Solana recorded about $5.8 billion in spot decentralized-exchange volume for tokenized equities in Q2 2026, up 114% from the previous quarter and marking a record for the sector. The surge has been driven largely by xStocks, Backed Finance’s Solana-based suite of tokenized U.S. stocks and ETFs, whose assets are backed 1:1 by custodied underlying shares. More than 60 U.S. stocks and ETFs are available on-chain through the xStocks lineup, including TSLAx, AAPLx, NVDAx and SPYx. The new trading data adds to xStocks’ earlier lead in tokenized-stock DeFi on Solana, where it already accounted for 58% of deposits and 86.5% of tokenized-stock lending total value locked. Raydium has emerged as the main venue for secondary trading, with cumulative tokenized-equity volume surpassing $3 billion by June 27, 2026, and daily volume hitting a record $644 million on June 24. Solana captured an estimated 95% to 97% of global decentralized-exchange tokenized-equity volume during the quarter, although Robinhood Chain, an Ethereum Layer 2 network, began overtaking Solana in daily tokenized stock trading volume by late July 2026. The growth highlights a broader push to bring traditional securities on-chain. Tokenized securities can settle without the conventional T+1 delay, broaden access across jurisdictions and be used in DeFi applications such as lending and liquidity provision. Backed Finance’s structure, in which each token is redeemable for an underlying share held in custody, resembles the physically backed model used in some commodity exchange-traded products.