Backpack Securities just posted over $584 million in weekly tokenized stock volume, taking a 63% share of the market.
That makes it the busiest tokenized equity issuer among Solana’s DeFi traders again. It also does so while trailing its main rival, xStocks, on both liquidity and onchain supply.
The details
Backpack’s latest numbers put it in command of over 62% of weekly volume across tokenized equity markets. The precise figure for the week came in at 63%, on more than $584 million in trading.
The interesting part is the gap between supply and activity. xStocks holds more tokenized stock onchain and offers deeper liquidity. Backpack’s tokens are simply the ones changing hands most often.
The gap has been there for a while. In July 2026, Backpack captured a 73% issuer-level market share on $1.06 billion in trading volume. At the time, it owned approximately 5% of total tokenized stock supply.
In one recent week, Backpack added $193.3 million in DEX volume, though the issuer has repeatedly held stretches of more than 60% volume dominance.
Since launching its tokenized equities program on June 12, 2026, Backpack-issued assets have racked up cumulative onchain volume of more than $5.3 billion as of mid-October 2026.
Why Backpack’s tokens trade so much
The answer appears to lie in plumbing rather than marketing. Backpack uses a mint-and-redeem structure, meaning each token is backed by underlying shares and can be created or cashed out against them. That redemption channel gives arbitrage traders a reason to keep prices in line.
On the trading side, Backpack works with Sunrise, which runs a propAMM liquidity model. A standard automated market maker sets prices with a fixed formula based on pool balances. A propAMM adjusts liquidity dynamically and ties it closely to real-world pricing. The practical effect is tighter spreads and better execution.
Specific tickers have helped. The SPCX token, which offers exposure tied to SpaceX, has drawn notable activity and participant engagement.
Background: Solana’s tokenized stock market
Tokenized equities are blockchain tokens designed to mirror the price of a traditional stock. The pitch is round-the-clock trading, plug-and-play use inside DeFi applications, and settlement on public infrastructure instead of a brokerage back office.
Solana has become one of the main venues for this category. As of mid-September 2026, total tokenized equity supply on the network reached $684 million, and the broader Solana tokenized-equities DEX market has posted quarterly totals in the multi-billion-dollar range.
Those numbers frame the Backpack versus xStocks rivalry. xStocks has built the larger onchain footprint in supply terms. Backpack has built the stronger trading habit.
What this means
For traders, the clearest signal is that execution quality appears to matter more than raw supply. A token with less outstanding float but cheaper trading costs can dominate volume if the people using it are active rather than passive.
That has implications for how the market should be measured. Supply-based rankings favor xStocks. Volume-based rankings favor Backpack. Neither tells the whole story alone, and anyone comparing issuers should look at both before drawing conclusions about who is winning.
For Solana, the trend is a useful proof point. A tokenized equity supply of $684 million and billions in quarterly DEX activity show the network is attracting real trading in assets that originate outside crypto.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.