Solana’s tokenized equities volume share rises to 35%, closing in on Robinhood Chain

Solana now controls roughly 35% of the global tokenized equities trading volume, pulling within striking distance of Robinhood Chain’s 39% share. A few months ago, Solana owned virtually all of it.

From monopoly to market fight

Rewind to Q2 2026, and Solana was processing between 95% and 97% of all tokenized equity DEX volume globally. The network racked up $5.8B in volume during that quarter alone, powered by platforms like xStocks and Backpack Securities, with Raydium serving as the primary trading venue.

The peak came in June, when the SpaceX IPO sent traders rushing to buy SPCX tokens on-chain. Single-day volumes on Solana hit as high as $644M during that frenzy, a record for tokenized stock trading on any blockchain.

Robinhood Chain, a Layer 2 Ethereum solution, launched on July 1, 2026, with a straightforward pitch: tokenized US equities, familiar brand, and a clever liquidity strategy that paired tokenized stocks with memecoins to bootstrap trading activity. It worked. The platform quickly hit an average of $29.7M in daily tokenized stock DEX volume, at times surpassing Solana’s own venues.

By late August, Solana’s share of the global tokenized equity market had cratered to around 30%.

The bounce back

September has shown signs of stabilization, with Solana recovering to approximately 35% market share.

The broader market has also expanded significantly. Weekly tokenized equity trading volumes across all platforms reached approximately $3B in August 2026. Cumulative tokenized equity volume on Solana exceeded $9.5B by late August 2026, building since mid-2025, when the first serious tokenized stock trading protocols began gaining traction on the network.

On-chain value locked across the tokenized equity sector sits in the low hundreds of millions, a figure that looks modest next to the trading volumes but represents genuine capital committed to the ecosystem rather than just passing through.

Why competition is reshaping the landscape

BNB Chain has also entered the fray with bStocks, adding a third serious competitor and further fragmenting the market.

Perhaps the most consequential trend is the growing use of tokenized equities as collateral within DeFi lending and borrowing protocols.

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