Solana sets new weekly record in tokenized equities trading
Solana is positioning itself as a hub for tokenized equities, recently setting a new weekly record for RWA trading volumes.
The network is competing with Hyperliquid for on-chain representation of equities. The main difference is that Solana’s assets offer spot trading and backing by share ownership, unlike perpetual futures, which only rely on price action.
Solana already locks in nearly $3B in tokenized assets, with nearly exponential growth in the past year. For the past 12 months, the value of tokenized assets on Solana has risen by over 500%. Other notable assets include BlackRock’s money fund BUIDL, with $573.8M in value.
To date, XStocks has captured older tech assets like Nvidia (Nasdaq: NVDA) and Tesla (Nasdaq: TSLA). PreStocks, another Solana-based issuer, will offer its own versions of SPCX, as well as Anthropic and OpenAI stocks, once their IPOs are completed.
While Ethereum and BNB Chain have a higher count of tokenized assets, Solana is turning into an active trading hub, offering direct global access to some of the hottest equities.
On-chain data shows most of the tokenized equities activity happens outside US business hours, signaling strong global trading interest.
Solana captures 95% of tokenized equities trading
Solana already captured 95% of tokenized equities spot trading. The past week was an outlier, with $1.29B in total volumes. As Cryptopolitan reported earlier, Solana also topped all other chains in terms of individual holders of tokenized stock.
The main driver of the record week, with volumes high above the baseline, was the launch of tokenized SPCX stocks.
XStocks, the most active equities RWA provider on Solana, immediately launched the new asset. The platform has continuously increased its baseline trading, setting new records in the past three months.
XStocks targets a global market, applying geo-restrictions for US-based traders. The record activity for SPCX follows a general trend of international demand for US equities.
Will SOL recover through more active RWA trading?
Solana already had a good basis of RWA trading, but the hottest equities are what drive new liquidity surges. The chain tokenizes 2,111 different assets, including bonds, funds, and individual stocks.
As a result, Solana’s mindshare jumped by over 17% to 8.6%, as influencers are once again mentioning the network’s potential. RWA trading may compensate for the loss of meme token trading activity, switching the liquidity to tokenized assets on Solana.
Solana may be a beneficiary of lenient tokenization regulation, as the US Securities and Exchange Commission (SEC) prepares to introduce an innovation exemption for tokenization services.
Solana has returned to a baseline of around $2.5M in daily app revenues. The regular app revenues are still unable to launch a SOL rally, though the asset sits at a reasonable baseline. SOL traded at $74.16 following the news of the record RWA performance.
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.
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