Tokenized Credit on Solana Go Crazy

Tokenized Money Funds Are Going Global, With Local Stablecoins as the On-Ramp

BlackRock, SBI Holdings, and Startale reached an agreement on October 26 to explore connecting tokenized money market funds to JPYSC, a yen-denominated stablecoin that SBI launched in June. JPYSC is Japan’s first stablecoin from a trust bank, which means it follows bank rules. With this link, Japanese investors could access dollar money market funds via yen directly onchain. Japan’s biggest banks also want to tokenize the country’s roughly $1.6 trillion government bond repo market. The connection between JPYSC and tokenized money funds would supply the assets needed for that market to function onchain.

Franklin Templeton made a similar move this past week. On October 22, it issued about $150 million of sgBENJI, the token for its Singapore-domiciled dollar money fund, on the XRP Ledger, roughly quadrupling its balance there to close to $200 million. The new tokens build on a 2025 deal with DBS and Ripple. Investors can trade sgBENJI for RLUSD, Ripple’s dollar stablecoin, on DBS’s exchange. Next, they plan to let investors use sgBENJI as collateral.

Managers keep the fund unchanged but use local stablecoins and local platforms to reach investors in each market. This is why WisdomTree added both Hashkey and Marketnode to act as distributors in Hong Kong and Singapore, respectively.

In last week’s issue, we argued that tokenized Treasuries will increasingly provide value by serving as collateral. With tokenized Treasuries at about $15 billion and roughly flat since May per RWA.xyz, we expect the next step up to come from this regional plumbing rather than from new US issuance alone.

Ethereum's Share of Tokenized Treasuries Has Fallen to 35% as Issuers Spread Across Chains

Ethereum’s share of tokenized Treasuries peaked at just under 80% in mid-2025. As of October 26, Ethereum's share is about 35% of a $14.6 billion market, with BNB Chain close behind at roughly a third and Solana, Stellar, Avalanche and the XRP Ledger making up most of the rest. Ethereum’s balance has held near $5 billion throughout, meaning the share decline was caused by other networks growing in size.

Issuers of tokenized Treasuries are increasingly deploying the same fund across several different networks. BUIDL and Franklin's funds are live on nine chains, with both adding meaningful balances outside Ethereum this year. We expect the spread to continue, with issuers increasingly expanding internationally and adding chains that interoperate with local stablecoins and platforms.

Tokenized Credit on Solana Is Catching Up to Treasuries

Credit is the category to watch on Solana. Tokenized private credit on the network was close to zero at the start of 2025 and reached $1.44 billion on October 26. Private credit was larger than tokenized Treasuries for most of 2026, with Treasuries taking back the lead when value rose by close to $500M on October 21 and 22.

Private credit on Solana has likely kept pace with tokenized Treasuries due to their ability to be posted as collateral. Credit tokens from platforms such as Securitize and Maple are accepted on Solana lending markets such as Kamino. Treasury tokens can be used as collateral too, but their lower yield leaves less room to profit from borrowing against them. This signals that higher-yield tokenized assets will grow fastest on the chains where lending markets accept them as collateral.