Key Takeaways
- • Solana led trading in tokenized equities again over the past week with about 31 percent of weekly volume across all blockchains, ahead of BNB Chain (26 percent), Robinhood's blockchain (25 percent) and Base (18 percent), according to Blockworks as cited by CoinDesk, ending Robinhood's six-week lead.
- • The ranking measures different things across sources: Crypto Briefing reported about 65 percent for Solana on a single day (October 11) based on decentralised exchange volume, so neither figure should be read as a definitive market position.
- • Weekly tokenized equity volume across all blockchains was just under $3 billion, a small side market compared with daily equity turnover at Deutsche Börse.
- • Most Solana tokenized equity products, such as Backed Finance's xStocks, are bearer-note certificates rather than shares, meaning holders have a claim against the issuer and no voting rights; in Germany they fall under MiFID II rather than MiCA.
- • Tax treatment in Germany is unsettled: the prevailing view is that the one-year crypto holding exemption does not apply, and the classification hinges on the individual product structure.
Summary
Solana carried the largest single share of trading in tokenized equities again over the past week, with around 31 percent of weekly volume across all blockchains, according to data provider Blockworks as cited by CoinDesk. BNB Chain followed with 26 percent, Robinhood's blockchain with 25 percent and Base with 18 percent. It is Solana's first weekly lead in 14 weeks, after Robinhood had led for six consecutive weeks. The ranking depends on the measure used. Crypto Briefing reported a share of around 65 percent for Solana on a single day in the week of October 11, based on decentralised exchange volume, which excludes centralised platforms such as Robinhood. Across all blockchains, weekly volume came to just under $3 billion, while decentralised exchange volume reached $12.4 billion year to date through early October. The stock of tokenized equities on Solana peaked in mid-September at $684 million, and Crypto Briefing estimated between 727,000 and 850,000 wallets holding such tokens. Most Solana activity is concentrated at the Raydium decentralised exchange, at 63 to 70 percent.
The article stresses that these tokens are not shares. The most widespread Solana product, xStocks from Backed Finance, which now belongs to Kraken, is structured as tracker certificates in the form of bearer notes. The base prospectus was approved by the Liechtenstein financial market authority and passported into the European Economic Area. Holders hold a claim against the issuer whose value tracks the underlying share price. Equity tokens typically carry no voting rights or annual general meeting participation, and dividend treatment varies by product. Regarding issuer risk, the key question is whether backing shares are segregated from the issuer's assets in insolvency, a detail the article says appears in the base prospectus rather than marketing materials.
For German investors, the article states that MiCA does not apply because it excludes financial instruments; MiFID II and securities and prospectus law govern these products instead. Providers holding only a crypto licence may not sell them to retail clients without investment firm authorisation. Access varies: Kraken offers xStocks in the EEA, 360X has offered a small number of names against stablecoins since February, and Binance accepts bStocks as collateral subject to suitability assessments at lower tiers. Decentralised trading via a Solana wallet offers no advice, suitability assessment or deposit guarantee.
On taxation, the article reports the prevailing view that the one-year holding exemption for crypto gains does not apply to tokenized equities, which are treated as investment income subject to flat-rate withholding tax plus solidarity surcharge and, where applicable, church tax. Losses from capital assets can only offset gains of the same kind, and withholding depends on whether the provider is a domestic paying agent. The article notes the treatment is not conclusively settled. It also reports that 63 percent of trading in tokenized equities on Solana through August 2026 occurred outside regular US market hours, with the trade-off being wider spreads and weaker liquidity when the underlying market is closed. Solana's Alpenglow consensus upgrade is scheduled for October 21, 2026, at around 14:50 UTC according to developer firm Anza, with a target finality of about 150 milliseconds, during which user transactions will briefly not be included in blocks. SOL traded around $105.82 on Thursday evening, down about 1.6 percent over seven days according to CoinGecko.
The article stresses that these tokens are not shares. The most widespread Solana product, xStocks from Backed Finance, which now belongs to Kraken, is structured as tracker certificates in the form of bearer notes. The base prospectus was approved by the Liechtenstein financial market authority and passported into the European Economic Area. Holders hold a claim against the issuer whose value tracks the underlying share price. Equity tokens typically carry no voting rights or annual general meeting participation, and dividend treatment varies by product. Regarding issuer risk, the key question is whether backing shares are segregated from the issuer's assets in insolvency, a detail the article says appears in the base prospectus rather than marketing materials.
For German investors, the article states that MiCA does not apply because it excludes financial instruments; MiFID II and securities and prospectus law govern these products instead. Providers holding only a crypto licence may not sell them to retail clients without investment firm authorisation. Access varies: Kraken offers xStocks in the EEA, 360X has offered a small number of names against stablecoins since February, and Binance accepts bStocks as collateral subject to suitability assessments at lower tiers. Decentralised trading via a Solana wallet offers no advice, suitability assessment or deposit guarantee.
On taxation, the article reports the prevailing view that the one-year holding exemption for crypto gains does not apply to tokenized equities, which are treated as investment income subject to flat-rate withholding tax plus solidarity surcharge and, where applicable, church tax. Losses from capital assets can only offset gains of the same kind, and withholding depends on whether the provider is a domestic paying agent. The article notes the treatment is not conclusively settled. It also reports that 63 percent of trading in tokenized equities on Solana through August 2026 occurred outside regular US market hours, with the trade-off being wider spreads and weaker liquidity when the underlying market is closed. Solana's Alpenglow consensus upgrade is scheduled for October 21, 2026, at around 14:50 UTC according to developer firm Anza, with a target finality of about 150 milliseconds, during which user transactions will briefly not be included in blocks. SOL traded around $105.82 on Thursday evening, down about 1.6 percent over seven days according to CoinGecko.
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