Solana’s tokenized stocks capitalization expanded more than threefold in two weeks, outpacing every other tracked network during the period.
Tokenized shares trade as on-chain representations of traditional equities and settle under the SPL standard on Solana.
Prices are tracked through off-chain market-making and periodic collateral audits, which reflect the underlying securities.
The rwa.xyz catalog lists 61 Solana-based tokenized stocks, all minted by Backed Finance, a Switzerland-registered entity. The July 4 snapshot attributes $48.53 million of Solana assets to the issuer, equal to 31% of Backed’s $155 million aggregate stock tokenizations across all networks.
Backed introduced its first Solana-native equity tokens in April and accelerated issuance through a permissioned mint-and-burn gateway that links to regulated custodians holding the underlying shares.
Backed structures each token as a debt security backed 1-for-1 by the corresponding stock, with settlement handled through authorized participants.
Holders may swap tokens for the underlying equity by completing a Know Your Customer (KYC) process and routing the request to the issuer’s transfer agent.
Market participants have cited the mechanism as a useful bridge between centralized broker-dealer liquidity and decentralized finance tools such as automated market makers and lending protocols.
Backed Finance has publicly stated that it plans to add additional equities and exchange-traded funds to its Solana program in the second half of the year, contingent upon market maker demand.
A continued cadence similar to June’s could push Solana past XRP Ledger for the second-place slot by total stock value.
