Capital Shifts to Solana as Deutsche Bank Calls Tokenization an Upgrade, Not a Replacement
Focus of the Day
The RWA Foundation and Token Terminal weekly report shows Solana tokenized funds took in $453.5M in a single week, 73% of top-10 chain inflows, while Ethereum’s tokenized stock value fell $26M as capital and new users concentrate on chains with the largest supply or lowest cost. Deutsche Bank Research separately estimates tokenized assets (ex-stablecoins) grew nearly fourfold to $39B this year, reaching $1.5-2.0T by 2030 in a conservative case, framing tokenization as modernizing intermediaries rather than replacing them.
Industry Flash
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Solana tokenized funds took in $453.5M in a week, 73% of top-10 chain inflows — Franklin Templeton and J.P. Morgan together drove nearly half the growth, with Stellar second at $124.5M as regional capital reallocation accelerates
Deutsche Bank: tokenized assets nearly 4x to $39B this year, $1.5-2T by 2030 — the report pushes back on the “disintermediation” narrative, with Treasuries and money funds as the main engine; KYC, bankruptcy isolation and other legal functions cannot be replaced by contracts
OKXICE objection list climbs to 22, more than doubling in nine days — Wells Fargo, Cisco and Arm are among six new entrants as banks, chip and tech giants pile in with caution, advancing the 30-day objection window
FASB proposes treating eligible stablecoins as cash equivalents — comments on the draft close November 19; JPMorgan warns agency moves are no substitute for CLARITY legislation, which could return in 2027
Generali, with EUR 759B in assets, puts a Luxembourg money fund share onchain — the European insurance-linked asset manager starts an internal pilot, with money funds again the first stop for tokenizing regulated products
HSBC’s RedCoin HKD stablecoin goes live on PayMe, reaching 3.3M users — Hong Kong’s second licensed HKD stablecoin, set to expand to the mobile banking app and tokenized money fund subscriptions by year-end
JPMorgan extends MONY and JLTXX money market funds to Solana — eligible U.S. investors get access via Morgan Money; JLTXX is built to support stablecoin reserve management under the GENIUS Act
Franklin’s sgBENJI jumps $144M in a day to $192.7M on the XRP Ledger — now the network’s largest distributed RWA ex-stablecoins at about 56% of XRPL non-stablecoin value, up 298.7% in 30 days
XRPL tokenized assets hit a $6.3B record as RWA volume surges 1,458% — 423 RWAs worth $447M; Ripple Prime extends perpetuals to 100+ traditional markets, adding institutional trading infrastructure
RWA derivatives open interest nears $18.8B as tokenized Treasuries reach $14.5B — derivatives activity now exceeds the underlying spot market; Ondo leads Treasury issuance at about $3B with DTCC Fund/SERV connectivity
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