Tokenized stock trading on decentralized exchanges hit a new high in 2026, with Solana capturing roughly 95% to 97% of the category's volume in Q2 and PancakeSwap v3 leading among individual venues with $3.1 billion to $3.3 billion processed since the start of the year. The category has grown from a rounding error at the end of 2025 to 4.34% of all DEX spot trading.
Solana recorded approximately $5.8 billion in spot DEX volume for tokenized equities in Q2 2026, a 114% jump from the prior quarter and a new all-time high for the category. A year earlier, tokenized equity volume on the chain sat at roughly $1.34 million — now it is measured in billions.
Solana's near-total grip on the category
The surge traces back to xStocks, a product suite from Backed Finance that launched around mid-2025 offering tokenized US equities and ETFs backed 1:1 by custodied shares, including versions of TSLA, AAPL, NVDA, and SPY. More than 60 US stocks and ETFs now trade on-chain through the platform.
Raydium, Solana's largest automated market maker, became the dominant venue for these trades, with cumulative tokenized equity volume crossing $3 billion by June 27, 2026 — the last $1 billion added in a single month. Daily volume peaked at $644 million on June 24, a single-day record for tokenized equity trading on any chain.
PancakeSwap and BNB Chain close the gap
BNB Chain's bStocks products generated around $5.6 billion in volume over a comparable period. PancakeSwap v3 has processed roughly $3.1 to $3.3 billion in tokenized stock trading volume since the start of 2026, edging out Raydium CLMM's approximately $3.1 billion and Uniswap v4's roughly $1.9 billion. The platform's own daily volume peaked at more than $565 million in late June 2026.
By late July 2026, Robinhood Chain began overtaking Solana in daily tokenized stock trading volume, averaging approximately $29.7 million a day on the Ethereum layer 2.
A market that barely existed a year ago
Tokenized stocks made up just 0.1% of total decentralized exchange spot volume at the end of 2025. They have since grown from $212 million in total DEX volume to $4.27 billion through the first three quarters of 2026, pushing the category's share of all DEX spot trading to 4.34%.
Tokenized versions trade around the clock, without a brokerage account, minimum balance, or KYC check, and can plug into lending protocols and yield strategies — use cases that don't exist in traditional finance.
Sources: Crypto Briefing, Crypto Briefing
Trading involves risk.
Risk Disclaimer
