Solana Tokenized Equities Hit $187.9M Volume ATH as Coinbase Enters the Race

Solana tokenized equity spot volume crossed a new all-time high of $187.9 million in a 24-hour window, the official Solana account announced on June 16 at approximately 15:42 UTC. That figure landed less than eight hours after [[POST:1717]] reported the earlier $100 million milestone, nearly doubling in the same session. The timing overlapped with a competing announcement from Coinbase cbBTC$64,790.41+0.9%, which on the same day unveiled its own tokenized stock product for non-U.S. users.

One Token, Half the Volume

Of the $187.9 million total, Sunrise and Backpack combined for more than $105 million, over 50% of the day's volume, through SPCX, their tokenized SpaceX share. That single asset generated roughly 12 times its float in a single day, according to a Llama data breakdown posted in the replies. SpaceX is not yet publicly traded, and its tokenized representation on Solana has become the ecosystem's highest-volume equity product, sitting within a $513.9 million total Solana tokenized equity market that accounts for roughly 24% of the chain's $2.14 billion RWA stack, per the same Llama data.

xStocks AAPLx$314.08+0.5% (xStocks), issued through Backed Finance, accounts for the broader basket of tokenized U.S. equities on Solana including TSLAx, NVDAx, and SPYx, and forms the other major pillar of the market alongside Backpack's SPCX. [[POST:1714]] covered how these different product structures compete and differ.

Coinbase Stakes a Claim

Earlier the same day, Coinbase published its own announcement of a tokenized equity product: 1:1-backed tokenized shares of U.S. companies, with automatic dividend payments and no derivatives. "You own an actual piece of the company onchain," CEO Brian Armstrong said in connection with the launch, per CoinDesk's reporting. The product is not yet live. It will initially be available only to non-U.S. users, via Coinbase's international trading infrastructure, and no specific launch date has been given. The post described it as "coming soon."

The announcement prompted an immediate pushback from Backpack CEO Armani Ferrante. "Respectfully, Coinbase is going to be second," he wrote directly in reply to the Coinbase account. "Solana was already first with $SPCX." Ferrante's tweet quoted his own earlier post describing Backpack Securities' model: users trade stocks on Backpack, deposit and withdraw to Solana wallets, trade through DeFi, and can on-ramp back to a brokerage account. The post described tokenized stocks "redeemable for the real thing just like a stablecoin." Coinbase's own reply thread drew similar challenges from community members pointing back to Backpack's existing product. See [[POST:1723]] for how Coinbase's broader "Everything Exchange" strategy ties into its Solana ecosystem relationships with Jupiter and Pyth Network.

The July 1 Window

Kyle Samani, Multicoin Capital co-founder, used the moment to call for coordinated action across the Solana ecosystem. "Hey everyone in the Solana ecosystem, please get in touch with Armani Ferrante from Backpack to integrate native tokenized equities ASAP," he posted on June 16. "We all gotta move together really fast right now. Especially with Binance being booted from EU on July 1."

The urgency reference concerns Binance's MiCA licensing situation. Two sources told Reuters that Greece's market regulator plans to reject Binance's license application, which would effectively block the exchange from serving EU customers when the transition period expires July 1, per Reuters reporting cited by Benzinga. Binance exited tokenized stock trading in 2021 under regulatory pressure. If EU access to Binance does close in two weeks, Samani's argument is that Solana-native platforms (which already have live, redeemable equity products) are better positioned to absorb displaced demand than Coinbase, whose product remains in preview.

The competitive framing puts Backpack, xStocks, and Sunrise on one side and a product that does not yet have a launch date on the other. Coinbase's structural advantages in brand recognition, regulatory relationships, and scale are real. On the day it announced its intentions, Solana's existing ecosystem logged a volume record its forthcoming product has not yet matched.