Tokenized stocks on Solana hit $12.4 billion in DEX volume this year
RWA Signal Insight
StocksTokenized stocks on the Solana blockchain have experienced significant growth, reaching $12.4 billion in decentralized exchange trading volume year-to-date in 2026. Solana currently dominates the sector, capturing approximately 95% of global on-chain equity DEX trading volume. Raydium has emerged as the primary venue for this activity, processing over 90% of Solana's tokenized stock flows and surpassing $6.1 billion in total volume. Much of this expansion is driven by Backed Finance’s xStocks product, which provides 1:1 equity-backed tokens and reached $6 billion in cumulative volume by mid-September 2026. This shift toward 24/7 on-chain trading allows investors to react to market news outside of traditional exchange hours. The growth is further supported by a evolving regulatory environment, including recent SEC innovation exemptions aimed at facilitating compliant on-chain trading. While the ecosystem demonstrates high efficiency, its reliance on a small number of platforms and the inherent counterparty risks of custodial models remain critical considerations for market participants.
Key points
- Solana captured 95% of global on-chain equity DEX volume in Q2 2026.
- Raydium processed over 90% of Solana's tokenized stock trading in recent snapshots.
- Backed Finance's xStocks product surpassed $6 billion in cumulative Solana volume by September 2026.
- Total global on-chain stock volume reached $48.7 billion over the preceding 12 months.
Background
Backed Finance is a protocol that issues tokenized versions of real-world assets, such as equities, by holding the underlying assets with regulated custodians. These tokens are designed to provide exposure to traditional financial instruments on public blockchains, enabling 24/7 trading and increased liquidity. The model relies on a 1:1 backing mechanism where the token value is pegged to the performance and ownership of the custodied traditional security.