Solana-adjacent RWA research · updated September 2026
Compare tokenized-equity products by what the token represents, who holds the underlying asset, who can redeem, which rights are missing, when markets operate, and what can be frozen or restricted.
Backpack's stock-trading and tokenized-security product, combining RFQ and spot-market flows with account, session, and security-specific constraints.
Ondo's tokenized stocks and ETFs for eligible non-U.S. users, distributed through an issuer platform and third-party wallets, exchanges, and DeFi venues.
Permissionless tokenized representations of public stocks and ETFs, with economic exposure, onchain transferability, and issuer-specific redemption rules.
xStocks, Ondo Stocks, and Backpack Securities by model, access, custody, redemption, and trading path.
The Solana collateral and lending decision next to tokenized-stock adoption.
A different RWA model: contracted digital-infrastructure cashflows, project finance, reserves, and redemption risk.
A token can provide economic exposure without providing the same rights as a brokerage-held share. Read how tokenized stocks work and the risk guide before comparing tickers.
Tokenized equities are only one RWA structure. DAWN and the USD.infra Vault finance contracted digital-infrastructure cashflows instead, so the underwriting questions shift from shareholder rights and NAV to contracts, servicing, reserves, impairments, and redemption liquidity.
A tokenized-stock product may add issuer, custody, transfer, and redemption risk. A stock perp adds leverage, funding, oracle, and liquidation risk. Use the spot versus perps guide to keep those decisions separate.