Solana Tokenized Stock Trading Volume Hits $12.4 Billion

Solana's decentralized exchange (DEX) trading volume for tokenized stocks has surged to $12.4 billion this year, with Raydium accounting for $6.1 billion of that total.

In Q2 2026, Solana recorded a 114% jump in tokenized equity DEX volume compared to the previous quarter, reaching $5.8 billion. This represents approximately 95% of global on-chain equity DEX trading during that period.

The growth can be attributed in part to the xStocks product built by Backed Finance, which allows traders to purchase tokenized stocks backed 1:1 by an equity held with a custodian. By mid-September, xStocks had surpassed $6 billion in cumulative Solana trading volume, representing 54% of all tokenized stock volume in Solana's history.

While this growth has coincided with a shifting regulatory backdrop, including a recent SEC innovation exemption designed to make compliant on-chain trading easier, it also raises concerns about the reliance on a small number of players and the custody model. Tokens backed 1:1 by custodied shares are only as reliable as the custodian and issuer behind them.