Wall Street’s Tokenization Model Takes Shape as Solana Captures Off-Hours Demand
DTCC’s live tokenization service and rising demand for round-the-clock trading signal a growing institutional market for blockchain-based financial infrastructure, with Solana showing strong activity outside traditional market hours.
Wall Street’s shift toward tokenized financial markets is moving from experimentation to deployment, according to The Block. The trend could benefit Solana, whose trading activity increasingly reflects demand for access beyond the traditional exchange schedule.
Institutional Rails Move Into Production
The Depository Trust & Clearing Corporation (DTCC) launched its Tokenization Service on October 28, giving institutions a live framework for representing financial assets onchain. The service currently operates on Canton and DTCC’s private blockchain, with additional networks planned for 2027.
Twenty DTC participants are involved, including JPMorgan, Citi, Morgan Stanley, Fidelity and Bank of America. More participants are expected to join on a rolling basis, suggesting that tokenization is being developed as shared market infrastructure rather than as an isolated pilot.
Traditional market intermediaries are also expanding their roles. NYSE and ICE are working toward a tokenized trading platform, while Broadridge, Computershare and Equiniti joined Securitize and tZERO as transfer agents. The three traditional agents serve nearly 5,000 listed companies, representing almost 99% of the S&P 500.
Broadridge also plans to run proxy voting onchain, allowing investors to vote through a wallet, a broker application or ProxyVote. That design connects blockchain rails to familiar financial interfaces instead of requiring investors to manage an entirely new workflow.
Trading Demand Extends Beyond Market Hours
The case for tokenized markets is not limited to settlement efficiency. Activity is also moving outside regular exchange hours:
- On Robinhood Chain, 59% of volume in the month through October 23 occurred outside market hours.
- Solana’s share of activity outside those hours was above 63%.
- BNB Chain recorded an even higher share, above 70%.
- An IMF study covering 11 venues found that more than half of trading volume took place outside regular sessions.
These figures point to a structural preference for continuous access, particularly as blockchain-based markets make settlement and trading available around the clock.
Tokenized ETFs Gain Ground
Tokenized exchange-traded funds and products grew from $164 million at the end of 2025 to $687 million on November 2. BNB Chain accounted for much of that expansion, rising from $2 million at the start of the year to $309 million, ahead of Ethereum at $229.2 million.
ETFs may be easier to tokenize than individual stocks because an index fund does not require permission from every company it contains. That advantage could help tokenized ETF products grow faster than single-stock tokens in 2027.
What This Means
For Solana, the data reinforces a market opportunity around high-throughput, always-on trading rather than confirming a lead in tokenized assets. Institutional adoption is still being organized across private and permissioned networks, but Solana’s strong off-hours activity indicates that users are already seeking the continuous access tokenized markets promise. Future competition will likely center on liquidity, compliance, interoperability and reliable settlement as Wall Street’s blockchain model expands.