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Solana’s tokenized equity market just crossed $465 million in total supply, a new all-time high, as healthcare giants Moderna and Eli Lilly became the latest traditional stocks to trade onchain. The listings arrived through Backpack Securities via the Sunrise liquidity gateway, extending a market that has grown from a curiosity into one of the more consequential experiments in decentralized finance this year.
Solana now commands roughly 95% of all decentralized tokenized-equity spot volume, and cumulative transaction values across the ecosystem crossed multi-billion-dollar levels earlier in 2026.
How Backpack became the unlikely volume king
Backpack Securities launched in June 2026, entering the market with a genuinely memorable first move: tokenized SpaceX shares, listed on the same day SpaceX debuted on Nasdaq. Since then, Backpack has added names like Micron, and now Moderna and Eli Lilly, with the healthcare additions timed alongside rising investor interest in mRNA therapy developments.
Backpack-issued equities represent approximately 5% of total tokenized equity supply on Solana, yet they account for more than 50% of weekly trading volume.
What makes onchain equities different from just owning the stock
Tokenized equities on Solana trade 24 hours a day, seven days a week, on decentralized venues including Jupiter and Raydium. The other structural advantage is composability: tokenized equities sitting in a Solana wallet can interact with the broader DeFi ecosystem—they can be used as collateral, swapped, or routed through liquidity protocols in ways that a position at a traditional broker cannot.
Backpack’s model also supports redemption back to traditional brokerage accounts, meaning users aren’t permanently locked into the onchain world. Moderna’s token, trading as $MRNA, and Eli Lilly’s $LLY give investors exposure to two of the highest-profile names in pharmaceutical markets through an interface that lets them trade alongside Treasury tokens and other real-world assets in a single onchain portfolio.
Solana’s broader RWA momentum
Tokenized equities are one component of a larger real-world asset wave building on Solana. The $465 million supply figure for equities specifically reflects how quickly credibility transferred once the infrastructure was in place. Solana’s high throughput, low transaction costs, and fast finality make it a natural fit for markets where price sensitivity and speed matter, which partly explains why Solana absorbed 95% of decentralized tokenized-equity volume.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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