TL;DR
- Solana leads tokenized stocks by market cap, with tokenized equity products at $874.19 million on Solana and $1.2 billion across all chains.
- Backed Finance boosted growth by launching 60+ xStocks via Kraken and Bybit, while tokenized RWAs grew 68.4% in 2025 to $19.59 billion distributed value.
- Solana has 126,274 holder addresses; Tesla xStock is $46.8 million, BlackRock’s fund is $255 million, and SOL ETFs total $801.3m, with SOL near $137.24.
Solana has moved ahead of Ethereum to become the largest network for tokenized stocks by market capitalization, as tokenized equity products across all chains reached $1.2 billion. The expansion was strongest from September through December, lifting the sector to record size. On Solana, tokenized equity products climbed to an all-time high of $874.19 million. At the center of the rise, market share is shifting toward faster settlement rails, and issuers are testing whether on-chain equities can scale with continuous, global access, quick settlement, and straightforward custody flows. The shift is clear and visible.
Tokenized Stocks Lift Solana’s RWA Footprint in 2026
One catalyst was Backed Finance, which deployed its xStocks suite and launched more than 60 tokenized equities through Kraken and Bybit. That rollout helped accelerate the category’s growth beyond a niche experiment and into a broader product shelf. Meanwhile, the tokenized RWA market grew 68.4% in 2025, reaching $19.59 billion in total distributed value and $401.76 billion in represented asset value, based on RWA.xyz data. Tokenized equities are outpacing the wider RWA surge, and Solana is capturing the momentum so far as more holders interact with stocks, Treasuries, and institutional funds. Baseline set.
RWA.xyz data also shows Ethereum leading tokenized RWAs with $12.9 billion in market share, followed by BNB Chain at $2.0 billion. Solana’s tokenized RWA total excluding stablecoins stands near $874.2 million, yet tokenized public stocks on Solana rank second by asset value at $196.3 million, behind Ethereum’s $362.5 million. The participation base is expanding to 126,274 holder addresses. A deeper holder base is reinforcing liquidity and distribution, which can attract more listings, support price discovery, and make tokenized shares feel less experimental for new entrants. It also supports broader institutional participation over time.
On Solana, Tesla xStock is the largest tokenized public stock at $46.8 million, followed by CRCLx at $23.4 million; NVIDIA and other names trail near $17.4 million and $16.2 million. Beyond stocks, BlackRock’s USD Institutional Digital Liquidity Fund leads non-stablecoin RWAs at about $255 million, while Ondo and ONe together account for $246 million. Solana’s stablecoin market cap is $14.77 billion with roughly 12 million holders and $259.5 billion in transfers. Multiple tokenized categories are converging on Solana’s infrastructure, even as SOL traded around $137.24, down 4% at publication. SOL ETFs drew $801.3m.
