Spot DEXs on Solana see $5.8B in trading volume for tokenized stocks
Stocks
Solana dominated the tokenized equity market in Q2 2026, capturing approximately 95% to 97% of global decentralized exchange volume. The blockchain recorded $5.8 billion in spot volume for tokenized stocks, marking a 114% increase from the previous quarter and a significant rise from $1.34 million just one year prior. This growth was primarily driven by Backed Finance’s xStocks product suite, which offers over 60 tokenized US equities and ETFs backed 1:1 by custodied shares. Raydium emerged as the primary venue for these assets, with cumulative volume exceeding $3 billion by late June 2026. While Solana held the lead for most of the quarter, competition intensified by late July as the Ethereum-based Robinhood Chain began to surpass Solana in daily trading volume. The shift toward tokenized securities is significant because it eliminates traditional T+1 settlement delays and enhances asset composability within DeFi protocols. This rapid adoption highlights a growing institutional and retail appetite for on-chain access to traditional financial instruments.
Key points
- ▸Solana recorded $5.8 billion in tokenized equity DEX volume during Q2 2026.
- ▸Backed Finance's xStocks suite provides 1:1 backing for over 60 US equities.
- ▸Raydium reached $3 billion in cumulative tokenized equity volume by June 27, 2026.
- ▸Robinhood Chain began exceeding Solana's daily tokenized stock volume in late July 2026.
Background
Backed Finance provides tokenized versions of traditional financial assets, such as stocks and ETFs, by holding the underlying securities in custody. These tokens allow investors to gain exposure to traditional markets on-chain, enabling 24/7 trading and integration into decentralized finance applications.
Relevance
8/10