Tokenized stock trading on Solana reaches $7.1 billion in third quarter
Key Facts
Tokenized stock trading on the Solana network reached about $7.1 billion in the third quarter of 2026, up 40% from the second quarter, according to a report by Blockworks Research. The report said these stocks accounted for 88% of the tokenized-asset trading activity it tracked on the network during the period. Tokenized stock trading totaled $5.1 billion in the second quarter, making the third-quarter increase clear in a direct comparison. The figures show growth in trading activity, while measuring the value of executed trades rather than the value or supply of outstanding tokenized stocks.
Activity accelerated within the quarter, with September recording a monthly high of $4.4 billion in tokenized stock trading on Solana. Volume had reached $1.5 billion in July and $1.3 billion in August, before the jump recorded in the quarter’s final month. The shift from two quieter months to September’s higher level marked the fastest monthly pace in the series cited by the report. The report said the monthly record came as quarterly trading volume for the category reached a record. These figures measure trading volume and do not measure the value of assets outstanding on the network.
Tokenized-asset trading on Solana decentralized exchanges reached $8.1 billion in the third quarter of 2026, up 26% from the previous quarter. Blockworks Research said this marked a new quarterly record for the seventh consecutive quarter. This measure includes tokenized assets generally, while the $7.1 billion figure covers tokenized stocks alone. The two figures therefore reflect different scopes of activity, although they cover the same network and period. The performance places stock trading within a broader expansion in tokenized-asset activity on Solana’s decentralized exchanges.
At the investor-base level, the number of holders of tokenized stocks on Solana rose 88% during the first 12 days of September 2026, surpassing 800,000, according to the report. This measure tracks the number of holders alongside trading-volume indicators that grew during the quarter. Across networks, cross-chain tokenized stock trading volume reached $49.7 billion in the third quarter, about nine times the second-quarter volume. But Solana’s share of cross-chain trading fell from 95% in the second quarter to 14% in the third quarter. The comparison shows that increased activity on Solana coincided with a larger expansion in total trading volume across networks and a change in the distribution of market shares.
Tokenized stocks have also expanded into credit markets. A joint announcement from Kamino and Backpack, published by Nasdaq on November 4, 2026, said about $50 million of these stocks had been deposited as collateral with Kamino through October. Backpack Securities’ service allows users to buy, sell, mint and redeem tokenized securities, which are backed 1:1 by listed U.S. stocks and exchange-traded funds, according to the announcement. Backpack said its issued tokenized stocks had recorded more than $7 billion in cumulative on-chain trading since their launch in June 2026. These figures relate to Backpack’s product and do not represent total tokenized stock trading on Solana in the third quarter. Their use as collateral indicates they are being used for borrowing as well as trading, without changing the distinction between trading volume and the value of outstanding supply.
In terms of asset value, the Solana Foundation said real-world assets tokenized on the network reached a record $5 billion in October 2026. The total includes funds, stocks, private credit, commodities and other assets, making it broader than the tokenized stock market alone. Securitize also launched stocks on Solana in October as securities entitlements backed 1:1 by the underlying shares. According to the foundation, the rights include dividends and voting rights applicable to eligible investors in the United States, the European Union and other permitted jurisdictions. These launches add new products to the activity measured by trading figures, while differing in scope from the measure of total tokenized real-world assets.
On the regulatory front, the U.S. Securities and Exchange Commission on September 17, 2026, granted a temporary, conditional exemption to certain tokenized securities trading platforms, allowing tokenized national market system stocks to trade in a licensed environment. The SEC requested public comment on next steps, and its Chairman, Paul Atkins, said the exemption represented a temporary first step. Atkins urged the public to comment on all aspects of the exemption to help the SEC assess potential changes. This places the growth of products and activity on networks within a regulatory process that remains under review. The SEC is expected to use the comments as it considers changes and subsequent regulatory steps.