Solana Claims 97% of Tokenized Equity Spot Volume as Holder Count Hits 200K

Solana captured 97% of cumulative tokenized equities spot trading volume across all public blockchains during the week ending May 31, 2026, according to data shared by the Solana Foundation. The milestone coincides with onchain tokenized stock holders crossing 200,000 for the first time, a record the Foundation flagged in the same update.

The streak behind the number is longer than one week. According to Crypto Briefing, Solana has now led every other Layer 1 and Layer 2 combined in tokenized stock trading volume for 50 consecutive weeks, a run that began shortly after the launch of xStocks ( AAPLx$306.97-2.0% ) on Solana in mid-2024. The xStocks platform, built by Backed Finance and subsequently acquired by Kraken in December 2025, currently offers 60 tokenized assets covering 55 individual stocks and five ETFs.

How xStocks and Ondo Finance Split the Tokenized Stocks Market

The market for onchain equities on Solana has two primary issuers with different structures. xStocks tokens, minted through Kraken's Backed Finance entity, are Swiss-regulated instruments under the Swiss DLT Act and represent direct custody-backed claims on the underlying securities. Ondo Finance, which expanded to Solana in January 2026 with more than 200 tokenized U.S. stocks and ETFs, holds the underlying securities through licensed U.S. custodial broker-dealers and supports minting and redemption 24 hours a day, five days a week.

As of March 2026, per RWA.xyz data, Ondo held approximately 60% of tokenized-stocks market share by total value with 202 listed assets, while xStocks maintained around $252.8 million in total value and roughly 24% market share. The 97% spot trading volume figure covers cumulative secondary-market DEX and orderbook activity, where xStocks dominates due to deeper liquidity on Solana DEX infrastructure. Ondo's USDY token, which yields U.S. dollar income through Ondo's treasury holdings, represents the largest single Ondo asset on Solana by market cap at approximately $181 million.

The broader tokenized equities sector reached roughly $963 million in market value as of January 2026, up approximately 2,900% year-over-year, per CoinDesk reporting citing RWA.xyz data. Thirty-day trading volume on tokenized stocks on Solana exceeded $70 million, with daily figures running between $570,000 and $6.1 million.

SoFi and Cash App Ship on Solana in the Same Week

The 97% trading volume figure arrived alongside two institutional integrations that expand the onchain dollar infrastructure around tokenized equities. SoFi, the U.S. bank, launched SoFiUSD, a stablecoin, on Solana, according to LiveBitcoinNews. Cash App rolled out USDC support on the same network the same week. The Solana Foundation summarized the pair of launches in a post: "A bank your parents have heard of. A payments app your roommate uses. A checkout that takes stablecoins. All shipped on Solana this week."

These integrations matter for tokenized equities because the assets depend on liquid onchain dollar infrastructure. Tokenized stocks are typically purchased, settled, and redeemed in stablecoins, so the depth of dollar liquidity on the network directly affects how efficiently regulated securities can trade around the clock. Streamex and Orca separately launched 24/7 onchain secondary liquidity for regulated tokenized securities during the same period, per the same Foundation update.

Bridging activity also hit a milestone: the Mayan protocol moved $2.5 billion in stablecoins and processed over 600,000 transactions while bridging 1 million external wallets to Solana. That inflow of external capital provides additional depth for trading tokenized assets natively on the chain.

Concentration Risk and the Regulatory Backdrop

Solana's position in tokenized stock trading is real by the numbers, but it rests substantially on a single platform. As Crypto Briefing noted in its analysis, "when 95% of a market's volume comes from a single platform, you're not really looking at a market. You're looking at a product." xStocks' trading volume fluctuates significantly day to day, a pattern that reflects thin order books relative to traditional equity markets.

The regulatory picture for tokenized equities under U.S. securities law also remains unsettled. Backed Finance operates the xStocks products under Swiss jurisdiction; access for U.S. residents is restricted. Ondo's products use U.S.-regulated custody but operate under an exemption framework that could be subject to future rulemaking. The Solana Foundation's Washington x Wall Street Summit, scheduled for June 16 in Chicago, signals ongoing engagement with policymakers on these questions, though regulatory clarity timelines are not publicly specified.

Ethereum remains the larger chain for tokenized real-world assets overall, holding approximately 65% of distributed RWA value on-chain per Chainalysis data, with the broader tokenized asset market on Ethereum valued at roughly $15.7 billion versus Solana's $2.2 billion as of early 2026. The tokenized equities category, where Solana holds its 97% spot volume share, is a distinct subset of the RWA market where faster settlement and lower transaction costs have attracted retail-scale secondary trading activity that has not concentrated on Ethereum's more institutional-scale RWA deployments.