From 24/7 Wall St. · Sam Daodu · · 2m
Solana holds half the tokenized stock market, but can it keep it?
The SEC just legalized tokenized stocks, and Solana already has $465 million trading. But the new rules may favor different players.
In brief
The SEC just legalized tokenized stocks, and Solana already has $465 million trading. But the new rules may favor different players. Solana leads the tokenized stock market with $465 million, but most existing platforms must restructure to comply with new SEC rules requiring US incorporation and shareholder rights…
SEC opens tokenized stock lane
The SEC issued its Innovation Exemption on September 17, 2026, two days after the Senate rejected the CLARITY Act 49 to 50.
Solana already dominates the market
Solana holds roughly $465 million in tokenized stocks, nearly half the market. It spent two years building the largest portfolio on any blockchain.
What tokenized stocks can trade
Qualifying platforms can now trade tokenized National Market System stocks without registering as exchanges. The relief lasts five years.
Real shares only, not synthetics
Each tokenized stock must be backed one-to-one by an actual share with full shareholder rights. Synthetic tokens tracking price don't qualify.
“The SEC distinguishes between owning a share and merely tracking its price, and only the former qualifies for the exemption.”
Venues face strict requirements
Platforms must incorporate in the US, permission every wallet, notify companies 30 days before listing, and stay within volume caps.
Most existing products don't comply
Much of Solana's volume came from synthetic exposure. These products need restructuring, and venues must add US incorporation and permissioning.
Robinhood faces bigger challenges
Robinhood's Stock Tokens serve 28 million customers in 120 countries but are structured as debt, not equity, giving holders no shareholder rights.
Coinbase already meets the standard
Coinbase introduced tokenized US stocks backed one-to-one by underlying equities with automatic on-chain dividend payments.
Circle launches Arc with giants
Circle launched Arc mainnet on September 16 with BlackRock, DTCC, ICE, Mastercard, Visa, and others as validators.
Galaxy Digital joins the race
Galaxy Digital is validating Arc and launched SWEEP, a tokenized private liquidity fund, with State Street.
Issuers hold the real power
S&P 500 companies must agree when approached by platforms. Silence counts as consent, but any objection halts a listing.
Solana has five years to adapt
Solana leads in volume and speed, but platforms need to restructure as US entities. The winning blockchain may be the one issuers choose.
“Ultimately, the winning blockchain may be the one these issuers choose, giving Solana five years to comply with the SEC's guidelines.”
What to remember
Solana leads the tokenized stock market with $465 million, but most existing platforms must restructure to comply with new SEC rules requiring US incorporation and shareholder rights.
