Tokenized equities on Solana just posted a 24-hour trading volume of $187.9 million, shattering the category’s previous records. The SPCX token, which represents SpaceX shares, accounted for more than half of that figure, generating over $105 million in trades on its own.

To put that in perspective: the tokenized equities market on Solana first crossed $100 million in daily volume just one day earlier, on June 15. It then nearly doubled that milestone within 24 hours.

SpaceX goes public, and Solana catches the wave

SpaceX officially listed on Nasdaq on June 12, and SPCX, its tokenized counterpart, launched on June 11-12 through Backpack Securities, a regulated US broker-dealer. First-day trading volume for SPCX came in at roughly $18.2 million, contributing to a total tokenized equity volume of around $37 million that day.

Three days later, that volume had multiplied five-fold. When the $100 million daily threshold was first breached on June 15, SPCX was responsible for approximately 40% of the activity. By the time the $187.9 million record was set, its share had grown to over 50%.

Backpack Securities being a regulated US broker-dealer also matters. It lent the kind of credibility that tends to make both retail and institutional participants more comfortable dipping their toes into tokenized assets.

Solana’s dominance is hard to ignore

Solana didn’t just lead the tokenized equities market during this stretch. It dominated it. The network captured approximately 85% of global tokenized equity trading volume that week, pulling in $192.4 million compared to just $33.2 million across all other platforms combined.

The broader real-world asset ecosystem on Solana reflects this momentum. Total value locked in RWAs on the network hit an all-time high of $2.95 billion around this same period. The network now hosts over 277,000 holders of tokenized equities across more than 1,840 asset types.

What this means for investors

A single token driving more than half the volume on a record-setting day is worth scrutinizing. SPCX’s dominance means the $187.9 million figure is heavily concentrated. Remove SpaceX from the equation and you’re looking at roughly $80 million in volume from everything else.

For traders, the 24/7 nature of tokenized equities introduces new dynamics. Price discovery doesn’t stop when the NYSE closes. That means more opportunity, but also more exposure to overnight volatility and weekend liquidity gaps.

Solana controlling 85% of tokenized equity volume creates concentration risk for the broader tokenized asset market. If Solana experiences network congestion or an outage, there’s no readily available alternative absorbing meaningful volume.

A regulated US broker-dealer facilitating hundreds of millions in tokenized equity trading on a public blockchain is the kind of precedent that attracts attention from the SEC and other agencies. Whether that attention manifests as supportive frameworks or restrictive enforcement actions could determine whether the tokenized equities market on Solana continues its trajectory or hits a ceiling.