Wall Street closes every afternoon. The tokenized version increasingly does not.
The supply of tokenized equities on Solana has climbed above $684 million, setting a new record after growing 47% in just three weeks. The milestone comes as stocks and ETFs represented onchain expand beyond a crypto experiment into an increasingly active market where investors can trade exposure to companies such as Apple, Nvidia and Tesla outside traditional U.S. market hours.
That may be the more important number behind Solana's latest record. According to recent data highlighted by the Solana Foundation, 63% of tokenized-equity trading volume on the network now happens while U.S. exchanges are closed, with weekends alone accounting for 17%.
Investors are effectively trading stock exposure at times when Nasdaq and the New York Stock Exchange are unavailable.
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From $465 Million to $684 Million in Weeks
The growth has accelerated quickly. Solana's August ecosystem report put tokenized-equity supply at a weekly record of approximately $465 million during the month. By September 11, that figure had reached $684 million.
That is an increase of roughly $219 million in only a few weeks.
The broader tokenized asset market on Solana is expanding alongside it. Real-world assets on the network surpassed $4 billion in August, held across more than 350,000 addresses. Solana's current RWA infrastructure now spans stocks, ETFs, Treasuries, private credit, funds and commodities.
Equities, however, are becoming one of its most active categories. Solana says the network has settled $14.7 billion of approximately $46 billion in tokenized asset volume across public blockchains during the past year.
Tokenized equities represented 56% of Solana's RWA trading volume, while the network processed 43 million of the 91 million RWA trades recorded onchain.
The growth in ownership has been similarly concentrated. Wallet holdings across Solana RWA products have increased roughly fivefold over the past year, with tokenized stocks responsible for 98% of the increase since April.
xStocks Has Become a Major Part of the Market
One of the biggest drivers has been xStocks, which brings tokenized versions of U.S. stocks and ETFs onto Solana.
Each xStock is backed 1:1 by its corresponding security held with a regulated custodian. The tokens give eligible non-U.S. investors exposure to companies and ETFs while allowing the assets to move through crypto wallets and DeFi applications.
Unlike a conventional brokerage position, tokenized shares can also be transferred onchain around the clock and, depending on the product, used inside lending markets, liquidity pools and other DeFi applications.
By the end of August, xStocks had surpassed $500 million in assets under management, with more than 190,000 holders and over 700 tokenized stocks and ETFs available through the ecosystem.
Trading activity has followed. xStocks generated approximately $5 billion in Solana volume over the past 12 months, according to data cited by Solana. Raydium, one of the network's largest decentralized exchanges, passed $4 billion in cumulative tokenized-stock volume during August.
Ondo Brought Hundreds More Stocks Onchain
xStocks is no longer the only large provider pushing equities onto Solana. Earlier this year, Ondo Finance brought more than 200 tokenized U.S. stocks and ETFs to Solana, including exposure to companies such as Nvidia, Apple and Meta as well as ETFs tracking major U.S. indices.
Ondo's model is different from simply creating an isolated crypto liquidity pool for every stock. Its tokenized assets connect to liquidity from traditional exchanges such as Nasdaq and the NYSE, allowing larger transactions to draw on the depth of the underlying market.
The company said its tokenized securities platform had already surpassed $460 million in total value locked and $6.8 billion in cumulative trading volume when the Solana expansion was announced.
Solana has also attracted other forms of tokenized equity. Backpack Securities listed tokenized SpaceX shares on the network when SpaceX went public in June, with the token generating $108 million in onchain volume during its first 24 hours.
Backpack's broader equity venue subsequently generated about $1.5 billion in its first two months, accounting for roughly 19% of Solana's tokenized-equity volume this year.
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Tokenized Stocks Are Becoming More Than Digital Wrappers
The appeal is increasingly about what happens after a stock moves onchain.
Traditional U.S. equities trade during defined market hours, with extended-hours trading available through some brokerages. Tokenized equities can move between wallets at night, on weekends and across borders, subject to the restrictions attached to each product.
They can also interact with blockchain infrastructure. On Solana, tokenized stock exposure can already flow through trading venues such as Raydium and Jupiter, while platforms including Kamino are developing markets where real-world assets can be used as collateral.
That begins to change what owning stock exposure can mean. An investor could potentially hold a tokenized equity, transfer it outside market hours, trade it against stablecoins or use eligible assets as collateral without waiting for the traditional market to reopen.
The fact that 63% of Solana's tokenized-equity volume is already happening outside U.S. exchange hours suggests that this additional flexibility is not merely theoretical.
Wall Street Is Moving Toward the Same Market
Traditional exchanges have noticed. On September 10, Reuters reported that Nasdaq Ventures will invest $100 million in Payward, the parent company of Kraken, as the two companies deepen their work on infrastructure for trading tokenized equities.
The partnership is particularly notable because Kraken is already one of the major distribution channels for xStocks.
Established exchanges are increasingly exploring tokenized securities as crypto platforms move in the opposite direction, adding stocks, perpetual futures and other products historically associated with traditional brokerages.
That competition could become one of the defining financial infrastructure battles of the next several years.
Crypto companies want stocks to trade more like tokens. Traditional exchanges want to bring blockchain settlement and distribution into regulated securities markets. Solana is increasingly becoming one of the places where those two worlds meet.
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The $684 Million Record May Be the Smaller Story
Tokenized equities remain tiny compared with the tens of trillions of dollars represented by traditional global stock markets. A $684 million supply does not threaten Nasdaq or the NYSE.
The speed and behavior of the market are more interesting. Solana's tokenized-equity supply has risen 47% in three weeks.
xStocks has crossed $500 million in assets. Hundreds of stocks and ETFs are now represented onchain, and billions of dollars in trading volume are already moving through the network.
Most strikingly, nearly two-thirds of that trading is happening when America's stock exchanges are closed.
That suggests tokenization may be finding its first clear advantage over the traditional market. It is giving investors something a conventional U.S. share still cannot provide on its own: the ability to move and trade stock exposure whenever the investor wants.
Reporting by Lidia Yadlos
