Solana tokenized stocks have traded $12.4 billion on decentralized exchanges so far in 2026, Crypto Briefing reported on Sunday. Raydium, the network’s largest trading venue for these tokens, accounts for $6.1 billion of the total. Crypto Briefing did not name the dataset behind those figures, and CryptoWatchDesk could not check them against a primary dashboard, so they are reported here as the outlet’s numbers.
Tokenized stocks are so-called real-world assets, blockchain tokens that each track a listed share and are backed by a real share held with a custodian.
Raydium is an automated market maker, a decentralized exchange that prices trades with a formula against pools of tokens deposited by users, rather than matching buyers and sellers in an order book.
September alone produced $4.4 billion of tokenized-stock volume on Solana, according to Crypto Briefing. Blockchain Posts, citing the same report, called it the segment’s largest month on record.
Raydium’s share has grown through the year. It handles about half of the year-to-date total but routed more than 90% of Solana’s tokenized-stock flows in recent snapshots, Crypto Briefing said.
The site also put second-quarter volume at $5.8 billion. Those figures come from different data snapshots and do not reconcile exactly with the year-to-date total, so they are best read as an order of magnitude rather than a precise series.
Why it matters: tokenization, issuing traditional assets as blockchain tokens, is one of the few crypto themes that regulators and banks are actively building rules around. South Korea published draft rules for tokenized securities this week.
Related: Korea’s new tokenized securities rules
Most of Solana’s volume traces back to one product. xStocks, issued by Swiss firm Backed Finance, passed $6 billion in cumulative Solana trading volume on 18 Sep, according to figures attributed to Solana Compass. On the same figures, that is about 54% of all tokenized-stock volume recorded on the chain.
Who stands behind Solana tokenized stocks
Kraken agreed to buy Backed Finance in December 2025. At the time, Kraken said xStocks offered more than 60 tokenized equities and ETFs and had passed $10 billion in combined exchange and on-chain trading volume within six months of launch.
“This is bigger than giving people exposure to U.S. equities, it’s about redefining what it means to own assets in the digital era,” Kraken co-chief executive Arjun Sethi said in the company’s announcement.
The appeal for traders is mostly about hours. US stock markets keep business hours, while Solana’s exchanges run around the clock, so a token can move on a Saturday night before the underlying share trades again on Monday.
That gap is also the main trade-off. When the stock market is shut, a token’s price is set only by on-chain buyers and sellers, and it can drift away from the last official closing price.
The other trade-off is trust. A token backed one-to-one by custodied shares is only as reliable as the issuer and the custodian holding those shares, a risk that does not arise when an investor owns a stock directly through a broker.
Related: What a crypto custodian does
Concentration cuts both ways. One dominant issuer and one dominant venue make liquidity deep and spreads tight, but they also mean a single outage, legal challenge or pricing error would affect most of the market at once.
Solana is not alone in chasing this business. BNB Chain has its own tokenized-stock offering, called bStocks, and Robinhood is building its own blockchain aimed partly at on-chain equities, according to Crypto Briefing.
Related: Solana news
SOL was up about 1.8% on the day at $121.73 as of 17:00 UTC, according to Coinbase data. October’s volume figures will show whether September’s record pace holds.
Produced by the Crypto Watch Desk newsroom using AI tools. This article is for information only and is not investment advice.