Solana tokenized stock addresses reach 1.5 million milestone

The number of unique wallet addresses holding tokenized equities on the Solana network has reached a record 1.5 million, marking a fivefold increase since August. This surge in adoption occurs despite the native SOL token facing selling pressure and trading near the $100 level.

Growth in the tokenized equity sector has been driven by several major product launches. Securitize has introduced tokenized shares of Apple, Nvidia, and Tesla for eligible US investors, while Ondo Finance has brought over 200 tokenized stocks and ETFs to the ecosystem.

Data indicates that much of the recent activity may be linked to reward programs and memecoin trading. An investigation by Blockworks noted that approximately $31 million in token rewards were distributed to over 360,000 wallets between August and October. Additionally, the use of stablecoins for these transactions means that increased on-chain equity volume does not always translate into direct demand for the SOL token.