Within 16 months, tokenized stocks have grown from zero to a substantial RWA category with more than $3B in market cap across chains. Among issuers, top 6 emerges across 5 networks.
Key takeaways from our report:
1. The market grew 8x in a year with @BNBCHAIN now leading at $1.46B. @solana has the most holders holding at least $1 (446K) and most unique wallets (283K).
2. Of the $74B in spot DEX volume since Jul 2025, 88.24% came from June 2026 onward. Leadership rotated from @bstocksfinance in Jul & Aug to @RobinhoodCrypto in Sept.
3. The six issuers' tokens sit in 5M holder accounts, but only 1.2M hold at least $1. Robinhood leads on accounts with 1.6M, but bStocks leads on unique wallets with 217K.
4. Three issuers hold most of the value: bStocks, @Ondo & @xStocksFi each carry about $1B in market cap.
5. On the 9 stocks all six issuers list, four different issuers lead six measures: bStocks on market cap ($307M) and holders, @coinbase on 30-day volume ($794M) and 30-day turnover (86x), Robinhood on cumulative volume ($3.1B), and @Backpack on lifetime turnover (182.4x).
6. SPCX dominates the shared set, accounting for 54.3% of Core 9 volume & 55.1% holder accounts.
Read full report 👇
Finalized before you finish reading this sentence.
Alpenglow cut Solana’s finality to ~150ms, J.P. Morgan brought its tokenized money market funds onchain, and a tokenized stock did twice as much volume on Solana as on traditional exchanges.
Here’s what shipped:
📰 Headline News
- @anza_xyz shipped Alpenglow, slashing finality to ~150ms in Solana's biggest consensus upgrade yet
- @JPMorganAM’s tokenized money market funds went live on Solana
- @xStocksFi’s VIDAx did 2x the volume on Solana vs traditional exchanges over 30 days
📰 Launches
- Tokenized $TSLA, $META, and $AAPL went live via @sunrise, issued by @BackpackOnchain
- @JupiterExchange embedded native swaps into @DecryptMedia
- @1inch enabled trading for @Ondo's 450+ tokenized equities and ETFs on Solana
- @reflectmoney Create went live, enabling launch of custom yield-split stablecoin
- @BlockRunAI activated Zero Data Retention for privacy-first AI inference
- @birdeye_data launched Peak, a unified digital asset terminal for institutions
- @orca_so added Adaptive Fee profiles, featuring dynamic "Launch Spike" and "Quick Reset" curves
- @altitude shipped multi-entity support for unified corporate treasury and card management
- @listendotmoney debuted a vibe trading platform powered by AI agents for research and execution
- @MeteoraAG overhauled its DAMM v2 UI with max slippage controls and split-liquidity tools
- @alienorg integrated Solana Attestation Service to launch Proof of Human identity
- @openappsxyz launched AdPad, a USDC-settled peer-to-peer ad marketplace
- @Beezie opened Base-to-Solana migration for collectibles and wallet funds
- @Gableguardians shipped its free-to-play mobile game on @Android
- @peopledotfun opened the waitlist for its conviction trading platform
📰 Milestones
- Tokenized stock holders on Solana crossed 1.5M unique addresses
- Solana processed 8.92B successful non-vote txs in Q3 2026, up 104% from Q4 2025
- @humafinance processed $20B in payment volume, up nearly 3x YoY
- @Backpack Securities crossed $6B in cumulative volume
- @sunrise cleared $15B in total volume in under a year
- @Collector_Crypt recorded its biggest day yet with $24.3M gross revenue and 123K+ packs opened
- @solanamobile's dApp Store crossed 1,500 live apps
- @kamino’s AUTO Market surged 8x in a month, passing $170M in deposits
- Tokenized $SKHY via @sunrise surpassed $500M in cumulative volume
- @Raydium LaunchLab distributed tokenized stocks to 300K+ unique holders
- @solflare and @PhoenixTrade's wallet perps integration crossed $200M in volume
- @GrailBreak hit $1.5M in trading volume
- @hylo_so closed a $1M strategic round led by @SolanaVentures with participation from @colosseum
- @useDiversiFi climbed past $500K in total value locked
Three weeks to Breakpoint, and the next wave of speakers is confirmed. The City of London, the NYSE, the NBA, and the World Series of Poker, all on one stage.
Artwork by @doodles 🔥
🇺🇸 NEAR U.S. spot ETF flows
@Bitwise’s U.S. spot @NEARProtocol ETF, ticker NRR, has recorded four consecutive weeks of net inflows, bringing cumulative net inflows since launch to $88.3M.
The fund now holds over 1.3% of NEAR’s total supply.
.@pumpfun now makes up 78% of daily revenue across these 15 launchpads. A month ago, it was 32%.
We rebuilt the table as Launchpad Revenue Board and added each launchpad's daily token count. ↓
4/ Here's the dashboard: https://t.co/scY8WtLWYJ
Revenue and token counts for all 15 launchpads.
Revenue updates live; token counts use the latest snapshot.
For research purposes only. Not financial advice.
3/ At the other end of the table that week:
> https://t.co/HqmpnIprZv logged 0 coins; latest on its list is Oct 12
> Jupiter Studio launched 140, down from 277 the week before
MAXI is now powered by @birdeye_data! 🦅
Bringing real-time token prices and market data straight to the trenches on MAXI.
Better data. Smarter trades. All in one place.
Excited to join the Verified Provider on @vAPI_Network!
Builders can now access Birdeye Data through vAPI Call and explore our endpoints for token prices, security, holders, trades and more.
Our Verified Provider selection now includes @birdeye_data!
Access 20 Birdeye Data endpoints covering token prices, security, holders, trades and more through vAPI Call.
$0.003 per call, paid in USDC on @Solana via x402.
Integrate our MCP to try Birdeye today: https://t.co/CNutqJi2G3
Measuring velocity N days since launch shows how issuers ramped. The race till day 120 is divided:
- @Backpack dominated from day 6 to day 19, thanks to its explosive launch with SPCX, then back to top 1 from day 89
- @coinbase took the lead from day 20 to day 56, printing huge volume with a small book
- @RobinhoodCrypto fit neatly in between, peaking at 7x turnover rate
More from our latest report on tokenized stocks below 👇