Tokenized stocks generated $12.4 billion in Solana decentralized-exchange volume in 2026, including $5.8 billion in the second quarter, when Solana held roughly 95% to 97% of on-chain tokenized-equity trading. Solana later reclaimed the weekly spot-trading lead from Robinhood Chain, which launched July 1 and reached about 39% market share by mid-September versus Solana’s 35%. Raydium processed $6.1 billion, while September volume reached $4.4 billion. xStocks, a Backed Finance product backed 1:1 by custodied equities, exceeded $6 billion in cumulative Solana volume by Sept. 18, representing 54% of the network’s historical tokenized-stock trading. Growth has been supported by continuous, off-hours trading and a recent SEC innovation exemption, but concentration creates venue, issuer, custody and counterparty risks.