Tokenized stocks on Solana have accumulated $12.4 billion in decentralized exchange trading volume through 2026, with Raydium leading the market at $6.1 billion in volume.
In Q2 2026, Solana recorded $5.8 billion in tokenized equity DEX volume, representing a 114% increase from the prior quarter. During that same period, Solana captured approximately 95% of global on-chain equity DEX trading. September 2026 alone generated $4.4 billion in tokenized stock DEX volume on Solana.
Raydium has become the primary venue for this activity, routing over 90% of Solana's tokenized stock DEX flows in recent snapshots. Through mid-September, Raydium had processed approximately $2.3 billion in tokenized stock volume during Q3 2026, a 40% increase from the previous quarter.
xStocks drives growth
Much of the expansion traces to xStocks, a product built by Backed Finance where each token is backed 1:1 by an equity held with a custodian. By September 18, 2026, xStocks had surpassed $6 billion in cumulative Solana trading volume, representing 54% of all tokenized stock volume in Solana's history.
Across all blockchain networks, tokenized stocks generated $48.7 billion in volume over the preceding 12 months, with Solana often capturing over 95% during peak trading windows. Tokenized equities have claimed over 4% of total DEX spot volume in 2026.
Market structure and considerations
The 24/7 operation of decentralized exchanges contrasts with traditional stock market business hours, allowing traders to react to market-moving news outside regular trading sessions.
Solana is not the only blockchain pursuing this market. BNB Chain offers its own bStocks product, and Robinhood Chain is also competing for on-chain equity traders.
The concentration of volume among Raydium and xStocks creates efficiency but also dependency on a small number of players. Additionally, tokens backed 1:1 by custodied shares carry counterparty risk tied to the custodian and issuer, a consideration that does not exist when owning a stock directly.
