Backpack Securities posted over $584 million in weekly tokenized stock volume, capturing 63% of the market for tokenized equities on Solana. The platform leads in trading activity among tokenized equity issuers on the network, though it trails its main competitor xStocks in both liquidity and onchain token supply.
The gap between market share by volume and market share by supply reflects how Backpack's tokens circulate more frequently despite xStocks holding a larger onchain footprint. In July 2026, Backpack achieved a 73% issuer-level market share on $1.06 billion in trading volume while holding only approximately 5% of total tokenized stock supply. Since launching its tokenized equities program on June 12, 2026, Backpack-issued assets have accumulated more than $5.3 billion in onchain volume as of mid-October 2026.
How Backpack achieves higher trading volumes
Backpack's structure appears to drive its trading advantage. The platform uses a mint-and-redeem model, where each token is backed by underlying shares and can be created or redeemed against them. This redemption mechanism gives arbitrage traders incentives to keep prices aligned with underlying assets.
On execution, Backpack partners with Sunrise, which operates a propAMM liquidity model. Unlike standard automated market makers that use fixed formulas based on pool balances, a propAMM adjusts liquidity dynamically and ties pricing closely to real-world levels. This approach typically results in tighter spreads and improved execution quality.
Specific assets have drawn notable trading interest. The SPCX token, which provides exposure tied to SpaceX, has driven significant participant engagement.
Tokenized equities on Solana
Tokenized equities are blockchain tokens designed to track the price of traditional stocks. They enable round-the-clock trading, direct integration into DeFi applications, and settlement on public blockchain infrastructure rather than traditional brokerage systems.
Solana has emerged as a major venue for this market. As of mid-September 2026, tokenized equity supply on Solana reached $684 million, with quarterly DEX trading volumes reaching multi-billion-dollar levels.
Implications for market measurement
The Backpack-xStocks dynamic illustrates that execution quality and trading costs can outweigh raw token supply in driving volume. A token with smaller outstanding float but lower trading costs can dominate activity if its user base remains active.
This affects how tokenized equity issuers should be evaluated. Supply-based rankings favor xStocks, while volume-based rankings favor Backpack. Comprehensive analysis requires examining both metrics to assess competitive positioning in the market.
