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SOL Weekly trading volume of tokenized stocks is close to US$3 billion, with Robinhood Chain, BNB Chain and Solana leading the market.
In early August, spot trading volume of tokenized stocks hit a new high, with weekly trading volume approaching US$3 billion. Zach Pandl, head of research at Grayscale, pointed out that Robinhood Chain, BNB Chain and Solana dominated tokenized stock trading last week. These three networks jointly bear the majority of the trading volume of tokenized stocks, and the total locked position value (TVL) on the chain also exceeded US$110 million.
Trading volume hits record high
Weekly trading volume peaked in early August, when spot activity reached a level of about US$3 billion. During this period, on-chain TVL also climbed to more than US$110 million. According to data, weekly spot trading volume in early August was close to US$3 billion. 
Source: Grayscale
Pandl said Grayscale listed Robinhood Chain, BNB Chain and Solana as its main networks last week, which accounted for the vast majority of total transactions. At the same time, tokenized stock activities remain more focused on trading rather than other on-chain uses.
Chain finance accounts for only a small proportion.
The report points out that the growth rate of transaction activity exceeds the growth of chain financial use. Currently, on-chain finance accounts for about 5% of the tokenized stock market. Although the proportion is small, lending activity has increased significantly. In the past year, the size of tokenized shares used through Kamino and Jupiter lending agreements has increased approximately tenfold.
However, the report also notes that U.S. regulators are discussing innovative exemptions for tokenized securities with corresponding safeguards. These measures may include verifying the identity of participants and supporting compliant token standards. In addition, regulators have also explored issues related to tokenization, aiming to make securities easier to use as collateral. Changes in regulatory policies may reshape the way equity transactions are settled on the chain.
Rules may reshape the settlement process
One of the proposed reforms allows equity delivery and payment to be completed in the same transaction. This structure is expected to reduce the risk of either party failing to meet delivery obligations.
Pandl describes the current market as a transaction-led stage, with a small proportion of financial use. The report particularly highlights that lending activities through Kamino and Jupiter are an important area for on-chain application expansion.
