Solana Just Claimed 97% of On-Chain Tokenized Stock Trading

Solana Foundation’s June 5, 2026 ecosystem roundup put a hard number on a trend that had been building all year. Solana’s share of cumulative on-chain tokenized equities spot trading volume reached 97%.

That figure lands while Solana sits seventh by market capitalization on CoinGecko’s June 6, 2026 table. A top-10 asset is now the default settlement layer for tokenized stocks.

The same roundup stacked records across the board. RWA total value passed $2.8 billion, stablecoin supply crossed $16.4 billion, and Solana perps venues recorded $64.6 billion in monthly volume in May.

On-chain RWA holders crossed 230,000 and tokenized stock holders crossed 200,000 for the first time.

97% of all tokenized stock trading last month happened on Solana. A month of records across real-world assets, stablecoins, perps, and collectibles.

Here are a few figures that mattered: pic.twitter.com/mHlLokkgAa

— Solana (@solana) June 5, 2026

The headline data comes straight from Solana’s own monthly recap.

Solana Foundation added these details:

According to Solana Foundation: May brought new highs across Solana’s RWA ecosystem, tokenized equities activity, stablecoin supply, perps volume, and spot ETF inflows. Solana’s share of cumulative on-chain tokenized equities spot trading volume reached 97%, RWA total value reached more than $2.8 billion, and stablecoin supply crossed $16.4 billion.

The same roundup put monthly Solana perps volume at $64.6 billion and said tokenized stock holders crossed 200,000 for the first time. The RWA section also listed concrete equity-linked activity, including Bullish tokenizing its full 151 million-share cap table on Solana after the Equiniti acquisition and Republic opening trading for tokenized Animoca Brands equity for eligible investors.

The useful reader signal is scale plus breadth: tokenized equities, stablecoins, perps, and RWA holders all moved higher in the same monthly window. The tokenized-equities number also has a clear market structure implication: if the claim holds across the current data set, Solana is more than hosting experiments; it is capturing most of the on-chain spot activity in that category.

CoinGecko’s June 6, 2026 market table ranked Solana seventh by market capitalization.

The roundup also pointed to concrete equity activity, more than abstract volume. Bullish tokenized its full 151 million-share cap table on Solana after acquiring Equiniti.

A full cap table living on-chain is the kind of move that turns tokenized equity from a demo into infrastructure.

New distribution is arriving at the same time. Backpack Securities is the clearest example of how this is being built.

The Block added these details:

According to The Block: Backpack Securities combines a U.S. regulated brokerage for traditional equities ownership with a tokenization platform that can convert real stock holdings into on-chain securities. The platform is designed to let users buy, hold, and sell real U.S. stocks through regulated brokerage infrastructure, then convert those positions into tokenized versions that can move across blockchain networks.

Backpack partnered with Solana-based tokenization protocol Sunrise for the initial tokenized securities rollout. Those tokens are expected to become transferable, compatible with wallets and DeFi protocols, and tradable 24/7 via Solana before any later expansion to additional chains.

The point is direct: the model aims to connect legal equity ownership, brokerage infrastructure, and blockchain-native distribution.

That structure is also why the launch is more important than a plain token listing. The regulated brokerage side handles stock ownership, while the tokenization side is meant to make those holdings portable across wallets and crypto applications.

The Solana roundup said on-chain RWA holders crossed 230,000 and tokenized stock holders crossed 200,000 for the first time.

Those tokens are expected to be transferable, compatible with wallets and DeFi protocols, and tradable 24/7 through Solana before any expansion to other chains.

The pitch connects legal equity ownership, regulated brokerage infrastructure, and blockchain-native distribution in one stack. That is a more serious design than a synthetic price feed.

Kraken is pushing the same idea into IPOs. Its June 3, 2026 blog post laid out xStocks IPO Access.

Kraken added these details:

According to Kraken: Payward Services’ xStocks framework will give Kraken customers and customers of select xStocks Alliance members the ability to express interest in U.S.-listed IPOs before listing and receive tokenized equity at the offering price if they receive an allocation. On listing day, allocations are finalized and IPO shares are tokenized, backed 1:1 by the underlying share, held in custody by a regulated entity, and distributed through the exchange the customer already uses.

Kraken described xStocks as programmable, portable equity exposure that can move across the crypto ecosystem rather than staying locked to one venue. The first-year figures are large enough to matter: more than $30 billion in total transaction volume, more than $6 billion settled on-chain, and more than 125,000 unique holders globally.

Those figures give the product line a real adoption base instead of a white-paper feel. They also help explain why new IPO-style access can become a distribution event for crypto exchanges rather than a narrow back-office experiment.

The Block said Backpack partnered with Solana-based tokenization protocol Sunrise and that the tokenized securities would initially be transferable, compatible with wallets and DeFi protocols, and tradable 24/7 via Solana.

The first-year xStocks figures are big enough to take seriously. More than $30 billion in total transaction volume, more than $6 billion settled on-chain, and more than 125,000 unique holders globally.

The first IPO target is one of the most watched private companies in the world.

We’re kicking off IPO Access on Kraken with one of the biggest IPOs ever. SpaceX available on xStocks (SPCXx).

See the price range, review the details, and submit your interest in the Kraken app before the window closes. 👉 https://t.co/wKnib4oiqM pic.twitter.com/Nro6MBdfCE

— Kraken (@krakenfx) June 5, 2026

Cointelegraph added these details:

According to Cointelegraph: Kraken is giving customers access to the upcoming SpaceX public offering through xStocks, a tokenized equities platform. Eligible users in more than 110 markets can register interest through the Kraken mobile app, while the offering is restricted in the United States, Canada, Australia, and the United Kingdom.

If investors receive an allocation, they will receive SPCXx, a tokenized representation of SpaceX equity backed 1:1 by the underlying shares. Those tokens can trade 24/7 on Kraken and other participating xStocks platforms.

That access model shows why tokenized equities are no longer only about public large-cap stocks or ETFs. The same infrastructure is now being pitched for IPO access, private-market excitement, and global retail demand that traditional brokerage channels do not always serve.

The jurisdiction limits matter, too. The product is being marketed globally, but major markets remain restricted, which means the tokenized-equity trend is still shaped by securities law as much as blockchain design.

Cointelegraph wrote on June 5, 2026 that Kraken is giving eligible users in more than 110 markets access to the upcoming SpaceX IPO through xStocks, while participation is restricted in the United States, Canada, Australia, and the United Kingdom.

Those restrictions are the part readers should hold onto. Access is not universal, and the eligible-market list matters before anyone gets excited.

Tokenized equity also does not automatically grant identical shareholder rights, and none of this is risk-free. A 1:1 backing claim still depends on the custodian and the framework behind it.

The clean signal here is direction. Equity exposure, including IPO allocations once reserved for institutions, is moving toward digital-asset market infrastructure, and Solana is carrying the bulk of the on-chain trading volume that goes with it.

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