In this issue of Coin Metrics State of the Network, we explore how equity tokenization is taking shape on chain, outlining the current landscape, key participants, and the approaches emerging in the market. We then focus on how the custodial model behind Backed xStocks works and what on-chain data reveals about its early adoption on Solana.
Key Takeaways
-
Tokenized equities remain nascent (<$1B) but represent a massive opportunity relative to the ~$145T global equities market.
-
High-throughput, low-cost blockchain infrastructure, clearer securities guidance and growing participation from fintechs, exchanges and DeFi protocols are enabling compliant issuance and utility.
-
Multiple models are emerging across the equities tokenization spectrum, from native issuance and custodial structures, to synthetic or derivative-based exposure.
-
xStocks on Solana remain early but show meaningful traction, with AUM rising roughly 9x since launch to ~$186M and on-chain activity expanding across active wallets and transactions.
Brought to you by coinmetrics.io
