Grayscale Identifies Robinhood Chain, BNB Chain and Solana as Top Platforms for Tokenized Stock Trading

Grayscale’s research note released on Thursday highlights that three blockchains – Robinhood Chain, BNB Chain and Solana – dominated tokenized stock trading last week. Spot trading volume for tokenized equities peaked near $3 billion in early August.

Trading Volume vs. On‑Chain Utility

Tokenized stocks are blockchain‑based tokens that mirror the price of listed shares but do not confer ownership of the underlying securities. While trading these tokens is straightforward, their use beyond settlement is limited. Grayscale estimates that only about 5 % of the tokenized equity market is currently employed in on‑chain finance.

On‑Chain Value Locked

According to on‑chain data cited by Grayscale, total value locked (TVL) in tokenized stocks surpassed $110 million in late August. This figure is far lower than the weekly trading volume, indicating that most tokens are quickly sold after purchase.

Growth in Lending on Solana

Lending activity on Solana‑based protocols such as Kamino and Jupiter has expanded roughly tenfold over the past year, suggesting a gradual increase in on‑chain financial services for tokenized equities.

Regulatory Outlook

U.S. regulators are debating an “innovation exemption” that could allow tokenized securities to trade under specific safeguards, including verified participants and compliance‑ready token standards. The SEC has also discussed the potential for tokenized shares to serve as collateral and supported proposals for single‑transaction settlement of stock and payment.

Market Prices

On the day of reporting, Solana (SOL) traded around $101.76, down 3.2 %, while BNB (BNB) was near $718.84.