Allium(@AlliumLabs):Issuance and trading tell two different stories. @Solana executes 74% of measured onchain fixed-income spot volume, with $5.4B traded over the past 12 months. But almost all of that activity comes from private credit. Meanwhile, products like BlackRock's BUIDL have grown through issuance and redemption rather than secondary trading -- BUIDL alone reached $741M on Solana in 2026. It's why measuring RWA adoption requires looking beyond TVL and market cap. More in the report:

Allium

@AlliumLabs

Building the system of record for onchain finance. Trusted by Coinbase, Visa, Phantom, MetaMask, and Uniswap. Cited by the Federal Reserve.

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Allium@AlliumLabs

2026.09.15 16:00

Issuance and trading tell two different stories. @Solana executes 74% of measured onchain fixed-income spot volume, with $5.4B traded over the past 12 months. But almost all of that activity comes from private credit. Meanwhile, products like BlackRock's BUIDL have grown through issuance and redemption rather than secondary trading -- BUIDL alone reached $741M on Solana in 2026. It's why measuring RWA adoption requires looking beyond TVL and market cap. More in the report: