The market value of tokenized stocks on Solana reached 48.53 million USD on July 4, more than tripling from 15.28 million USD on June 20, according to on-chain data from rwa.xyz.
In the past two weeks, the market capitalization of tokenized stocks on Solana has grown the most among all monitored networks, accounting for 11.4% of the total market capitalization of the entire industry. Leading is still Algorand with 294.71 million USD, followed by XRP Ledger with 55.35 million USD.
Tokenized stocks are the on-chain version of traditional stocks, issued according to the SPL standard on Solana. Prices are reflected through off-chain market-making activities and regular audits of collateralized assets.
All 61 tokenized stocks on Solana are currently issued by Backed Finance – an organization based in Switzerland. As of July 4, Backed holds a total of 48.53 million USD in stock asset value on Solana, accounting for 31% of the total tokenized stock assets of 155 million USD that this company has issued across various blockchains.
This tokenized stock product is called xStocks, currently listed and traded on major exchanges like Kraken and Bybit. Backed launched the first stock token on Solana in April and quickly accelerated its issuance through a licensed mint & burn mechanism, connecting with regulated custodians that hold the underlying shares.
Each xStock token is structured as a debt security, backed 1:1 by real shares, with a payment mechanism through authorized partners. Holders can exchange tokens for actual shares after completing the identification process (KYC) and submitting a request through the issuer's transfer agent.
Investors assess this model as an effective bridge between the liquidity of traditional brokers and decentralized financial (DeFi) instruments such as AMMs and lending protocols.
Backed Finance stated that they expect to continue expanding their portfolio of stocks and ETFs on Solana in the second half of 2025, depending on demand from market makers. With the current growth momentum, Solana is likely to surpass XRP Ledger to claim the second position in total tokenized stock value.