Solana has emerged as the top blockchain network by market capitalization for tokenized stocks, overtaking long-time leader Ethereum and other major competitors. According to data tracking the sector from mid-2025 into early January 2026, Solana's market cap for tokenized equities has surged to approximately $874.19 million, while Ethereum's has leveled off in the $450–$500 million range.
The sharp acceleration for Solana began in late 2025 and continued into January, indicating rapid onboarding of new products rather than gradual growth. A key catalyst for this expansion was Backed Finance, which launched more than 60 tokenized equities, known as xStocks, through major exchanges Kraken and Bybit. This rollout helped transform the category from a niche experiment into a broader financial product shelf.
The broader tokenized real-world asset (RWA) market grew 68.4% in 2025, reaching a total distributed value of $19.59 billion. Within this surge, tokenized equities are outpacing the wider RWA trend. Solana's participation base is expanding, with 126,274 holder addresses reinforcing liquidity and distribution. The largest tokenized public stock on Solana is Tesla xStock, valued at $46.8 million, followed by CRCLx at $23.4 million.
While Ethereum still leads the overall tokenized RWA sector with a $12.9 billion market share, Solana's capture of the tokenized equities segment signals a shift toward faster settlement rails. This positions Solana as a preferred settlement layer for on-chain equities, which could influence where future issuers and platforms deploy new offerings.
