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Tokenization & RWA: Wall Street is moving onto Solana
A tokenized stock is a share of a company recorded as a token on a blockchain. RWA means “real-world asset”: a dollar, a Treasury bill, a fund or a stock, brought onchain. The asset stays the same. What changes is how you hold it and move it: 24/7, wallet to wallet, inside apps.
The numbers right now
- 1 million wallets hold tokenized stocks on Solana (Solana Foundation, September 2026 roundup (published Oct 6, 2026)).
- $684 million in tokenized-stock supply on Solana, up 47% in three weeks (Solana Foundation, September 2026 roundup (published Oct 6, 2026)).
- $4.6 billion in real-world assets on Solana, across more than 3,000 assets (Solana Foundation, September 2026 roundup (published Oct 6, 2026)).
- $4.4 billion in tokenized-stock trading on Solana in September 2026, an all-time monthly record. $7.1 billion for Q3, up 40% on Q2 (Blockworks, Solana Token Holder Report Q3 2026 (published Oct 15, 2026)).
- Across every chain, tokenized stocks are worth about $3.3 billion, up 15% in 30 days (RWA.xyz data as of Oct 13, 2026, via Altcoin Buzz, Oct 14, 2026).
All chains, not only Solana. bStocks issues on BNB Chain; xStocks and Ondo issue across Solana, Ethereum, BNB Chain and others. Other trackers measure issuers differently.
Source: RWA.xyz tokenized stocks page, data as of Oct 13, 2026, via Altcoin Buzz (Oct 14, 2026)
Backpack: real shares, onchain on IPO day
Backpack Securities is the regulated broker-dealer arm of Backpack. It issues tokenized stocks on Solana backed 1:1 by real shares held in custody. You can redeem a token for the real share or move it to a traditional brokerage, and dividends and corporate actions are passed through (Backpack support docs, checked Oct 18, 2026).
On SpaceX's Nasdaq IPO day in June 2026, Backpack and Sunrise put tokenized SpaceX (SPCX) on Solana the same day. It did $108 million in 24-hour volume, the most of any market on Solana that day. A $13 million allocation through Bitget Wallet filled in 30 minutes (CoinDesk, Jun 10, 2026; Solana Foundation June 2026 roundup).
In October, Backpack added tokenized BlackRock stock, the iShares MSCI Brazil ETF (EWZ, Oct 5) and Cerebras (Altcoin Buzz, Oct 2026). Availability depends on where you live. Check Backpack's own eligibility terms before you buy.
xStocks and Ondo
- xStocks: tokenized U.S. stocks and ETFs from Backed, now part of Kraken. They run on Solana and other chains. The issuer says each token is backed by the underlying share. Legally they are tracker certificates, so you hold a claim on the issuer, not the share itself. Not available to U.S. persons (CryptoTicker, Oct 15, 2026; Kraken xStocks FAQ). Across Ethereum and Solana, xStocks have passed $3 billion in onchain market cap (Coin Metrics, Sep 22, 2026).
- Ondo Global Markets: Ondo's tokenized stocks and ETFs. The tokens move on Solana, Ethereum and BNB Chain, and Ondo's total value locked has passed $4 billion (Yahoo Finance, Oct 2026). Ondo is a multichain issuer, not a blockchain.
- Securitize Stocks: launched on Solana on Oct 8, 2026, with 12 US equities as 1:1-backed security entitlements (Solana Compass).
The SEC opened the door
On Sep 17, 2026, the SEC introduced a five-year “Innovation Exemption.” It lets qualifying tokenized-securities venues trade tokenized stocks onchain without registering as an exchange. To qualify, a token must carry normal shareholder rights, including dividends and voting (Coin Metrics, Sep 22, 2026; Solana Foundation, September 2026 roundup (published Oct 6, 2026)). Coin Metrics notes that xStocks, bStocks and Robinhood's Stock Tokens appear to sit outside the framework as currently structured.
Solana DvP: settlement in seconds
On Oct 6, 2026, the Solana Foundation launched Solana DvP, an open-source “delivery versus payment” program. The asset and the payment swap at the same moment, in one transaction, with finality in seconds instead of days. JPMorgan gave input on how institutions settle trades (CoinDesk, Oct 6, 2026; Cointelegraph, Oct 6, 2026). It was audited: Cantina found 21 issues in May 2026, and all were addressed. It isn't declared production-ready yet, and no design partners have been named (Forkast, Oct 7, 2026).
The honest part: share vs. size
Other chains want this market too. Robinhood Chain, BNB Chain and Base all entered tokenized-stock trading this year. Solana is still #1, and the dollars keep setting records ($4.4B in September). Chains don't all do the same job: they compete for share while the whole market grows.
Solana's share fell as new chains joined. Over the same stretch the sector's total value grew 483%, from $654M (week of Jan 5) to $3.8B (week of Oct 5), per DWF Labs, “The Bright Side: Tokenized Equities”, Oct 16, 2026.
Source: DWF Labs, “The Bright Side: Tokenized Equities”, Oct 16, 2026 via Crypto Briefing, Oct 16, 2026
Stablecoins
Up 67% year on year (same source).
Source: Birdeye Research, Solana Q3 2026 report (Sep 24, 2026)
The two sources measure slightly differently; both show new highs.
Source: End of Q3: Blockworks, Solana Token Holder Report Q3 2026 (published Oct 15, 2026). September high: Solana Foundation, September 2026 roundup (published Oct 6, 2026).
Honest context: Ethereum holds about 10× Solana's stablecoins. Solana is growing fast from a smaller base.
Source: RWA.xyz Networks, snapshot of Oct 8, 2026
Things to know
- A tokenized stock is not always the same as owning the share. Some give you the real share (Backpack); some give you a claim on the issuer (xStocks). Read what you're buying.
- Not every token is open to every country, and U.S. persons are excluded from many.
- 24/7 trading means prices can move when the stock market is closed.
Not financial advice.