Raydium has emerged as the dominant decentralized trading venue for tokenized equities on Solana as activity expands across multiple stock-token issuers. More than 63% of Solana’s tokenized-equity trading volume currently flows through Raydium, up substantially from roughly 20% several weeks earlier and giving the protocol a central role in the network’s growing on-chain equity market.
According to data shared by Blockworks researcher Marc Arjoon, Raydium handles about 75% of xStocks trading volume and 60% of volume involving Backpack Securities tokens. The concentration across two different issuance models suggests traders are increasingly converging on Raydium for secondary-market liquidity regardless of which platform originated the asset.
Solana is becoming the home for tokenized equity trading and @Raydium is running away with it.
Raydium now captures ~64% of tokenized equity DEX volume on Solana, up from ~20% just weeks ago.
Plenty of venues are competing for the flow but Raydium is winning. pic.twitter.com/eNvWMStO5U
— Marc Arjoon, CFA 🟪 (@marcarjoon) September 15, 2026
Raydium Captures Tokenized Stock Liquidity
Raydium’s position has developed alongside rapid growth in Solana’s tokenized-equity sector. Solana recorded approximately $5.8 billion in tokenized-asset trading during the second quarter of 2026, with tokenized equities accounting for the overwhelming majority of that activity. Raydium was the principal DEX venue during the quarter, while xStocks trading on the protocol alone reached approximately $1.63 billion.
The protocol has continued expanding that footprint since then. An official Raydium press release describes the DEX as a primary venue for tokenized real-world assets on Solana and highlights its ability to keep tokenized equities trading outside conventional market hours. Raydium had already crossed $2 billion in cumulative tokenized-equity volume by June and exceeded $4 billion by August, according to subsequent Solana ecosystem data.
The liquidity spans different forms of tokenized equity exposure. xStocks are backed 1:1 by underlying shares held with regulated custody arrangements, while Backpack Securities operates a separate securities framework, meaning Raydium is providing a common trading venue rather than acting as the issuer or custodian of those assets. That distinction matters when assessing where execution liquidity is concentrated versus where legal ownership and backing are maintained.
Solana Tokenized Equities Keep Expanding
The broader market has continued growing alongside Raydium’s share. Tokenized-equity supply on Solana recently reached a record of approximately $684 million, while the number of holders subsequently moved beyond 800,000 after earlier readings around 727,000. Those metrics measure outstanding tokenized exposure and wallet distribution rather than Raydium trading activity specifically.
Raydium’s appeal also reflects the always-on structure of decentralized markets. Tokenized equities can trade through its pools outside U.S. exchange hours, including nights and weekends, giving issuers an on-chain liquidity layer that does not follow the conventional Nasdaq or NYSE session schedule. Solana’s official documentation identifies Raydium as an early liquidity provider for xStocks and other tokenized equity products.
The key metric now is whether Raydium can maintain its current share as issuance platforms and competing venues expand. A market share above 63% establishes Raydium as Solana’s leading tokenized-equity DEX today, but durable dominance will depend on liquidity depth, spreads and trading activity as the sector scales, rather than headline volume alone.
