Solana tokenized asset volume hits about $5.8 billion in Q2 2026

Solana’s tokenized equity market is pushing further into lending as well as trading, with tokenized stocks posted as collateral in Solana lending protocols reaching a record $51.9 million in the week of July 22, according to SolanaFloor. Kamino Finance accounted for more than $31 million of that total, while Jupiter Lend held about $20 million, indicating that borrower demand is building across more than one venue. The figure reflects tokenized equities locked to back loans rather than trading volume or circulating supply. Users are depositing assets such as SPYx, QQQx, NVDAx and TSLAx into lending pools and borrowing USDC against them, allowing them to retain economic exposure to the underlying stocks while accessing stablecoin liquidity. Kamino became the first major DeFi lending protocol to accept tokenized equities as collateral when it launched an xStocks market in July 2025 with eight assets: SPYx, QQQx, GOOGLx, APPLx, NVDAx, TSLAx, MSTRx and HOODx. Those SPL tokens are issued by Backed Finance and backed 1:1 by real shares held by custodians. Kamino said about a month before the latest reading that its xStocks market had crossed $30 million in total market size, and Superstate said on July 16 that its USCC and FWDI tokens alone accounted for more than $17 million in active collateral on Kamino. The lending milestone adds a new dimension to Solana’s tokenized asset growth after a strong second quarter. Blockworks Research previously reported nearly $6 billion in tokenized asset trading volume in Q2 2026, including $4.8 billion in tokenized equities, while Solana logged more than $10 billion in tokenized stock trading volume in June 2026 and captured about 95% of all on-chain equity trading globally that month. The latest collateral data suggests tokenized equities on Solana are increasingly being used not just for spot trading, but also in on-chain credit markets.