Spot DEXs on Solana see $5.8B in trading volume for tokenized stocks

Tokenized stocks just had a breakout quarter on decentralized exchanges, and Solana ran away with almost all of it. The blockchain recorded approximately $5.8 billion in spot DEX volume for tokenized equities in Q2 2026, a 114% jump from the previous quarter and a new all-time high for the category.

To put that growth in perspective: tokenized equity volume on Solana sat at roughly $1.34 million a year ago. It’s now measured in the billions.

What’s driving the surge

The primary catalyst is xStocks, a product suite from Backed Finance that launched around mid-2025. These are tokenized representations of US equities and ETFs, each backed 1:1 by custodied shares of the underlying asset.

The lineup includes tokenized versions of familiar tickers: TSLAx, AAPLx, NVDAx, and SPYx among them. More than 60 US stocks and ETFs are now available on-chain through the platform.

Raydium, Solana’s largest automated market maker, emerged as the dominant venue for these trades. Its cumulative tokenized equity volume crossed $3 billion by June 27, 2026. The last $1 billion of that total was added in just one month.

Daily volume peaked at $644 million on June 24, a single-day record for tokenized equity trading on any chain.

Solana’s near-total dominance, and the competition nipping at it

During Q2 2026, Solana captured an estimated 95% to 97% of all tokenized equity trading volume on decentralized exchanges globally.

BNB Chain’s bStocks products generated around $5.6 billion in volume over a comparable period.

The year-over-year numbers tell the clearest story. Moving from $1.34 million to $3.32 billion in tokenized equity volume in twelve months represents significant growth.

By late July 2026, Robinhood Chain, an Ethereum Layer 2 solution, began overtaking Solana in daily tokenized stock trading volume. Robinhood Chain averaged approximately $29.7 million per day, edging past Solana’s daily figures.

The bigger picture for tokenized securities

Tokenized securities eliminate the T+1 settlement window that traditional markets still rely on. They remove geographic restrictions on market access. And they allow assets to be composable, meaning a tokenized stock position can simultaneously serve as collateral in a lending protocol or be paired in a liquidity pool.

Backed Finance’s xStocks model, where each token is redeemable for the underlying share held in custody, mirrors the structure of physically-backed gold ETFs.

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