Solana hits record $188M in tokenized equities trading volume
Tokenized equities on Solana just posted a 24-hour trading volume of $187.9 million, shattering the category’s previous records. The SPCX token, which represents SpaceX shares, accounted for more than half of that figure, generating over $105 million in trades on its own.
To put that in perspective: the tokenized equities market on Solana first crossed $100 million in daily volume just one day earlier, on June 15. It then nearly doubled that milestone within 24 hours.
SpaceX goes public, and Solana catches the wave
SpaceX officially listed on Nasdaq on June 12, and SPCX, its tokenized counterpart, launched on June 11-12 through Backpack Securities, a regulated US broker-dealer. First-day trading volume for SPCX came in at roughly $18.2 million, contributing to a total tokenized equity volume of around $37 million that day.
Three days later, that volume had multiplied five-fold. When the $100 million daily threshold was first breached on June 15, SPCX was responsible for approximately 40% of the activity. By the time the $187.9 million record was set, its share had grown to over 50%.
Backpack Securities being a regulated US broker-dealer also matters. It lent the kind of credibility that tends to make both retail and institutional participants more comfortable dipping their toes into tokenized assets.
Solana’s dominance is hard to ignore
Solana didn’t just lead the tokenized equities market during this stretch. It dominated it. The network captured approximately 85% of global tokenized equity trading volume that week, pulling in $192.4 million compared to just $33.2 million across all other platforms combined.
The broader real-world asset ecosystem on Solana reflects this momentum. Total value locked in RWAs on the network hit an all-time high of $2.95 billion around this same period. The network now hosts over 277,000 holders of tokenized equities across more than 1,840 asset types.
What this means for investors
A single token driving more than half the volume on a record-setting day is worth scrutinizing. SPCX’s dominance means the $187.9 million figure is heavily concentrated. Remove SpaceX from the equation and you’re looking at roughly $80 million in volume from everything else.
For traders, the 24/7 nature of tokenized equities introduces new dynamics. Price discovery doesn’t stop when the NYSE closes. That means more opportunity, but also more exposure to overnight volatility and weekend liquidity gaps.
Solana controlling 85% of tokenized equity volume creates concentration risk for the broader tokenized asset market. If Solana experiences network congestion or an outage, there’s no readily available alternative absorbing meaningful volume.
A regulated US broker-dealer facilitating hundreds of millions in tokenized equity trading on a public blockchain is the kind of precedent that attracts attention from the SEC and other agencies. Whether that attention manifests as supportive frameworks or restrictive enforcement actions could determine whether the tokenized equities market on Solana continues its trajectory or hits a ceiling.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The AI boom may follow the path of the 19th-century railway bubble, and builders may not be the ultimate winners
Goldman Sachs analyst Bobby Molavi compared the current situation to the 19th-century British railway mania: 500 companies spent more than the nation's annual income building 8,000 miles of railway, with most early investors losing out, while the real beneficiaries were the later "passengers." He pointed out that the current AI craze is driven by both debt and momentum, and that the S&P 500’s forward P/E ratio of 18x is only "a bit cheaper." Whether the builders can retain value is uncertain, and history does not offer an optimistic answer.
If Anthropic's IPO goes smoothly and the stock price rises next week, then everything remains the same for AI. Otherwise, some companies will go bankrupt.
The shrinking valuations of two major giants have triggered a chain reaction—investors are adopting more conservative revenue multiples for AI startups and are directly halting high-valuation financing for companies with zero revenue. Multiple venture capital firms have advised their portfolio companies to lower valuation expectations and to quickly build up cash reserves. Market participants warn that the outcome of Anthropic’s IPO will be a barometer for the industry: if successful, the boom will continue; if it fails, some companies may face elimination.
After the Brazilian election, political discount deepens; Morgan Stanley remains bullish on Petrobras (PBR.US), focusing on fuel pricing and dividends
Morgan Stanley still maintains its most optimistic "Overweight" rating, but has lowered its year-end 2027 target price from $31 to $25.
Corning (GLW.US) receives initial "Buy" rating from Jefferies! AI factories driving a fiber optic rush, with a potential global supply gap of up to 30%
For Corning, the recent profit growth mainly comes from the expansion of AI clusters. As the number of optical links crossing cabinets and campuses increases, customers need to deploy more optical fibers within limited conduit and cabinet space, thus driving demand for high-density optical cables and connection systems.
Crypto prices
More
