Solana\'s fundamentals hit new highs, but SOL prices still fell 74% from their peak

Solana fundamentals hit record highs, and SOL prices are still down 74% from their peak.

On the day of listing on July 2, Securitize tokenized a US$295 million portion of its New York Stock Exchange-listed SECZ stock on Solana, the first time for a U.S. listed company.

Solana accounted for 95% of tokenized stock trading after setting a record trading volume of US$5.77 billion in the second quarter. Western Union, Worldpay and Mastercard now run stablecoin settlements on the network, and R3 is bridging $10 billion worth of bank assets on Corda to the network. SOL is trading close to $78, down about 74% from its peak.

Nick Ducoff was on the trading floor of the New York Stock Exchange this week, explaining why some of the most conservative institutions in global finance have appeared one after another on a blockchain that-until recently-was known as \"dog coins.\" The head of institutional business of the Solana Foundation gave specific figures: 7 of the world\'s 29 systemically important banks have been built on Solana, including Morgan Stanley, JP Morgan Chase, Citigroup, Bank of New York Mellon, Societe Generale and Standard Chartered Bank. \"Real integration is happening around Solana,\" he said in an interview.

He chose the right moment for his argument. On July 2, Securitize became the first U.S. listed company to tokenize its shares on the same day it went public on the New York Stock Exchange. The BlackRock backed tokenized company placed $295 million worth of SECZ common stock in Solana and Avalanche after completing its SPAC merger with Cantor Equity Partners II (valued at $1.25 billion). Carlos Domingo, co-founder and CEO of Securitize, drew a clear line from previous experiments: \"SECZ is not a synthetic token or offshore packaging product, but is backed by the issuer and tokenized by the same common stock traded on the New York Stock Exchange.\"

Regulatory background explains why he phrased it like this. The U.S. Securities and Exchange Commission\'s January 2026 employee statement on tokenized securities distinguishes between issuer backed tokenization (the company uses blockchain records in its official shareholder register) and third-party packaged products that only track prices. Securitize\'s debut was the framework\'s first production test among a U.S. listed company and took place at Solana.

Occupying 95% of a market that barely existed 18 months ago

Solana handled US$5.77 billion in spot transactions in tokenized assets in the second quarter of 2026, setting a quarterly record for all chains and more than seven times the US$775 million in the second half of 2025. During the week of June 15 to 21, the network processed $1.298 billion, or 95%, of the $1.324 billion in global tokenized stock trading volume. On June 24, daily tokenized stock trading volume reached US$644 million, briefly surpassing memoin to become the largest share of Solana\'s spot trading volume-the first time in the network\'s history.

The broader real-world asset landscape has also changed. According to RWA.xyz, the value of RWA on Solana climbed from approximately US$1.4 billion in January to more than US$3.4 billion in early July, with more than 290,000 wallets holding tokenized assets for approximately 690 different products. The supply of stablecoins on the Internet exceeded US$16 billion, and the monthly stablecoin transfers exceeded US$540 billion.

The key data are as follows: the trading volume of tokenized assets in Q2 in 2026 was US$5.77 billion (a quarterly record for the entire chain); the market share of tokenized stocks in the week from June 15 to 21 was 95%; the peak tokenized stock trading volume in the week was US$1.298 billion; the total value of RWA on Solana exceeded US$3.4 billion (Early July 2026);RWA holds more than 290,000 wallets; the supply of stablecoins exceeds US$16 billion;SECZ tokenized stock issuance is US$295 million; the SOL price is approximately US$78, down approximately 74% from the historical high of US$294.

Institutional credit also comes with stocks. In June, Securitize expanded its tokenized AAA CLO fund (with Bank of New York Mellon as custodian and deputy adviser) to Solana, and Ethena Labs committed a $250 million allocation-one of the largest single commitments in any on-chain tokenized structured credit space. Global CLO circulation exceeds US$1.3 trillion, so even if only a small part of the migration is online, the market that can be touched will far exceed the current scale of the chain.

Payment companies with a history of more than a century are also beginning to route funds through the same track. Western Union launched its USDPT stablecoin on Solana in May, issued by the federally licensed Anchorage Digital Bank and connected to a settlement network covering more than 200 countries, and plans to launch consumer-oriented products in more than 40 markets later this year. Worldpay allows merchants to use Paxos \'Global Dollar (USDG) to settle transactions on Solana. Mastercard has introduced stablecoin settlement on Solana to its card business. In terms of banking infrastructure, R3 (whose Corda platform protects more than US$10 billion in tokenized regulated assets for institutions such as HSBC and Mingxun Bank) is building an integrated solution that allows private Corda transactions to be confirmed directly on the Solana main website and settled based on Solana stablecoins, thereby completely removing Corda\'s internal notarization node.

\"$78\" problem

Although infrastructure indicators have hit record highs, SOL itself is trading at close to US$78, down about 74% from its peak of approximately US$294 in January 2025, and has a market value of approximately US$45 billion. Whatever institutions have bought in the past 18 months, it is not the token itself. The gap between Internet usage and asset prices is now at the heart of the debate among groups observing the ecosystem.

The logic of bears is as follows: a large portion of tokenized stock trading flows through products such as xStocks, with significant custody and issuer dependence; most products are still closed to U.S. retail investors; the market value of $539 million of tokenized stocks is just a rounding error compared with the traditional stock market. Concentration adds another layer of doubt-if most of the more than $3 billion in RWA value is concentrated in the hands of a few issuers, the overall figure overstates the resilience of the ecosystem. The network has had a bad record of downtime (although it has been basically resolved since early 2024, it has not been forgotten), which is still mentioned during every agency due diligence.

The opposite argument focuses on growth rates rather than absolute size. Matt Hougan, chief investment officer of Bitwise, publicly stated that if the CLARITY bill passes Congress and accelerates the process of corporate tokenization, Solana will be the main beneficiary; and the explosion in trading volume in the second quarter occurred before the emergence of such legislation. In terms of engineering, the goal of the Alpenglow consensus upgrade is to shorten the final confirmation time to less than 150 milliseconds, and the Firedancer validator client has achieved 1 million transactions per second in testing-these specifications are directly targeted at the needs of exchange operators.

Ducoff\'s vision of the endgame is as ambitious as ever. He believes that the number of people holding cryptocurrency wallets now exceeds the number holding stockbroker accounts, and his goal is to connect billions of Internet users to every tradable asset in a single liquidity venue. Whether SOL holders can ultimately capture the value of these infrastructures is a question that the market continues to answer-and for now, the answer is no.