Spot DEXs on Solana see $5.8B in trading volume for tokenized stocks

Tokenized stocks just had a breakout quarter on decentralized exchanges, and Solana ran away with almost all of it. The blockchain recorded approximately $5.8 billion in spot DEX volume for tokenized equities in Q2 2026, a 114% jump from the previous quarter and a new all-time high for the category. To put that growth in perspective: tokenized equity volume on Solana sat at roughly $1.34 million a year ago. It’s now measured in the billions. What’s driving the surge The primary catalyst is xStocks, a product suite from Backed Finance that launched around mid-2025. These are tokenized representations of US equities and ETFs, each backed 1:1 by custodied shares of the underlying asset. The lineup includes tokenized versions of familiar tickers: TSLAx, AAPLx, NVDAx, and SPYx among them. More than 60 US stocks and ETFs are now available on-chain through the platform. Raydium, Solana’s largest automated market maker, emerged as the dominant venue for these trades. Its cumulative tokenized equity volume crossed $3 billion by June 27, 2026. The last $1 billion of that total was added in just one month. Daily volume peaked at $644 million on June 24, a single-day record for tokenized equit...