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Solana Tokenized Stock Holders Hit Record 1.5 Million, Up Fivefold Since August

Solana Tokenized Stock Holders Hit Record 1.5 Million, Up Fivefold Since August

by | Oct 26, 2026 | Solana

The number of Solana tokenized stock holders climbed to a record 1.5 million on October 26, 2026, according to a post by Solana that cited Blockworks data, marking a fivefold increase from August. The figure counts addresses holding tokenized equity products on the network and represents a new all-time high.

The milestone underscores how quickly blockchain-based versions of traditional securities have spread across the network, even as research suggests rewards programs and the way holders are counted account for part of the surge. The growth has also not translated into equivalent demand for SOL, the network's native token, which has remained under pressure for weeks.

From One Million Wallets to 1.5 Million

The Solana Foundation reported in September that wallets holding tokenized stocks had reached one million, meaning roughly 500,000 additional addresses began holding the products in the weeks that followed. That month saw about $4.4 billion change hands in total trading volume, with the value of outstanding tokenized equities pegged at $684 million.

Blockworks defines holders as addresses containing tokenized equity products, so a single investor using multiple wallets can be counted more than once, according to Crypto News. The holder total also captures addresses that received stock tokens rather than purchasing them, further widening the gap between the headline number and the count of individual participants.

Rewards campaigns added another layer to the growth story. Over the stretch from August 3 to October 11, 2026, one incentive program handed out stock tokens worth roughly $31 million across more than 360,000 wallets, and nearly four out of five recipients had no previous record of buying a tokenized stock. The findings indicate some of the growth came from rewards sent to existing crypto users, though the research does not establish how much of the 1.5 million total resulted from those programs.

Memecoin Pairs Inflate Solana Tokenized Stock Trading Figures

Trading data for Solana tokenized stock products includes more than straightforward equity purchases. From September 1 through October 11, 2026, pairs combining memecoins with stock tokens generated $1.76 billion in volume, representing 31.5% of all tokenized equity decentralized exchange activity, which totaled $5.58 billion over that span.

Venues including StonkFun and Pump made it possible to swap memecoins directly against stock tokens, and transactions involving those pairs were recorded as tokenized equity activity. That means headline volume figures overstate direct buying and selling of the underlying stock products, a distinction that matters when assessing genuine investor appetite for tokenized securities.

Why Solana Tokenized Stock Growth Has Not Lifted SOL

A large share of tokenized equity trading settles in stablecoins, so rising volumes do not automatically feed through to buying of SOL. Securitize, for example, takes USDC as payment for its tokenized stock offerings, and many platforms let investors acquire stock tokens without ever purchasing an equivalent amount of the network's native token. As a result, even very large tokenized stock turnover does not create a matching wave of direct SOL demand.

SOL is still needed to cover network transaction fees, yet the amount each transaction consumes is generally small. Solana's low fees have helped support the growth of such applications, though they also mean higher transaction counts do not produce proportionate fee revenue for the network.

SOL has faced selling pressure throughout October, hovering near $100 after retreating from roughly $124 earlier in the month, Crypto News reported. U.S. Solana ETFs recorded nine consecutive sessions of withdrawals as of October 16, with $6.7 million in net outflows on October 19 and another $2.6 million on October 20, when SOL closed at $106.39.

Trading activity has stayed substantial despite the price weakness. Data compiled by Stakecake put decentralized exchange volume in tokenized equities at $157.2 million on October 20, with another $150.8 million changing hands on October 21 and $168.3 million on October 23. Those figures measure the value of stock tokens traded on decentralized exchanges rather than revenue earned by the network itself.

Securitize and JPMorgan Expand Solana Tokenized Stock Offerings

Qualifying investors can now trade 12 tokenized U.S. stocks on Solana through Securitize, a list that includes Apple, Nvidia, Tesla and Microsoft. Securitize states the products are backed by underlying shares and settled in USDC, giving eligible market participants direct exposure to major U.S. equities onchain.

JPMorgan Asset Management recently introduced two tokenized money market funds, MONY and JLTXX, on Solana for qualified U.S. investors through its Morgan Money platform. The products let eligible investors hold tokenized fund balances in approved blockchain wallets, with JLTXX's prospectus requiring approved wallet addresses and MONY's documentation listing a $1 million initial investment minimum.

Solana supports tokenized stock products through infrastructure built for fast, low-cost transactions and decentralized applications, and financial platforms continue to launch blockchain-based versions of traditional securities as the user base grows. The arrival of a major asset manager alongside existing issuers shows the market extending beyond retail trading into institutional cash management.

Conclusion

Solana's tokenized stock market reached a record 1.5 million holder addresses on October 26, 2026, five times its August level, with September volume of about $4.4 billion and $684 million in outstanding value. Research shows incentive payouts, memecoin trading pairs and multi-wallet counting account for part of the increase, while stablecoin settlement limits the direct impact on SOL demand. The next concrete marker for the sector is the continued rollout of institutional products, including JPMorgan's MONY and JLTXX funds and Securitize's 12 tokenized U.S. stocks, alongside the network's scheduled Alpenglow upgrade.

Frequently Asked Questions

How many Solana tokenized stock holders are there as of October 26, 2026?

Solana reported a record 1.5 million holders of tokenized stocks on October 26, 2026, a fivefold increase from August. The metric counts addresses holding tokenized equity products rather than individual investors, so one person using multiple wallets can appear more than once.

Why did the $31 million incentive program inflate Solana's holder count?

Between August 3 and October 11, 2026, an incentive program distributed roughly $31 million in tokenized stock tokens to upwards of 360,000 wallets. Close to four-fifths of those recipients had never previously purchased a tokenized stock, meaning rewards to existing crypto users drove part of the growth.

Which tokenized U.S. stocks can investors trade on Solana through Securitize?

Securitize says qualifying investors can trade 12 tokenized U.S. stocks on Solana, including Apple, Nvidia, Tesla and Microsoft. The firm states the products are backed by underlying shares and settled in USDC.

Why has growth in Solana tokenized stocks not boosted the SOL price?

Much of the trading settles in stablecoins such as USDC, so volumes do not create equivalent demand for SOL, which is needed only in small amounts for transaction fees. SOL hovered near $100 in late October after falling from about $124, with U.S. Solana ETFs recording consecutive sessions of withdrawals.

What role did memecoin trading pairs play in Solana's tokenized stock volume?

Between September 1 and October 11, 2026, pairs combining memecoins with stock tokens produced $1.76 billion in volume, 31.5% of the $5.58 billion total in tokenized equity decentralized exchange activity. Platforms such as StonkFun and Pump enabled those trades, which were counted as tokenized equity activity.

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JPMorgan to Bring JPM Coin Deposit Token to Ethereum for Institutional Clients

JPMorgan to Bring JPM Coin Deposit Token to Ethereum for Institutional Clients

by | Oct 19, 2026 | Ethereum

JPMorgan plans to open its JPM Coin token, which stands for dollar deposits held at the bank, to institutional clients on the Ethereum network, Bloomberg reported on Monday, October 19, 2026. The move extends the token beyond Base, the layer-2 blockchain built by Coinbase Global, where JPM Coin first launched in November 2025.

The expansion marks a step by the largest U.S. bank toward using public blockchain infrastructure for institutional payments and settlement, rather than relying solely on its private network. JPM Coin lets eligible clients transfer funds within seconds, around the clock. According to the bank, Ethereum's deep liquidity draws crypto companies that want to pay onchain as well as financial firms settling trades or backing tokenized assets.

Why JPMorgan chose Ethereum for JPM Coin

Emma Landriault, the head of Kinexys Labs at JPMorgan's blockchain division Kinexys, told Bloomberg in an interview that Ethereum won out because it carries deeper liquidity than competing networks and the bank's institutional clients already use it, according to CoinDesk. Landriault said JPMorgan picked the network for its liquidity and existing use among clients, Cointelegraph reported.

Opening the token up more broadly is meant to serve two groups, Landriault said: crypto firms looking to make payments onchain, and financial firms that require a digital token for settling trades or backing tokenized assets. Landriault did not say when JPM Coin would become available on Ethereum, CoinDesk reported.

Landriault framed the expansion as part of a broader trend. "We've clearly been in a year of further convergence between Wall Street and crypto," she said, according to CoinGape. "It's not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions," she added.

How the JPM Coin token works

JPM Coin represents U.S. dollar deposits held at JPMorgan and is built so institutional clients can move money and settle payments at any hour, with near real-time finality. The token is issued by Kinexys, JPMorgan's blockchain business unit, and the bank describes it as the first bank-issued USD-denominated deposit token, with the ticker JPMD.

Even though issuance happens on public networks, access to JPM Coin stays limited to vetted institutional participants, Cointelegraph reported. Crypto information platform Unfolded said the expansion points to banks making greater use of public blockchains, while noting that JPM Coin's status as a regulated bank deposit token means it is not broadly designed to integrate with decentralized finance, bloomingbit reported.

Deposit tokens like JPM Coin differ from stablecoins issued by non-bank companies: rather than a claim on reserves parked with a separate issuer, the token is a direct claim on deposits sitting at a regulated bank. The token got its start as an internal settlement mechanism, letting JPMorgan's institutional customers transact with one another over a permissioned network run by the bank, according to KuCoin.

From Base and Canton to Ethereum

The Ethereum plan comes after JPMorgan rolled out JPM Coin in November 2025 on Base, a layer-2 network tied to crypto exchange Coinbase. When it launched there, the bank signaled it intended to add more public blockchains over time, Cointelegraph reported.

The bank had already flagged a move outside Base in January, when Digital Asset and Kinexys by J.P. Morgan announced their intent to collaborate on the native issuance of JPM Coin on the Canton Network, a blockchain built with privacy features for coordinated financial markets. Under that collaboration, institutions using Canton would be able to issue, transfer, and redeem JPMD near-instantly, with an initial focus on establishing the technical and business frameworks to support issuance, transfer, and redemption directly on the network.

"This collaboration brings to life the vision of regulated digital cash that can move at the speed of markets," said Yuval Rooz, co-founder and CEO of Digital Asset, in the January announcement. Naveen Mallela, global co-head of Kinexys by J.P. Morgan, said at the time that the token pairs the safety of deposits issued and settled by a bank with round-the-clock, near real-time transactions on a blockchain.

JPMorgan's broader blockchain push

The expansion takes JPMorgan's blockchain work past its in-house Kinexys network, which handles upwards of $7 billion in daily transactions, a small piece of the bank's $12 trillion a day payments business, CoinDesk reported. JPMorgan has been among the most active banks in the sector, having processed significant transaction volume through Kinexys, formerly known as Onyx, according to KuCoin.

Banks have embraced tokenization, but mostly away from public networks. In the U.S., JPMorgan, Citi, Bank of America and Wells Fargo, along with more than a dozen other banks, have plans to start a shared network for tokenized deposits, CoinDesk reported. Outside the country, JPMorgan counts among the 30-plus banks working with Swift, the interbank messaging service, to shape the features and governance of Swift's planned blockchain-based ledger.

Almost $50 billion worth of crypto assets are locked in Ethereum-based applications, according to DeFiLlama data cited by CoinDesk. Putting JPM Coin on Ethereum could make institutional players more comfortable with public blockchain rails and possibly prompt rival banks to do the same, KuCoin reported.

What remains unknown about the rollout

Details on the specific scope of the Ethereum rollout, including which institutional clients will have access and what transaction types will be supported, were not fully specified in available reporting, according to KuCoin. Landriault gave no timeline for when the token would go live on the network.

JPMorgan had not responded to a CoinDesk request for details by publication time, and Cointelegraph said it contacted the bank for additional details but did not receive an immediate response. Available reporting indicates the expansion is aimed at institutional clients, not retail users, and does not indicate a shift toward retail cryptocurrency products at JPMorgan.

Conclusion

JPMorgan plans to make JPM Coin, its dollar-denominated deposit token for institutional clients, available on Ethereum, extending a rollout that began on Coinbase's Base network in November 2025 and was followed by a January plan to issue the token natively on the Canton Network. The bank has said Ethereum's liquidity and its existing use among institutional clients drove the choice, and the token will remain restricted to approved institutional participants.

The next concrete step is the Ethereum launch itself, for which Landriault gave no date. JPMorgan had not responded to requests for further detail from CoinDesk or Cointelegraph by publication time, leaving the timeline, eligible clients, and supported transaction types to be confirmed as the rollout progresses.

Frequently Asked Questions

When will JPM Coin be available on Ethereum?

No date has been given. Emma Landriault, head of Kinexys Labs at JPMorgan's blockchain division, did not say when JPM Coin would become available on Ethereum, CoinDesk reported. JPMorgan had not responded to requests for details from CoinDesk or Cointelegraph by publication time.

Why did JPMorgan choose Ethereum for JPM Coin?

Emma Landriault said JPMorgan chose Ethereum because the blockchain offers more liquidity than rival networks and is already used by institutional clients. The bank said Ethereum's liquidity makes it attractive for crypto companies seeking blockchain payments and financial firms settling trades or backing tokenized assets.

Who can use JPM Coin on Ethereum?

Only approved institutional clients. While the tokens are issued on public networks, JPM Coin will remain restricted to approved institutional participants, Cointelegraph reported. Available reporting indicates the expansion targets institutional payments and asset settlement rather than retail use.

How is JPM Coin different from a stablecoin?

JPM Coin is a deposit token representing a direct claim on dollar deposits held at JPMorgan, a regulated bank. Stablecoins are typically issued by non-bank companies backed by separate reserve assets. That distinction matters for institutional treasurers and compliance teams facing stricter rules on counterparty risk and custody.

What other blockchains support JPM Coin?

JPM Coin first launched in November 2025 on Base, the Ethereum layer-2 network built by Coinbase. In January, JPMorgan and Digital Asset announced plans to issue the token natively on the Canton Network, a privacy-enabled blockchain for institutional finance. Ethereum is the latest addition, with no launch date disclosed.

Sources