, freeing 12–13% more block space for the broader network without changing block limits.
Jito introduced FireBAM, a Frankendancer-compatible validator client merging Firedancer's performance and throughput with BAM's privacy and deterministic execution via trusted execution environments. FireBAM supports a transition path to full Firedancer when it becomes available.
Solana joined the Open Transaction Layer as a founding partner to develop cross-chain standards for identity, compliance, and settlement messaging.
- The tokens.xyz Assets API opened to all builders
- Blueshift released Web3.js 3.0, a full rebuild of solana/web3.js on Kit, with the existing API preserved for backward compatibility
- Termina launched a historical mainnet simulation environment enabling teams to replay proposed changes against mainnet history before deployment
- Arcium Mainnet Alpha processed over 200K encrypted computations on Solana
- RockawayX debuted Zela, an integrated execution platform combining DoubleZero fiber, colocation, high-staked transaction forwarding, and raw shred delivery into a single stack for high-frequency actors
Ecosystem and Events
The broader ecosystem also kept expanding through education programs, builder residencies, regional summits, creator initiatives, and community-led impact projects.
Solana launched its official TikTok account.
- SheFi partnered with Solana for its largest educational cohort to date
- AlmaU, one of Kazakhstan's leading universities, signed an MOU to integrate Solana blockchain development into its academic curriculum
- Solana Summer School opened registration for five weeks of live lessons and developer office hours for current college students
- Superteam India concluded India Startup Village 2026, a ten-day residency for Solana builders and founders in Mumbai
- Formacity established Forma Bristol as its first permanent campus, anchoring a model built over two years of Solana-backed popup villages around the world
- MonkeFoundry opened Cohort 2 applications
- The Solana incubator's Cohort 4 Demo Day took place in New York
- Boobillions and Keep A Breast reported that over $82K has been routed from onchain activity on Solana into breast cancer education, prevention, and wellness initiatives, including funding toward construction of a wellness building
- The Solana Policy Institute announced Solana Summit: Washington x Wall Street in Chicago for June 16
- SuperteamDE and SuperteamNG announced Solana Summits in Germany on June 13 and Nigeria on August 8
A Broader Surface Area
May's breadth was notable even by recent standards. The same month that delivered bank-issued stablecoins and a European UCITS fund expansion also saw validator clients merge, a core token program ship its first major rewrite, and the agentic payment layer gain enough MCP tooling to start looking like infrastructure rather than experiment.
The through-line is not a single theme but a pattern: more of the institutions, issuers, and developers that have historically watched from the sidelines are now building on or integrating with Solana directly. The RWA all-time high, the tokenized equities volume share, and the strongest month of ETF inflows this year all reflect the same underlying shift. The network's production footprint keeps expanding.