R3 bets on Solana to bring institutional performance to the chain

For over a decade, R3 built the technological infrastructure connecting exchanges, financial institutions, and central banks. But about a year ago, the company faced a question that would change its trajectory: how can institutional clients fully transfer their assets onto the blockchain in a way that makes economic sense? That search led R3 to a strategic repositioning around tokenization and the native capital markets of the chain, establishing Solana as its operational base.

“We talked with virtually all layer one and layer two solutions,” explained Todd McDonald, co-founder of R3, in a discussion about how the firm evaluated the blockchain landscape. The thorough analysis culminated in a partnership announced in May 2025 during the Accelerate conference, where R3 formalized its commitment to bring high-yield institutional assets into the Solana ecosystem.

The shift in focus: from infrastructure to real performance

The decision to anchor operations on Solana was no coincidence. R3 came to see Solana as “the Nasdaq of blockchains”—a platform specifically designed for high-performance capital markets, in contrast to other spaces more oriented toward general experimentation. “We believe Solana is the best network for that future,” McDonald noted, highlighting its trade-oriented architecture, processing capacity, and ultra-low fees.

Currently, through its Corda platform, R3 supports over 10 billion dollars in assets. Its participants include major financial institutions such as HSBC, Bank of America, the Bank of Italy, and the Monetary Authority of Singapore, as well as market infrastructure providers like Euroclear and SDX.

Liquidity defines the future of tokenized assets

At the heart of R3’s strategy is a critical insight: liquidity, not just tokenization itself, is what will truly unlock the mass adoption of real-world assets on chain. “The beating heart of DeFi is lending and borrowing,” McDonald explained. However, the current reality shows a significant gap. Although hundreds of billions in real-world assets are already represented on blockchains, most institutional-grade returns still require capital to move off-chain.

Liquidity constraints become especially evident when attempting to use tokenized assets as collateral within DeFi on equal footing with native crypto assets. Today, limited liquidity discourages DeFi operators from engaging significantly with these products. “Our goal is to close that gap,” McDonald affirmed.

From the speculative cycle to sustainable returns

Over the past eight to nine months, R3 has dedicated resources almost exclusively to one challenge: how to structure the next trillion dollars in assets so they can truly reach the chain for investors. This goes beyond simply issuing tokens; it involves designing products that existing on-chain allocators want to use.

McDonald observes a shift in mindset within the Solana ecosystem: from pure speculation to capital formation and allocation. Many sophisticated investors now seek more stable returns less correlated with crypto market volatility. “We are trying to bring these assets onto the chain and structure them natively in DeFi,” he said, working closely with current allocators to improve access.

Solana vs. Ethereum: ecosystems with different dynamics

While Ethereum maintains dominance in total value locked (TVL) in DeFi, reflecting its deep liquidity and historically rooted institutional adoption, Solana has established itself as one of the most dynamic growth platforms. Solana’s DeFi ecosystem supports over 9 billion dollars in TVL, making it one of the leading networks outside of Ethereum and layer 2 solutions.

Solana’s model—with high performance, minimal fees, and rapid user expansion—has driven significantly higher transaction volumes and active wallets, especially in trading applications and high-frequency operations. This dynamic positions it uniquely for institutional markets that demand operational efficiency.

Private credit and trade finance: pillars of performance

R3’s asset strategy prioritizes products with superior returns, with private credit being fundamental. “It needs to deliver standout yields to attract attention,” McDonald noted, observing that returns near 10% generate strong resonance among on-chain investors.

However, these products face a delicate balance: they must combine yield, liquidity, and composability. The challenge is that private credit liquidity in traditional markets is typically quarterly or only accessible “by appointment.”

Beyond private credit, R3 sees a significant opportunity in trade finance, where demand and supply are highly elastic. McDonald points out that if DeFi allocators truly focused on this segment, “the supply coming from the traditional world is enormous.” Historically, trade finance has been opaque, fragmented by jurisdictions, and hampered by customized contracts that hinder standardization and slow liquidity scaling.

On the issuer side, R3 already collaborates with prominent investment managers and a diverse portfolio of asset owners—from factories to shipping companies—who see tokenization as a new distribution channel and capital formation model. The goal goes beyond simply replicating existing products: redesigning them to be investable, tradable, and natively composable on chain.

Corda Protocol: structuring performance with backed vaults

This vision materializes in the recently announced Corda Protocol, built natively on Solana. The protocol introduces performance vaults backed by professionally selected real-world assets, which issue liquid and redeemable vault tokens. Scheduled for launch in the first half of 2026, it is designed to give stablecoin holders access to tokenized debt instruments, funds, and reinsurance-linked securities—without sacrificing DeFi-style liquidity or composability.

Assets available through Corda will feature a native protocol liquidity layer, enabling instant exchanges of otherwise illiquid or liquidity-limited assets for chain operators. This unlocks the use of such assets as collateral at scale. The protocol will integrate with leading curators and lending protocols to enable borrowing and leveraged position building.

Initial demand has been substantial: Corda has received over 30,000 pre-registrations to date, indicating a growing market gap. As DeFi investors move away from purely speculative strategies, demand for diversified and stable returns is accelerating.

Institutionalization of DeFi: the next chapter

R3’s commitment to Solana reflects a deeper industry shift. Hundreds of billions in real-world assets are already on blockchains, but much of their institutional yield still depends on capital operating off-chain. “Bringing Wall Street-quality assets to blockchains in a way that finally makes sense for DeFi, and bringing off-chain capital into on-chain markets at scale,” represents the next frontier.

The change is not merely technological; it’s a redefinition of how financial markets will operate when efficiency, transparency, and performance converge in native decentralized infrastructure. For R3, Solana has positioned itself as the primary stage for that next act.