Solana hosts tokenized US stocks and ETFs

TLDR

Solana is increasingly being used to host tokenized versions of US stocks and ETFs, accessible to eligible users through regulated partners.

1. Exodus and Ondo now offer over 200 tokenized US stocks, ETFs, and other assets on Solana via the Exodus Markets wallet feature.
2. Backpack and Sunrise launched SPCX, a 1 to 1 tokenized SpaceX share on Solana that can be redeemed back into traditional brokerage accounts.
3. US regulators are exploring rule changes that could make DeFi trading of tokenized US equities easier, but major legal and jurisdiction limits still apply.

Deep Dive

1. What Has Launched On Solana

Exodus Movement partnered with Ondo Finance to add a feature called Exodus Markets that lets eligible users trade more than 200 tokenized stocks, ETFs, and real world assets directly on Solana inside the Exodus wallet. This expands Exodus from a pure crypto wallet into a broader financial app where users can hold tokenized equities next to crypto holdings.

Reporting notes that these assets include tokenized EXOD (Exoduss own stock) plus a wider range of US equities and ETFs provided through Ondos tokenization infrastructure, all settled on Solana as the underlying chain for these tokens.

2. How These Tokenized Stocks Work

Backpack Securities and Sunrise launched SPCX, a tokenized version of SpaceX stock on Solana, with each SPCX token backed 1 to 1 by a real SpaceX share held by a regulated US broker dealer and redeemable via ACATS and DTCC into brokerages like Schwab and Fidelity, according to a detailed overview of SPCX on Solana.

By contrast, Exodus has explicitly clarified that tokenized equities on Exodus Markets do not automatically grant shareholder rights such as voting, and access is restricted by region and regulation. Across products, tokenized stocks generally give onchain price and cash flow exposure, self custody, and 24/7 trading, but the exact rights and protections depend heavily on the specific issuer and venue.

3. Regulation, Limits, And What To Watch

In parallel, the US SEC has proposed rescinding two key equity market rules under Regulation NMS that currently make it very difficult for automated market makers to legally trade tokenized US stocks, a move some analysts call a major unlock for tokenized equities on DeFi.

Even if those rules are removed, tokenized US stocks on Solana will still face heavy requirements around broker dealer registration, custody, transfer agents, and exchange or ATS status, so these products remain limited to specific jurisdictions and KYCd users for now.

Conclusion

Solana is becoming a live venue for tokenized US equities, from broad baskets of tokenized stocks and ETFs to flagship names like SpaceX, delivered through regulated intermediaries. The structural shift is that stock exposure is moving into self custodial, 24/7 onchain form, but the legal reality is still complex, so the key things to monitor are which products offer true redeemable shares, where they are legally available, and how upcoming SEC market structure changes evolve.