Solana’s tokenized stock market more than triples in two weeks to hit $48M

Solana's tokenized stocks rise significantly, with 61 assets issued via Switzerland's Backed Finance fueling market expansion.

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Solana’s tokenized stock market hit $48.53 million on July 4, up more than threefold from $15.28 million on June 20, according to on-chain data tracked by rwa.xyz.

Solana’s tokenized stocks capitalization expanded more than threefold in two weeks, outpacing every other tracked network during the period. 

Furthermore, the tokenized stock market on Solana represented 11.4% of the total market capitalization. Algorand remains the leader in the segment, with $294.71 million, while XRP Ledger follows in second place with $55.35 million. 

Tokenized shares trade as on-chain representations of traditional equities and settle under the SPL standard on Solana. 

Prices are tracked through off-chain market-making and periodic collateral audits, which reflect the underlying securities.

Concentrated issuance

The rwa.xyz catalog lists 61 Solana-based tokenized stocks, all minted by Backed Finance, a Switzerland-registered entity. The July 4 snapshot attributes $48.53 million of Solana assets to the issuer, equal to 31% of Backed’s $155 million aggregate stock tokenizations across all networks.

The tokenized versions of real stocks are a product named xStocks by Backed. These products are available for trading in major exchanges, such as Kraken and Bybit. 

Backed introduced its first Solana-native equity tokens in April and accelerated issuance through a permissioned mint-and-burn gateway that links to regulated custodians holding the underlying shares.

Backed structures each token as a debt security backed 1-for-1 by the corresponding stock, with settlement handled through authorized participants. 

Holders may swap tokens for the underlying equity by completing a Know Your Customer (KYC) process and routing the request to the issuer’s transfer agent.

Market participants have cited the mechanism as a useful bridge between centralized broker-dealer liquidity and decentralized finance tools such as automated market makers and lending protocols.

Backed Finance has publicly stated that it plans to add additional equities and exchange-traded funds to its Solana program in the second half of the year, contingent upon market maker demand. 

A continued cadence similar to June’s could push Solana past XRP Ledger for the second-place slot by total stock value.

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