Token Terminal Adds Five Tokenized Stocks on Solana Worth $1.7 Million, Says Broader Market Hit $3.1 Billion

Five stocks, $1.7 million, and a lot of spreadsheet math

Token Terminal, a crypto analytics platform, announced on September 4 that it added five new tokenized stocks trading on the Solana blockchain: MSTR (MicroStrategy), NBIS (Nebius), LLY (Eli Lilly), MRNA (Moderna), and MRVL (Marvell). All five are issued by the crypto exchange Backpack, according to Token Terminal's announcement as reported by Gate News and Coinfomania.

Combined market cap for all five: $1.7 million. That's not a typo. MRNA has the largest holder base of the group at 1,200 wallets, followed by LLY at 1,100.

Backpack's tokens work on a 1:1 redemption model, according to Crypto Briefing. Holders can redeem the tokens for actual underlying shares through authorized brokers. Not every tokenized stock works that way. Some are purely synthetic, tracking a price with no real equity behind them. Backpack's version at least gives holders a path back into traditional markets instead of leaving them stuck with a number on a blockchain.

The bigger picture Token Terminal is selling

The five-stock addition was part of a larger update: 145 new tokenized asset deployments added in one day, bringing three issuers onto the platform's radar for the first time: Backpack, Anchored Finance, and xStocks, per Crypto Briefing.

Token Terminal now says it tracks more than 4,600 assets across over 310 issuers on 45 different blockchains, with a combined market cap around $345 billion. That's up from roughly 300 tracked assets in November 2025, according to the same source.

94% of that $345 billion is stablecoins, north of $300 billion worth. Strip those out and everything else—tokenized stocks, bonds, and other real-world assets—comes to about $20.7 billion. Stablecoins are doing almost all the heavy lifting on that headline number.

Separately, Token Terminal posted on X on September 5 that tokenized stocks specifically hit a $3.1 billion all-time high in onchain market cap, according to Crypto Times. That figure and the $20.7 billion RWA-minus-stablecoins figure from Crypto Briefing are not obviously the same measurement, and neither source reconciles them. Readers should treat these as two separate snapshots from Token Terminal's own dashboard rather than a single consistent total.

By blockchain, Crypto Times reports BNB Chain leads tokenized stocks with $1.0 billion, or 32.7% of the $3.1 billion total. Ethereum follows at $770.1 million (25.0%), and Solana at $715.9 million (23.3%). Avalanche and Arbitrum One each hold about 6.2%, Robinhood Chain has 4.6%, and Base, Stellar, Ink, and Polygon round out the smaller shares.

By issuer, Ondo Finance is the largest at $946.8 million (30.8%), ahead of xStocks at $692.7 million (22.5%) and Binance's bStocks at $678.2 million (22.0%). Backpack, the issuer behind the new Solana five, holds just $22.8 million of the total, according to Crypto Times.

Different bets on how tokenization should work

The three issuers Token Terminal just added take genuinely different approaches. Anchored Finance backs its products 1:1 with stocks held by regulated U.S. brokers and allows on-chain trading five days a week, according to WEEX. xStocks has gone for volume over structure, launching more than 700 tokenized U.S. equities and ETFs with over $35 billion in cumulative trading volume claimed, per WEEX.

Ondo Finance, the largest issuer by market cap, has also weighed in on federal policy. The company submitted a comment letter to the Securities and Exchange Commission regarding the agency's proposal to rescind Rules 611 and 610(e) of Regulation NMS, according to Crypto Times, which did not detail the letter's contents. That regulatory process remains open, with no SEC decision reported yet.

Does any of this actually get used?

AMBCrypto reports that only about $111 million in tokenized stocks is currently deployed across DeFi protocols, out of a total tokenized-equity market AMBCrypto pegs near $2.3 to $2.4 billion, a smaller total than Crypto Times' $3.1 billion figure, likely reflecting a different measurement window. Solana accounts for roughly 64-65% of that deployed DeFi value, or $71.6 million, ahead of Ethereum's $15 million.

Tokenized equities in September 2026 show a lot of new logos on a dashboard, a handful of thousand-dollar holder counts, and a tiny fraction of the total actually doing anything in decentralized finance. Solana's broader momentum is real. According to AMBCrypto, the network added $378.2 million in tokenized Treasury bills over the trailing 30 days, ahead of Ethereum's $272.2 million, and Solana posted $5.8 billion in spot DEX volume over the same period.

Whether that momentum translates into tokenized stocks people actually trade, borrow against, or redeem for real shares remains to be seen.