Backpack Securities recorded more than $584 million in weekly tokenized stock volume, representing about 63% of the market, according to the article. Since launching its program on June 12, 2026, its assets have accumulated more than $5.3 billion in onchain volume, despite an initial supply representing only around 5% of the total. Its trading dominance is attributed to a mint-and-redeem structure backed by underlying shares, as well as its partnership with Sunrise and propAMM liquidity model. Backpack nevertheless trails xStocks in both tokenized stock supply and liquidity, even though its tokens trade more frequently. Solana had $684 million in tokenized equities as of mid-September 2026 and has generated quarterly DEX activity running into the billions of dollars.
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