Solana’s tokenized inventory market hit $48.53 million on July 4, up greater than threefold from $15.28 million on June 20, in keeping with on-chain information tracked by rwa.xyz.
Solana’s tokenized shares capitalization expanded greater than threefold in two weeks, outpacing each different tracked community through the interval.
Moreover, the tokenized inventory market on Solana represented 11.4% of the overall market capitalization. Algorand stays the chief within the phase, with $294.71 million, whereas XRP Ledger follows in second place with $55.35 million.
Tokenized shares commerce as on-chain representations of conventional equities and settle below the SPL customary on Solana.
Costs are tracked via off-chain market-making and periodic collateral audits, which mirror the underlying securities.
Concentrated issuance
The rwa.xyz catalog lists 61 Solana-based tokenized shares, all minted by Backed Finance, a Switzerland-registered entity. The July 4 snapshot attributes $48.53 million of Solana property to the issuer, equal to 31% of Backed’s $155 million combination inventory tokenizations throughout all networks.
The tokenized variations of actual shares are a product named xStocks by Backed. These merchandise are obtainable for buying and selling in main exchanges, comparable to Kraken and Bybit.
Backed launched its first Solana-native fairness tokens in April and accelerated issuance via a permissioned mint-and-burn gateway that hyperlinks to regulated custodians holding the underlying shares.
Backed buildings every token as a debt safety backed 1-for-1 by the corresponding inventory, with settlement dealt with via approved individuals.
Holders could swap tokens for the underlying fairness by finishing a Know Your Buyer (KYC) course of and routing the request to the issuer’s switch agent.
Market individuals have cited the mechanism as a helpful bridge between centralized broker-dealer liquidity and decentralized finance instruments comparable to automated market makers and lending protocols.
Backed Finance has publicly said that it plans so as to add extra equities and exchange-traded funds to its Solana program within the second half of the yr, contingent upon market maker demand.
A continued cadence just like June’s might push Solana previous XRP Ledger for the second-place slot by whole inventory worth.
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