xStocks Controls 75% of Solana's $607M Tokenized Stock Market

Tokenized stocks on Solana reached a market value of $607 million this week, with the issuer xStocks controlling 75% of that supply, according to on-chain data aggregated by Blockworks. The platform crossed 200 newly listed UK and European equities on-chain this week and expects to add Hong Kong-listed stocks within weeks.

The $607 million figure sits just below the sector's October peak of $620 million, after a modest pullback. Before that dip, the total had trended almost continuously upward for roughly a year.

Who issues tokenized stocks on Solana?

xStocks dominates the issuer table. Ondo, Backpack, and Superstate each hold single-digit market shares, according to on-chain supply data. Smaller issuers — including PreStocks, Tessera Labs, Remora, and Securitize — account for the remainder.

Those shares have stayed essentially flat since August. xStocks saw a brief dip in its portion only days ago, but no rival has materially closed the gap.

How many holders are there really?

Holder counts have grown sharply. Blockworks recorded roughly 400,000 holder addresses in early September; the current count approaches 1.9 million.

Daily sender activity has scaled alongside it. The best single day reached 320,000 senders, and activity has exceeded 200,000 senders on several other occasions.

The address-based method carries a caveat: holders are counted per wallet address, and a single investor can control multiple addresses. The true number of unique investors is likely lower than the headline figure.

Is Solana the only venue for tokenized equities?

No. Competing chains are building settlement rails for the same Wall Street exposure:

• Avalanche is set to settle trades for a NYSE-linked tokenized stock platform.
• Robinhood is building its own chain on Arbitrum.
• The DTCC's tokenization service uses Canton for part of its infrastructure.
• Stellar is reportedly preparing a real-world-asset push.

The distribution of tokenized equity volume therefore remains contested. Solana currently hosts the majority of supply and activity, but the arrival of Nasdaq-adjacent and exchange-linked platforms on alternative chains could shift settlement share before the market matures.

What happens next?

The near-term milestones are concrete: xStocks' Hong Kong listings in the coming weeks, the launch of the NYSE-linked platform's Avalanche settlement, and the rollout of Robinhood's Arbitrum-based chain. Each launch widens the addressable universe beyond US equities, and the next quarter will show whether xStocks' 75% share survives the arrival of exchange-backed competitors.