solana chart
Tokenized stocks on Solana hit $12.4 billion in DEX volume this year
Raydium leads with $6.1 billion as on-chain equities grow from a niche experiment into a meaningful slice of decentralized trading
Tokenized stocks on Solana have racked up $12.4 billion in decentralized exchange trading volume so far this year. Raydium accounts for the biggest share, at $6.1 billion.
The numbers behind the surge
In Q2 2026, Solana recorded $5.8 billion in tokenized equity DEX volume, a 114% jump from the prior quarter.
That same quarter, Solana captured approximately 95% of global on-chain equity DEX trading.
September 2026 alone produced $4.4 billion in tokenized stock DEX volume on Solana, with Raydium and Orca handling the flow.
Raydium has become the default venue for this activity. In recent snapshots, it routed over 90% of Solana’s tokenized stock DEX flows, and its cumulative volume in the category passed $5 billion by mid-September.
Through mid-September, Raydium processed about $2.3 billion in tokenized stock volume during Q3 2026. That works out to a 40% increase over the previous quarter.
Across all blockchain networks, tokenized stocks generated $48.7 billion in volume over the preceding 12 months, and Solana’s share often tops 95% during peak trading windows.
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Tokenized equities have also claimed over 4% of total DEX spot volume in 2026.
How xStocks built the on-ramp
Much of this growth traces back to one product: xStocks, built by Backed Finance. 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.
That figure represents 54% of all tokenized stock volume in Solana’s history.
Traditional stock markets keep business hours, while DEXs run 24/7, so a trader can react to news on a Saturday night instead of waiting for Monday’s opening bell.
Regulation and rivals enter the frame
The growth has coincided with a shifting regulatory backdrop. A recent SEC innovation exemption is designed to make compliant on-chain trading easier.
Solana is not the only chain chasing this market. BNB Chain has its own bStocks offering, and Robinhood Chain is also competing for on-chain equity traders.
What this means for traders and the market
Raydium handling over 90% of flows in recent snapshots and xStocks owning 54% of historical volume make the ecosystem efficient, but also dependent on a small number of players.
The custody model deserves attention too. Tokens backed 1:1 by custodied shares are only as reliable as the custodian and the issuer behind them, so traders are taking on counterparty considerations that do not exist when owning a stock directly.