Solana Overtakes Ethereum to Become the Leader in the Tokenized Stock Market in 2026
- How Did Solana Outperform Ethereum in Tokenized Stocks?
- What Are the Key Drivers Behind Solana's Growth?
- Which Tokenized Stocks Are Leading on Solana?
- How Does Solana Compare to Ethereum in RWA Tokenization?
- What’s Next for Solana and Tokenized Assets?
- Frequently Asked Questions
In a groundbreaking shift, Solana has surpassed ethereum to claim the top spot in the tokenized stock market, with its total value locked (TVL) reaching $874.19 million. This milestone highlights Solana's growing dominance in the blockchain space, particularly in real-world asset (RWA) tokenization. The tokenized equity market has expanded to a combined market capitalization of $1.2 billion across all blockchains, according to CoinMarketCap. This growth was especially pronounced between September and December 2025, driven by Backed Finance's launch of over 60 tokenized stocks on platforms like Kraken and BTCC. Here's a deep dive into Solana's rise and what it means for the future of decentralized finance.
How Did Solana Outperform Ethereum in Tokenized Stocks?
Solana's tokenized stock products now boast a market cap of $874.19 million, edging out Ethereum and BNB Chain. The rapid expansion was fueled by Backed Finance's xStocks suite, which introduced tokenized versions of major equities like Tesla and NVIDIA. Solana's low fees and high-speed transactions have made it a preferred platform for institutional players, with 126,274 unique holders now participating in its RWA ecosystem. Ethereum, while still leading in overall RWA tokenization ($12.9 billion), has lost ground to Solana in the equity segment.
What Are the Key Drivers Behind Solana's Growth?
The approval of six solana ETFs by the SEC in October 2025 injected $765 million into the ecosystem, pushing total ETF inflows to $801.3 million by January 2026. Solana's institutional appeal has been further bolstered by its ability to tokenize a wide range of assets, including U.S. Treasury bonds and private credit. The network's stablecoin market cap stands at $14.77 billion, with $259.5 billion in transfer volume—a testament to its liquidity and adoption.
Which Tokenized Stocks Are Leading on Solana?
Tesla's xStock tops the list with $46.8 million in value, followed by CRCLx ($23.4 million) and Nvidia ($17.4 million). BlackRock's Institutional Digital Liquidity Fund is the largest non-stablecoin RWA protocol on Solana, managing $255 million. Ondo Finance and ONe round out the top three, collectively representing $246 million in tokenized assets.
How Does Solana Compare to Ethereum in RWA Tokenization?
While Ethereum dominates the broader RWA sector ($12.9 billion), Solana's niche in tokenized equities ($874.2 million excluding stablecoins) showcases its competitive edge. The BTCC research team notes that Solana's 24/7 accessibility and sub-second settlements are key differentiators for traders. The total RWA market has grown 68% since early 2024, with stablecoins ($299.15B), private credit ($36.21B), and Treasury bonds ($9.5B) leading the charge.
What’s Next for Solana and Tokenized Assets?
With SOL trading at $137.24 (down 4% at press time), the network's $77.4 billion market cap reflects both its potential and volatility. The tokenization trend shows no signs of slowing—traditional finance giants are increasingly exploring blockchain solutions, and Solana's infrastructure positions it as a frontrunner. As one analyst quipped, "Ethereum may have built the cathedral, but Solana is hosting the stock exchange."
Frequently Asked Questions
How much is Solana's tokenized stock market worth?
Solana's tokenized stock market capitalization reached $874.19 million as of January 2026, surpassing Ethereum in this sector.
What caused Solana's growth in tokenized assets?
The growth was driven by Backed Finance's xStocks launch, SEC-approved ETFs, and institutional demand for fast, low-cost tokenization.
Which tokenized stocks are most popular on Solana?
Tesla ($46.8M), CRCLx ($23.4M), and NVIDIA ($17.4M) are the top three tokenized stocks on Solana.
