Solana Dominates Tokenized Stock Trading with 95.6% Volume Share Over the Past 30 Days

In 2025, few narratives have gained as much traction on Solana as real-world assets (RWAs). From stablecoins to liquid staking tokens, the network has consistently proven itself as fertile ground for adoption, liquidity, and innovation. Tokenized equities are now emerging as the latest breakout theme, bringing Wall Street’s most recognizable names onto Solana’s permissionless rails.

Solana stands as the leading blockchain for trading tokenized equities. In the past 30 days, more than 95.6% of total trading volume on DEXs occurred on Solana. Gnosis followed with 1.98% and Ethereum ranked third with 1.83%. The only exception was September 26, when Ethereum’s share briefly climbed above 30% while Solana maintained 67%. On all other days, Solana’s share consistently remained above 89%.

Until recently, xStocks was the sole provider of tokenized stocks on Solana. The launch of Remora Markets in September marked a turning point, shifting tokenized equities from a single-player experiment into a competitive and fast-expanding sector.

Trading Volumes Are Climbing

Over the past 30 days, daily trading volume for tokenized equities on Solana has ranged between $570K and $6.1M, with cumulative activity surpassing $70M across DEXs.

While xStocks still drives the majority of this activity, Remora’s entry has added fresh momentum. Trading volumes on the platform surged in mid-September, hitting over $605K on September 16, an impressive milestone for a project in its first month.

Trading patterns also show a weekly rhythm. Despite being available 24/7, volumes dip noticeably on weekends, reflecting traditional market cycles even in a fully digital and permissionless environment.

Tesla Dominates the Flow

Among listed equities, Tesla has emerged as the centerpiece of trading activity. Across both platforms, Tesla-linked tokens account for between 29.6% and 83.22% of daily volume.

Remora’s $TSLAr and xStocks’ $TSLAx consistently lead, with traders exploiting price gaps between onchain tokens and the stock market value. On September 18, $TSLAr traded at an average of $299 while Tesla stock closed at $416. Two days later, $TSLAr jumped to $412, creating an arbitrage opportunity of more than 37%.

Similar gaps have appeared in $TSLAx as well. On September 10, the token traded at $295 while Tesla’s stock stood at $347, offering a 29% spread that narrowed when $TSLAx rebounded to $382. These cases show how tokenized equities not only replicate traditional markets but also unlock new trading strategies unique to crypto.

AUM and Adoption

In terms of assets under management, tokenized equities on Solana are still at an early stage but expanding quickly. xStocks anchors the space with more than $88M AUM, while Remora has already grown to $3.5M AUM after just one month.

Adoption metrics underline the momentum. More than 1,800 wallets traded on Remora in the past 30 days, completing over 10,000 transactions. Across both platforms, between 600 and 2,300 daily active traders are participating. At peak, xStocks attracted over 2,200 daily traders, while Remora crossed 260 wallets in a single day, signaling rapid grassroots demand.

Why It Matters

The rise of tokenized equities on Solana extends the network’s track record of transforming financial primitives into liquid, composable assets. Without KYC or geographic restrictions, users anywhere can trade equities such as Tesla and NVIDIA at any time of day.

This accessibility does more than democratize access. It creates an entirely new layer of DeFi activity, where arbitrage, liquidity pooling, and yield strategies can be applied to real-world equities. The blending of TradFi with DeFi has the potential to become one of Solana’s most impactful innovations.

Looking Ahead

With more than $70M in trading volume over the past 30 days, tokenized equities are establishing themselves as a credible market vertical on Solana. Much like stablecoins and liquid staking tokens, which reshaped the ecosystem through competition and innovation, tokenized equities appear poised to follow a similar trajectory.

Disclaimer: Remora Markets and SolanaFloor are owned and operated by Step Finance

This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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