Solana’s tokenized stock market just went absolutely bonkers, exploding from $15 million to over $48 million in two weeks—that’s a 200% surge from June 20 to July 4, 2025. Backed Finance’s xStocks platform basically owns this space, controlling 95% of the action with 60 digital assets including Tesla and S&P 500 tokens. Sure, trading volume dropped 50% after the initial excitement, but Solana now holds 11.4% market share across all networks. The momentum tells quite a story.
Solana’s tokenized stock market just exploded. From $15 million to over $48 million in two weeks. That’s a 200% surge between June 20 and July 4, 2025. Not bad for a network that’s been getting beaten up lately.
The entire show is run by Switzerland’s Backed Finance through their xStocks platform. All 61 tokenized stocks? Yep, they minted every single one. Talk about monopoly control. The platform launched with 60 digital assets—55 stocks and 5 ETFs—and suddenly owned 95% of Solana’s tokenized stock activity. After receiving NYSE Arca approval, Grayscale’s potential ETF could further boost market confidence.
Here’s where it gets interesting. Solana now holds 11.4% of the total tokenized stock market across all networks. Third place isn’t terrible, but they’re still chasing Algorand’s $294 million and XRP Ledger’s $55.35 million. At least XRP Ledger looks catchable.
Trading kicked off June 30, and the first 24 hours saw $1.3 million in volume. Early traders went for strategy-based tokens, then shifted to the big names. $SPYx, the S&P 500 ETF token, absolutely dominated with $4.67 million in daily volume on July 2. That’s over half the total activity right there.
But reality hit fast. Trading volume dropped more than 50% by July 3. The initial excitement faded quicker than expected.
The appeal is obvious though. High transaction speeds, low gas fees, and you can actually swap these tokens for real shares if you jump through the KYC hoops. Tesla and S&P 500 tokens are drawing the most attention, which makes sense. Each token operates as a debt security backed 1:1 by the underlying equity, creating a direct connection to traditional markets.
Solana’s broader ecosystem includes SOL, Star Atlas, and Jupiter, but the main token is struggling. SOL trades near $150 after hitting close to $260 in late 2024. Ouch.
Still, the development hasn’t stopped. Backed Finance plans to expand their token offerings, which could push Solana past XRP Ledger in market share. The $155 million in total tokenized stock issuance across all networks shows there’s real money flowing into this space. This represents Solana’s highest growth rate among all public chains in the tokenized stock segment.
The surge suggests mainstream adoption is picking up steam. Whether it sustains momentum is another question entirely.
