Solana just set a new record for tokenized equities trading, with nearly $188 million in reported spot volume on the chain in just 24 hours. This milestone more than doubles the nine-figure day first reached on June 15, signaling another jump for on-chain stock trading. The immediate driver appears to be growing turnover in newly issued tokenized shares, including $SPCX, a blockchain-based instrument tied to SpaceX equity. Earlier this week, $SPCX accounted for more than 40% of tokenized stock trading during Solana’s first $100 million day, and the product trades through Backpack Securities, a regulated broker-dealer, with around-the-clock access for eligible users.
What’s notable isn’t just the headline number, but the shift in Solana’s position. The network has long been discussed for high throughput and smart contracts, but these volumes show a different story: Solana’s infrastructure is being used as market plumbing for tokenized financial assets. The Solana Foundation says the chain has reached a 97% share of cumulative on-chain tokenized equities spot trading volume. Other launches, including tokenized stocks and ETFs from Ondo, have also broadened Solana’s equity lineup.
The big question is durability. If trading stays elevated across more issuers, Solana could strengthen its position as the primary venue for on-chain equity trading. If activity falls back sharply, or remains concentrated in a narrow set of launches, the record could still prove more of a spike than a lasting trend.