[REVISION HISTORY]

Growth and volatility in tokenized equity markets

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What changed

2026-10-13 03:49 UTC → 2026-10-13 12:53 UTC · added ~~removed~~

The market for tokenized equities on the Solana blockchain experienced rapid growth in mid-September 2026, with the number of holders exceeding 800,000 addresses. This surge was driven in part by new mechanics on launchpads like Pump.fun, where trading fees can be paid in stock tokens, causing wallets to be counted as equity holders as a byproduct of memecoin trading. By October, the International Monetary Fund (IMF) released its Global Financial Stability Report, providing an analysis of the broader tokenized real-world asset market, which was estimated at approximately $65 billion as of July 2026. The IMF noted that tokenized stocks, valued at about $2.3 billion, are roughly 1.5 times more volatile and significantly less liquid than traditional shares. The report highlighted that over half of the trading occurs outside of regular U.S. market hours. Further IMF findings indicate that tokenization facilitates 24-hour trading and fractional investing, with roughly 80% of trades involving less than one full share. Due to these risks, the IMF has urged regulators to consider implementing circuit breakers for 24/7 trading. Market activity remains highly concentrated, with Ondo Finance and Backed Finance controlling over 70% of the sector. In the private sector, companies such as Securitize, Ondo Finance, and Backed Finance are active in the space. Securitize launched ‘Securitize Stocks’ on Solana, offering tokenized security entitlements for 12 major U.S. equities, including Apple, Nvidia, and Tesla. While these tokens provide economic benefits like dividends, holders are not considered registered shareholders unless they complete a specific conversion process. The IMF has also cautioned that automated liquidation mechanisms embedded in smart contracts could potentially amplify financial stress during periods of high volatility.

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