Backpack surpasses xStocksFi in monthly tokenized equities volume on Solana despite holding just 5% of supply
RWA Signal Insight
StocksBackpack has rapidly disrupted the tokenized equity market on Solana, capturing 73% of the issuer market share within one month of its securities launch. In July 2026, the exchange recorded $1.06 billion in trading volume, surpassing the incumbent xStocksFi despite holding only 5% of the total tokenized stock supply compared to xStocksFi's 87%. This growth is attributed to Backpack's proprietary automated market maker (propAMM) models, which enhance liquidity efficiency. Standout assets like the SpaceX token (SPCX) have reached over 10,000 onchain holders and $350 million in cumulative volume. While Backpack emphasizes 1:1 backing with real shares, xStocksFi utilizes synthetic elements through its integration with Kraken. The broader Solana ecosystem now dominates 95% of global onchain tokenized equity trading, which has collectively surpassed $10 billion in volume. However, analysts note that high trading volumes may be influenced by incentivized liquidity programs, and the heavy concentration of the market on a single blockchain presents significant systemic risk.
Key points
- Backpack captured 73% of Solana's tokenized equity issuer market share in July 2026.
- Solana now accounts for 95% of global onchain tokenized equity trading volume.
- Cumulative onchain tokenized equity volume has officially crossed the $10 billion threshold.
- Backpack's SPCX token surpassed 10,000 holders and $350 million in cumulative volume.
Background
Tokenized equities are digital representations of traditional company shares issued on a blockchain, allowing for 24/7 trading and fractional ownership. These assets are typically backed by real-world shares held in custody, enabling investors to gain exposure to equity markets through decentralized infrastructure. By moving stocks onchain, platforms aim to reduce settlement times and increase accessibility compared to traditional stock exchanges.