Tokenized stocks, blockchain-based representations of equities, generated $15.9 billion in decentralized exchange (DEX) volume over the past 90 days. Their share of total DEX spot volume increased from roughly 0.1% at the close of 2025 to more than 4% in 2026, while daily trading reached a record $565 million on June 24, 2026. Solana accounted for $553.3 million, or 97.8%, of that day’s activity, and recorded about $5.8 billion in tokenized-equity DEX volume during the second quarter, up 114% from the previous quarter. BNB Chain’s bStocks generated around $5.6 billion, while Robinhood Chain also became a venue. Q3 2026 produced $7.8 billion in volume, with Uniswap v3 and v4 and PancakeSwap v3 accounting for about $5.2 billion. Over the 12 months through late August 2026, tokenized stocks generated $13.7 billion, roughly 30,000% above the prior year, led by QQQB, a tokenized Nasdaq-100 ETF, with $3.6 billion. Backed Finance, Ondo Global Markets and Binance are the leading issuers, and their tokens are backed 1:1 by underlying real-world assets with redemption options available through regulated frameworks. The sector offers round-the-clock trading, rapid settlement and integration with DeFi (decentralized finance) lending and yield protocols, but relatively weak net demand suggests market makers, arbitrageurs and possible wash trading account for a significant share of activity. The use of established automated market maker (AMM) platforms indicates that tokenized equities are integrating into existing DEX infrastructure rather than building entirely separate ecosystems.