Solana now hosts a record 2,077 unique tokenized equity products, surpassing the previous peak of 2,036. The expansion reflects growing demand for on-chain stocks and exchange-traded funds that can be held in crypto wallets and traded outside traditional market hours.
Tokenized equities are digital tokens designed to track traditional assets, such as shares of US companies or ETFs. They function as blockchain-based receipts for stocks, enabling fractional ownership and trading at any time.
Growth across multiple metrics
Beyond the product count, tokenized equity supply reached an all-time high of $684 million in September 2026, representing a 47% increase over just three weeks. Monthly trading volumes climbed to approximately $4.4 billion during the same period.
The user base has expanded significantly. Holder addresses for tokenized equities reached 850,000 in September 2026 and later surpassed 1 million. Some reports put the figure as high as 1.5 million. It is important to note that wallet addresses do not correspond to unique individuals, as a single investor can control multiple addresses.
Multiple issuers driving growth
The expansion is not concentrated among a single company. xStocks, which launched in June 2025, leads the market. Ondo Global Markets entered the space in January 2026, followed by Backpack Securities in June 2026.
Solana has captured the largest share of on-chain tokenized equity trading volume among competing blockchains, partly due to integration with the network's decentralized finance protocols. Tokenized shares can be deposited into lending markets or traded on decentralized exchanges rather than remaining idle.
Trading outside traditional hours
A significant portion of activity occurs during non-traditional hours. Up to 63% of tokenized equity trades take place outside the fixed weekday hours of traditional US stock exchanges. Blockchains operate continuously, including weekends and holidays, making after-hours trading possible.
Regulatory backdrop
The growth milestone coincides with a policy development. The US Securities and Exchange Commission announced an innovation exemption in mid-September 2026 that is seen as making conditions more favorable for on-chain trading of tokenized NMS stocks, which are shares listed on national US exchanges.
The timing aligns with the sharp increase in supply during September 2026, though causation cannot be established from the available information.
Practical considerations
Tokenized equities on Solana offer fractional exposure to popular US stocks with trading availability beyond traditional market hours. However, several factors warrant consideration. A token's reliability depends on the issuer behind it, and structures vary across platforms. After-hours trading can result in thinner order books and wider price gaps between tokens and their underlying shares. Additionally, the $684 million supply figure, while a record for this segment, remains modest compared with traditional equity markets.
