Six issuers, one NVIDIA: the big four tokens agree within 0.12%

Correction, 15 October 2026: the first version of this article was wrong on several points. It said Circle's token on Robinhood Chain sat 19% away from Solana's version. It also said that token did $37 billion in September. Those figures came from memecoins that use the ticker CRCL. The real Circle token tracked Solana within 0.13%. The first version also said Coinbase's NVIDIA token launched in October with almost no pool trading. It has traded on public pools since August. The Robinhood Chain totals included failed swaps and broken prices, which produced an earlier claim that trading fell 98%. The old buyer counts also counted trade-routing software as buyers. We now count wallets, and volume counts both sides of each trade. Every figure and chart below was rebuilt.

01 · The mapSearch "NVIDIA" in a wallet and you get seven answers

Type NVIDIA into a crypto wallet's token search and you get a list. Six issuers sell an NVIDIA token. Robinhood has an NVIDIA token on its own chain. Backed sells one on Solana as an xStock. Coinbase has one on Base, Binance has a bStock on BNB Chain, and Ondo has versions on Ethereum, Solana and BNB Chain. Reality lists one on Arbitrum.

Each one is a tokenized stock: a token that tracks one real share, which the issuer holds in custody. You can trade it from a wallet at any hour, including nights and weekends when Nasdaq is shut. We pulled a month of on-chain trading for every version to see whether they really trade like the same stock.

Robinhood Chain takes most of the money, with 60% of all NVIDIA token volume. Coinbase and Binance together take 22%, more than Solana. The first version of this article missed both of them. Reality's token on Arbitrum and Backed's copy on Base did not trade at all in the month.

Mid-September to mid-October, every pool trade counted once. Ondo's Solana and BNB Chain tokens trade mostly against other tokens, so we leave out their trade size.

02 · The priceFour tokens, one price

These are separate tokens from separate issuers on separate chains. No bridge connects them, and you cannot swap one for another at the issuer. Yet on the median day, the four busiest NVIDIA tokens sat within 0.12% of each other, whichever pair you compare. Half the days were closer than that, and half were further apart.

Every pair of the four busiest NVIDIA tokens, mid-September to mid-October. The widest pair, Binance against Robinhood, sets the 0.12% in our title.

Two things hold them together. Anyone can hold two versions at once, so when one drifts cheap, a trader buys it and sells the pricier one. And every issuer creates and redeems its own tokens against real shares, which ties each token back to the same stock. A gap lasts only until someone bothers to close it.

The pattern holds well beyond NVIDIA. For all six assets, the median daily gap between the Solana and Robinhood Chain versions stayed under 0.2%. Ondo's tokens on Ethereum sit further off, between 0.4% and 1%. Their pools are thin, and the S&P 500 fund version traded above Solana's on every day of the month. That may come from how each issuer handles dividends, which we did not test.

The ticker alone tells you almost nothing. Most of the other CRCLs are memecoins called "Just a Circle" that trade at fractions of a cent, and some of their pools are priced in the real CRCL token. One even copies the real token's full name. Anything that matches on the ticker alone will mix them into Circle's numbers, and an earlier version of this article did exactly that. Check the contract address before you trade. Circle's is 0xdf0992e440dd0be65bd8439b609d6d4366bf1cb5. You can check any token's contract and trades in Claude with the Bitquery MCP server.

03 · The flowSame stock, different crowds

The people trading each version look very different. On Solana, half the money in the NVIDIA token moves in trades of $359 or more. On Robinhood Chain that size is $1,589, more than four times higher, and Coinbase's token sits higher still. We weigh by money here, because millions of tiny bot trades drag a plain average down. The plain average shows the same gap.

Solana's stock-token market runs on bots. We sorted every account that traded xStocks by how many swaps it made. A small group, each with ten thousand swaps or more, moved 39% of the volume. Half a million small accounts moved 21%. The single busiest account moved $62 million, and the ten busiest accounts moved a quarter of the volume.

04 · Robinhood ChainA late-summer rush, then a fade

Stock-token trading on Robinhood Chain peaked at $2.19B in the week of August 31. By the week of October 5 it was down to $430M. In October, daily volume was 61% below September's, and the number of wallets trading each week was 79% below the peak.

The rush was broad. In September the ten biggest wallets moved only 5% of the volume, so this was no single whale. As the crowd thinned in October, the top ten's share rose to 18%. We count wallets, and one person can run many of them.

05 · The clockMost xStock trading happens while Nasdaq sleeps

Stock tokens never close, and traders use that. Over the last 90 days, 59% of xStock volume on Solana traded while Nasdaq was shut, and weekends carried 16%. The busiest hour is still the one when Nasdaq opens, as the market catches up on the night's news. Our weekend study found that by Sunday evening, the tokens had priced in only a small part of Monday's move.

Month to month, the Solana market is spiky. It ran at a few hundred million dollars per month through the spring, then jumped in June and again in September. One token, the S&P 500 fund, carried three quarters of June's volume. For scale, xStocks were about 1% of all Solana pool volume over the month.

06 · What it meansOne stock, many wrappers

For a trader, the month says the big versions of a stock trade at almost the same price. The choice between them comes down to the chain you already use and how much size you need. Most pools are thin: our depth study found that few can take a $10,000 order without moving the price. Before you trade, check the contract address against the issuer's own list.

Our earlier pieces cover each venue on its own: xStocks on Solana, Robinhood Chain, Binance's bStocks and Coinbase's stock tokens.

07 · MethodWhat we counted

We read every pool trade in these tokens from Bitquery's own trade data for Solana, Base, BNB Chain, Ethereum, Arbitrum and Robinhood Chain. Each trade counts once, and volume includes both buys and sells. We only kept trades priced in dollar stablecoins or a chain's main coin, so a memecoin cannot inflate a total. We also left out failed swaps and a handful of trades with clearly broken prices. A daily price is the average of that day's trades, weighted by size.

The full trade history behind this piece is also sold as files: Solana, Robinhood Chain, Base, BNB Chain and Ethereum. We drafted this piece with AI help on top of our own data. Then we checked every figure against raw trades, and a separate check repeated the main numbers.

FAQ

Do all tokenized versions of a stock trade at the same price?

Close to it. In our month of data, the four busiest NVIDIA tokens stayed within 0.12% of each other on the median day. Ondo's thinner Ethereum tokens sat further off, up to 1% for the S&P 500 fund.

Can I swap one issuer's tokenized stock for another's?

Not directly. Each issuer's token is a separate contract with its own custody, and no bridge connects one issuer's token to another's. Prices stay close because traders can hold several versions and each issuer creates and redeems tokens against real shares.

Which NVIDIA token has the most trading?

Robinhood's NVIDIA token on its own chain, with 60% of the volume we measured over the month. Backed's NVDAx on Solana came next, then Coinbase's NVDAc on Base and Binance's NVDAB on BNB Chain.

How do I tell a real stock token from a fake one?

Check the contract address against the issuer's own list. On Robinhood Chain, 95 traded tokens use the ticker CRCL and only one is Circle's stock. Names can be copied too, so the ticker and the name prove nothing on their own.