Solana Leads Tokenized Stock Trading With $2B Volume
Solana’s xStocks platform, built by Backed Finance, has surpassed $2.24 billion in trading volume for tokenized U.S. equities like Tesla (TSLAx), Apple (AAPLx) and Nvidia (NVDAx). These on-chain assets, backed by real shares and offering fractional ownership and 24/7 trading, have attracted $46.2 million in assets under management and over 25,000 unique wallets. Despite regulatory bans in the U.S., EU, UK, Canada and Australia, xStocks thrives in Asia and Latin America. Solana now commands about 95% of the global tokenized stock market, far ahead of Ethereum, which offers compliant but lower-volume products via BaFin-supervised issuers. The future of tokenized stocks hinges on regulatory clarity: Ethereum’s permissioned rails and institutional standards could win compliant issuance, while Solana’s speed, low fees and existing liquidity favor high-frequency trading. Cross-chain issuance and bridges may enable dual-track growth rather than a single winner.
Bullish
The rapid adoption of tokenized stocks on Solana and its 95% market share underscore strong network demand, driving SOL usage and transaction volume. High trading volume and growing assets under management signal sustained liquidity, while 24/7 trading appeals to global investors. Regulatory clarity could further expand the market, benefiting on-chain equities and underlying chains. Although Ethereum offers compliance advantages, Solana’s speed and low fees give it a head start in retail-driven trading. This dynamic mirrors past RWA tokenization trends where first-mover chains captured liquidity before formal regulation arrived. In both the short and long term, increased real-world asset flows into Solana support bullish momentum for SOL and related DeFi protocols.