Solana Tokenized Stock Volume Hits Record $4.4B in September

• Solana recorded its strongest month yet for tokenized stock DEX trading.
• Raydium drove most of September’s acceleration, while activity spread across multiple venues.
• Off-hours trading is becoming a major part of the market.
• October will test whether September’s surge represents durable liquidity or a temporary spike.

Tokenized stock trading on Solana reached a record in September, with decentralized exchanges processing more than $4.4 billion, according to Blockworks data shared by Solana in X.

The monthly chart shows a sharp acceleration from the relatively small market of 2025. Activity first broke higher in June 2026, cooled over the following two months and then climbed to a new peak in September.

Raydium was the main driver. Reported volume on the exchange reached approximately $2.8 billion, up more than fivefold from roughly $500 million in August. Orca, Meteora, Byreal, Tessera, JupiterZ and several smaller venues accounted for the rest of the market.

Trading Activity Is Outpacing Asset Growth

Solana’s tokenized equity supply reached roughly $684 million in September. Against monthly trading activity, that implies turnover of approximately 6.4 times the value of equities represented onchain.

The comparison does not measure capital inflows. Supply is a point-in-time measure, while trading volume counts repeated transactions. Instead, it indicates that the market is developing significant secondary turnover rather than simply accumulating tokenized shares in wallets.

The visual below adds a different dimension: where the market’s liquidity is coming from and what still needs to be tested.

xStocks and Ondo Expand Solana’s Equity Market

Solana’s tokenized-stock market is developing around more than one issuance model.

Backed Finance’s xStocks helped establish early activity. By mid-September, the products had generated more than $6 billion in cumulative Solana trading volume, with SPYx, CRCLx, TSLAx, NVDAx and QQQx among the most actively traded instruments.

xStocks are tracker certificates designed to provide economic exposure to their referenced securities rather than direct ownership of the corresponding U.S.-listed shares.

Ondo Finance takes a different route. Its Global Markets platform connects token issuance and redemption with securities held through traditional financial intermediaries and has expanded to hundreds of tokenized stocks and ETFs.

The different structures matter as liquidity moves beyond issuer platforms and into third-party DEXs. Investor rights, redemption mechanisms and access restrictions depend on the product rather than simply the blockchain on which it trades.

Most Activity Happens Outside U.S. Market Hours

One of the more unusual characteristics of Solana’s equity market is when investors are trading.

Solana ecosystem data indicates that 63% of cumulative tokenized-equity volume through August occurred outside standard U.S. stock-market hours.

That creates functionality conventional equities cannot provide, but also introduces a structural pricing problem.

Tokenized Nvidia or Tesla exposure can continue changing hands while Nasdaq is closed. During those periods, traders lack continuous price discovery from the underlying cash equity market. Liquidity can thin, spreads can widen and token prices can move before the underlying security reopens.

Continuous token trading therefore should not be confused with continuous trading of the underlying stock.

September Puts Liquidity Under the Spotlight

The September record shifts attention from how many equities can be tokenized to how well those assets actually trade.

Solana now has multiple issuers, several DEX venues and meaningful activity outside U.S. trading hours. The harder test is whether that infrastructure can maintain deep liquidity and reliable pricing through different market conditions.

October should provide the first indication. If activity remains elevated while liquidity broadens beyond Raydium, September will look less like an isolated surge and more like a structural expansion of Solana’s tokenized-equity market.