Solana’s tokenized stock market more than triples in two weeks to hit $48M

Solana’s tokenized banal marketplace deed $48.53 cardinal connected July 4, up much than threefold from $15.28 cardinal connected June 20, according to on-chain data tracked by rwa.xyz.

Solana’s tokenized stocks capitalization expanded much than threefold successful 2 weeks, outpacing each different tracked web during the period. 

Furthermore, the tokenized banal marketplace connected Solana represented 11.4% of the full marketplace capitalization. Algorand remains the person successful the segment, with $294.71 million, portion XRP Ledger follows successful 2nd spot with $55.35 million. 

Tokenized shares commercialized arsenic on-chain representations of accepted equities and settee nether the SPL modular connected Solana. 

Prices are tracked done off-chain market-making and periodic collateral audits, which bespeak the underlying securities.

Concentrated issuance

The rwa.xyz catalog lists 61 Solana-based tokenized stocks, each minted by Backed Finance, a Switzerland-registered entity. The July 4 snapshot attributes $48.53 cardinal of Solana assets to the issuer, adjacent to 31% of Backed’s $155 cardinal aggregate banal tokenizations crossed each networks.

The tokenized versions of existent stocks are a product named xStocks by Backed. These products are available for trading successful large exchanges, specified arsenic Kraken and Bybit. 

Backed introduced its archetypal Solana-native equity tokens successful April and accelerated issuance done a permissioned mint-and-burn gateway that links to regulated custodians holding the underlying shares.

Backed structures each token arsenic a indebtedness information backed 1-for-1 by the corresponding stock, with colony handled done authorized participants. 

Holders whitethorn swap tokens for the underlying equity by completing a Know Your Customer (KYC) process and routing the petition to the issuer’s transportation agent.

Market participants person cited the mechanics arsenic a utile span betwixt centralized broker-dealer liquidity and decentralized concern tools specified arsenic automated marketplace makers and lending protocols.

Backed Finance has publically stated that it plans to adhd further equities and exchange-traded funds to its Solana programme successful the 2nd fractional of the year, contingent upon marketplace shaper demand. 

A continued cadence akin to June’s could propulsion Solana past XRP Ledger for the second-place slot by full banal value.

The station Solana’s tokenized banal marketplace much than triples successful 2 weeks to deed $48M appeared archetypal connected CryptoSlate.