Powerus Tokenized Stock PUSA Logs $8M in First 4 Hours on Solana (SOL)

PUSA Token Debut on Sunrise

Powerus's tokenized stock PUSA logged $8 million in trading volume in its first four hours on the Solana network, and roughly $12 million across its first 24 hours on the platform. The token went live on Friday through Backpack Securities on Sunrise, a trading venue built for Solana (SOL). For readers who follow the Solana (SOL) price day to day, the listing is not a direct price event; it is an equities-infrastructure launch that puts a Nasdaq-listed name onto public blockchain rails. A tokenized stock is a blockchain representation of a listed equity, issued so the share can move and settle on-chain rather than through a broker's settlement cycle. Because settlement runs on-chain, a tokenized stock can change hands outside United States exchange hours, and PUSA's opening session traded heavily in exactly that window. Launch-day coverage also carried a comparison stating that PUSA turned over more than twice the value of comparable Nasdaq-listed stocks in the same period. That comparison arrived without the underlying trade data or the time-bucket method used to produce it, so COINOTAG treats it as unverified. The $8 million and $12 million figures are reported volumes as well; the individual fills behind them have not been cross-checked against public on-chain records. The issuer side of the story is more settled. Powerus closed its merger with Aureus Greenway Holdings on Thursday, and a filing with the U.S. Securities and Exchange Commission (SEC) states that the combined company continues to trade on Nasdaq under the PUSA ticker. One ticker now points to two instruments, the Nasdaq share and the Solana (SOL) token, and holding or trading one does not by itself confer the rights of the other. Neither the venue's published materials nor the issuer's filings state which investors are eligible to hold the token or whether access is restricted by jurisdiction.

Off-Hours Flow and Network Scale

The off-hours pattern is the structural backdrop. Allium's aggregation of the tokenized-stock segment shows that 63% of its volume in the twelve months through August 18, 2025 traded while United States exchanges were closed. That measure covers the whole segment over an earlier period and cannot be read as a check on PUSA's own first-day tape. The Solana Foundation's ecosystem accounting frames the scale around it: as of late August 2026, more than 350,000 addresses held real-world assets on the network, and assets under management in xStocks, the tokenized stock and ETF product line, had passed $500 million. Those are ecosystem figures, not confirmation of PUSA's volumes. The debut nonetheless lands on rails already carrying activity: tokenized commodity volume on Solana (SOL) reached $91.1 million and overtook Robinhood in a recent session tracked by COINOTAG. Backpack Securities' June presentation set out the plan to issue tokenized stocks through Solana and Sunrise, and that deck is the closest thing to issuer-side documentation in circulation. It does not spell out PUSA's individual collateral arrangement or redemption terms. In principle, a tokenized stock transfers and trades on-chain, but the structure of the underlying share holding and the rights attached to it differ from product to product. Unlike equity futures, which track a price and settle in cash, a token is a claim on a specific share, and the mechanics live in the issuer's documents. Launch coverage described the PUSA token as one-to-one backed by Powerus shares and redeemable into the underlying stock, a holding shape closer to direct equity than to a stock perpetual contract, but no issuer document setting out those individual terms was presented. Settlement itself runs on Solana's distributed node infrastructure, which records transfers around the clock. Where a holder can take the token, and whether it can sit in a cold wallet independent of the issuer's custodian, is not stated in anything published so far.

Backing Terms Still Undocumented

COINOTAG's reading is that the dependable facts are the launch mechanics and the issuer's own filing. The SEC disclosure fixes the underlying: Nasdaq-listed PUSA, trading under the same ticker after the Aureus Greenway merger. What neither that filing nor Backpack Securities' June deck provides is the custody arrangement, one-to-one backing in the issuer's words, or a redemption procedure; those details exist so far only as launch-day claims. The debut extends a tokenization run on the network that has already drawn record weekly ETF inflows and a bank-facing digital asset platform from Fiserv. Until the collateral and redemption documents are published, the $8 million opening tape measures demand for the format, not verified holder rights.