Token Terminal adds coverage for five tokenized stocks on Solana with $1.7M market cap

Token Terminal just quietly turned its real-world asset dashboard into something resembling a Bloomberg terminal for on-chain finance. The crypto analytics platform added 145 new tokenized asset deployments, including five tokenized stocks on Solana with a combined market cap of roughly $1.7 million.

The bigger picture behind the update

The five Solana-based tokenized stocks are part of a much larger expansion that brought three new issuers onto Token Terminal’s radar: Backpack, Anchored Finance, and xStocks.

With these additions, Token Terminal now tracks over 4,600 assets across more than 310 issuers and 45 different blockchains. The total market capitalization of everything on the dashboard sits at approximately $345 billion.

For context, the platform was covering roughly 300 assets back in November 2025. Going from 300 to 4,600 in under a year is the kind of growth curve that makes venture capitalists start hyperventilating.

Stablecoins account for about 94% of that $345 billion figure, or north of $300 billion. Strip those out, and the remaining tokenized stocks, bonds, and other RWAs clock in at around $20.7 billion combined.

Backpack’s 1:1 redemption model

Among the three new issuers, Backpack stands out for a specific structural reason. Its tokenized stocks are built on a 1:1 redemption model, meaning holders can redeem tokens for the underlying shares through authorized brokers.