Tokenized Equities Reach $3.8B as Solana’s Trading Lead Narrows

Tokenized equities reached $3.8 billion in total market value by early October, while weekly transfer volume climbed more than 40-fold in 2026, according to research from DWF Labs. Solana remains a major venue for on-chain stock trading, but its dominance has narrowed as new issuers and networks attract capital.

Ondo’s Lead Shrinks as New Entrants Gain Ground

Ondo Finance remained the largest tokenized-equities platform during the period covered by the report, with approximately $1 billion in value. However, its market share fell from 56% in early January to 26% during the week of Oct. 5.

The shift reflects rapid growth from competing platforms:

• Binance’s bStocks reached roughly $905 million and captured 24% of the market.
• Robinhood’s tokenized equities grew from $20 million after their July launch to approximately $170 million.
• Binance’s broader tokenized-stock offering recently reached $1 billion in assets under management, according to the research.

Network distribution also changed substantially. Ethereum’s share of tokenized-equities value declined from 50% at the beginning of the year to 22% in October, while BNB Chain’s share rose from 9% to 32%. Avalanche, which had no reported share at the start of the year, reached 9% after Securitize launched tokenized shares on the network in July.

Trading Activity Outpaces Market Growth

Weekly transfer volume rose from $420 million in early January to $17.5 billion in early October, an increase of 41.8 times. Turnover increased from 0.64 times market capitalization to 4.6 times, while weekly decentralized-exchange trading velocity rose from 0.07 times to 0.67 times market capitalization.

Trading peaked at approximately $7.3 billion during the week of Aug. 31. Robinhood Chain accounted for about $5.4 billion of that total, highlighting how quickly new distribution channels can reshape market activity.

Solana’s share of tokenized-equities trading fell from 99.8% in January to 31% in October. Robinhood Chain, BNB Chain and Base captured 26%, 25% and 18%, respectively.

DeFi Deployment Expands

Tokenized equities are also becoming more integrated with decentralized finance. Active DeFi TVL grew nearly 20-fold, from $15.5 million on Jan. 1 to $313 million on Oct. 15, while deployed capital increased from about 2% to 8% of total market capitalization.

The largest categories of deployed value included:

• Spot DEX pools: $77.9 million
• Lending and borrowing markets: $51.3 million
• Saturn: $50.9 million
• Figure Markets Exchange: $48.9 million
• Pendle yield markets: $42.6 million

The top 10 protocols represented 89% of deployed value. Despite the growth, tokenized equities remain small compared with traditional equity markets estimated at $75 trillion in the U.S. and $150 trillion globally.

What This Means

The data points to a rapidly expanding market in which trading activity is growing faster than tokenized-equity supply. Solana’s early lead gives it an established liquidity and infrastructure base, but the decline from near-total dominance shows that distribution, issuer access and cross-chain availability are becoming equally important. Continued DeFi integration could create additional demand, while intensifying competition may pressure Solana-based venues to improve liquidity, product breadth and institutional connectivity.