Solana Handled $3.9 Billion of Tokenized Stock Trades in October. Can It Take Wall Street’s Business From Ethereum?

Traders executed $3.9 billion in tokenized stock trades on Solana (CRYPTO: SOL) in October 2026, and Solana tokenized stock offerings expanded again on November 2. Securitize (NYSE: SECZ) added 13 new stocks to its platform, including major names like ExxonMobil (NYSE: XOM | XOM Price Prediction), Salesforce (NYSE: CRM), and Disney (NYSE: DIS). Each token is backed one-for-one by a share held securely by a regulated firm.

However, despite trading growth, SOL’s price has declined. It is trading at $93, down 1.6% in the past 24 hours and about 21% over the last month. In comparison, Ethereum (CRYPTO: ETH) remains steady at $2,267. This raises an important question: can Solana’s trading surge pull tokenization business away from Ethereum, and if it does, how will SOL holders benefit?

Securitize Introduces Regulated Stock Trading on Solana

Securitize plays a key role in transforming traditional assets like stocks into tokens that can be traded on a blockchain. It launched Securitize Stocks on October 8 with an initial offering of 12 securities, including companies like NVIDIA (NASDAQ: NVDA). All trades are executed through a registered broker-dealer.

This broker-dealer, approved by FINRA—Wall Street’s self-regulatory organization—holds tokenized securities and ensures atomic settlements. Atomic settlement means that both the stock token and the payment exchange hands simultaneously, reducing the risk of either party backing out halfway through a trade.

Each token also carries the dividends, voting rights, and economic benefits of the underlying stock. However, only investors who meet certain onboarding checks in the U.S., EU, and other approved regions can trade these tokens.

Solana’s network has also been expanding alongside the launch of these stocks. In the third quarter, applications on the platform generated nearly $300 million in revenue, a 50% increase from the previous quarter. Decentralized exchanges processed $197 billion in spot trading, and stablecoins on Solana reached a record $17.5 billion. Tokenized treasury bills on the platform also grew by $217 million in just a week, according to Token Terminal.

USDC Settles the Trades, Leaving SOL Only Network Fees

On Securitize’s platform, buyers pay for stocks using USD Coin (CRYPTO: USDC), a stablecoin pegged to the U.S. dollar. The October launch identified USDC as the settlement currency, and the November 2 expansion gave SOL no role as payment, collateral, or reserve. As a result, a buyer purchasing a tokenized Disney stock uses on-chain dollars, while Securitize holds the actual share.

This arrangement means that network fees are SOL’s only connection to these trading activities, as every transaction on Solana incurs a small fee paid in SOL. Although stock trading volume may be large, fees from billions of dollars in trades create only modest demand for the coin itself.

Securitize’s chairman and CEO, Carlos Domingo, presents the product as more than just “a price on a wrapper that tracks a stock and is only offered offshore.” His company stands to profit from its domestic version, which may sound like a sales pitch. Securitize is also planning to support trading platforms that the New York Stock Exchange and OKXICE are developing, pending regulatory approval. Much of its previous work with tokenized funds has been on Ethereum.

Ethereum Still Leads as Companies Object to Tokenized Shares

Securitize’s tokens are backed by issuers, meaning that each one corresponds to a held share and provides access to its rights. In contrast, unsponsored tokens merely track a company’s stock without official company endorsement. Journalist Eleanor Terrett reported that as of November 1, 50 out of the 62 companies targeted by an unsponsored token plan from OKXICE have objected, including major corporations like Nike, Costco, and NVIDIA.

Interestingly, NVIDIA appears on both the objection list and Securitize’s Solana offerings, highlighting the ongoing uncertainty regarding consent for these tokens. Moreover, ExxonMobil, Salesforce, and Disney have yet to announce their support for tokenized shares on any blockchain.

While Ethereum remains a dominant player, ranking second among cryptocurrencies by market value, Solana ranks seventh. Additionally, the $3.9 billion in traded stocks during October doesn’t provide enough evidence to suggest that Solana is taking business directly from Ethereum.

Can Solana Tokenized Stocks Compete With Ethereum?

Currently, no, as Solana is merely establishing a trading venue. So far, the figures indicate it has yet to draw issuance away from Ethereum. Securitize gains a new platform to expand its broker-dealer business, while Solana benefits from increased activity that boosts its app revenue and stablecoin metrics. However, SOL itself sees little advantage, as trades settle in USDC, leaving SOL primarily to collect minimal network fees.

For now, the business and the SOL token seem to be diverging: Solana has recorded significant growth in tokenized stocks and stablecoins, while SOL’s price has dropped about 21% over the past month. If tokenized stock volumes in November exceed $3.9 billion and SOL doesn’t surpass its 50-day average of $109, this trend may continue. However, if an issuer decides to use SOL for settlement or as collateral, SOL could begin to benefit from Wall Street’s ventures into blockchain trading.

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