Solana tokenised stocks hit $3B monthly trading as 680,606 addresses hold equity tokens

Arrakis Research's deep dive finds Solana's tokenised stock market has matured from xStocks' first mint in June 2025 to $634M held onchain, with September's $3B volume nearly tripling August. Organic trading hit about $1B, while 402 whale addresses hold 70% of self-custodial value; retail holders nearly tripled since May, 42% arriving via memecoin venues. Kamino holds $48.3M as loan collateral, and memecoins priced in stock tokens drove $728M of volume. The authors note nearly all trading fits within the SEC's new per-venue caps, with Securitize and OKXICE venues arriving.

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