Tokenized stocks on Solana reached $12.4 billion in DEX volume during the first half of 2026. Raydium dominates with $6.1 billion and processes over 90% of Solana’s tokenized stock DEX flows. In Q2 2026, Solana recorded $5.8 billion in tokenized equity DEX volume, a 114% jump from the prior quarter, capturing approximately 95% of global on-chain equity trading. Backed Finance’s xStocks product alone accounts for 54% of Solana’s historical tokenized stock volume, exceeding $6 billion. This extreme concentration on a small number of platforms makes the ecosystem dependent on few players and raises counterparty risk questions linked to the custody model.
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