Foreign media reports indicate that the total size of the tokenized equity market has surpassed $1 billion for the first time, and this sector is expanding from a niche experiment to a wider on-chain trading market. Data from RWA.xyz shows that since 2026, the tokenized equity sector has grown by nearly 140%, reflecting increasing investor demand for on-chain equity exposure.
30-day turnover rises to $4.3 billion
The article points out that the most attention-grabbing catalyst recently came from the launch of SpaceX-related token SPCX on Solana. In the past 30 days, the on-chain trading volume of tokenized stocks reached $4.3 billion, and the cumulative transfer scale also exceeded $20 billion for the first time.
On June 15th, the 24-hour trading volume of tokenized stocks on the Solana blockchain surpassed $100 million for the first time. The article argues that this indicates SPCX is not just driving trading of a single asset, but rather a synchronized increase in activity across the entire sector.
SPCX is rapidly catching up with Tesla tokens.
According to RWA.xyz data, SPCX's current tokenized market capitalization has exceeded $26 million. In comparison, Tesla's tokenized stock is currently valued at approximately $55 million. This means that SPCX, despite its relatively short time on the market, has already reached about half the size of the latter.
The article also mentions that Solana recorded $1.29 billion in tokenized stock trading volume in the past week, accounting for 95% of all market trading activity. This indicates that liquidity is rapidly concentrating on Solana.
At the platform level, Backpack became one of the main beneficiaries. The platform offers redeemable, on-chain mapped assets of SpaceX stock through Solana. Data shows that within just five days of the launch of SpaceX-related products, Backpack's share of tokenized stock trading volume rose from nearly zero to over 50%.
Valuation and regulatory pressure coexist
However, the article also mentions that some analysts believe the early demand for SpaceX stock may not have come entirely from active allocation. Dan Niles, founder of Niles Investment Management, stated that some buying may have come from passive purchases by index funds after adjustments to their constituent stocks.
The article states that SpaceX's stock price failed to maintain its gains after its IPO, and has since fallen by more than 16%. Meanwhile, the U.S. Securities and Exchange Commission has reservations about the proposed "innovation exemption" for blockchain securities, and tokenized stocks still face issues of regulatory ambiguity and fragmented liquidity.
According to DeFiLlama data, there are currently over 150 blockchains hosting real-world assets, with Ethereum leading the pack with over $14 billion in tokenized assets. Foreign media believe that SPCX's significance lies not only in adding a popular asset, but also in its boosting trading activity in the entire on-chain stock market.
