Remora Markets, the Solana tokenized-stock platform owned by Step Finance, wound down on February 23-24, 2026, together with Step Finance and SolanaFloor, after the January 31 hack of Step Finance treasury wallets. Remora said its rTokens stayed fully backed 1:1 and offered holders an exit into USDC; on March 2, 2026 it declared rTokens unsupported.
Key Takeaways
- What it was: a platform that issued rTokens, Solana tokens tracking stocks and metals (TSLAr, NVDAr, SPYr, GLDr, SLVr and others).
- Closure: announced February 23-24, 2026, effective immediately (Remora Markets on X).
- Backing: rTokens “remain fully backed 1:1”, and Remora was isolated from the Step Finance breach.
- Exit: USDC liquidity on Manifest (via Jupiter and Titan) at the Friday close; final notice March 2, 2026: rTokens unsupported.
- Now: tokenized stocks are still available from other issuers such as xStocks and Ondo Global Markets.
What Was Remora Markets?
Remora Markets issued rTokens: SPL tokens on Solana whose price followed a real-world asset. Step Finance took over the project with its December 12, 2024 purchase of Moose Capital and built tokenized equity trading on Solana, with exposure to stocks such as Nvidia and Tesla. DefiLlama lists Remora rTokens including TSLAr, NVDAr, SPYr, MSTRr, CRCLr and GLDr (DefiLlama RWA).
| rToken | Tracked asset |
|---|---|
| TSLAr | Tesla stock |
| NVDAr | Nvidia stock |
| SPYr | S&P 500 ETF (SPY) |
| MSTRr | Strategy (MicroStrategy) stock |
| CRCLr | Circle stock |
| GLDr | gold (rMetals) |
| SLVr, PALLr, PPLTr, CPERr | silver, palladium, platinum, copper |
What Happened in February 2026
On January 31, 2026 attackers drained Step Finance treasury and fee wallets (261,854 SOL). Three weeks later, on February 23-24, 2026, Step Finance said it could not secure financing or a buyer and closed Step Finance, SolanaFloor and Remora Markets. Remora’s own statement: it was “winding down operations, effective immediately”, all rTokens “remain fully backed 1:1”, and the team was “working on a redemption process to allow holders to redeem their tokens for USDC” (Remora Markets, The Block).
The full story of the hack and the STEP token: Step Finance shut down.
How the rToken Exit Worked
Remora did not run a classic one-by-one redemption. Instead it provided USDC exit liquidity:
| Step | What happened |
|---|---|
| Feb 23-24, 2026 | Wind-down announced; rTokens “fully backed 1:1”, work on a USDC exit begins |
| Exit window | USDC liquidity on the Manifest market, reachable through Jupiter and Titan, priced at the Friday closing price of the underlying asset |
| Mar 2, 2026 | Final notice: rTokens are unsupported and will have no value |
Sources: MadeOnSol, Solana Compass. We found no later redemption or deadline extension.
If you still hold rTokens: they may sit in your wallet, but there is no issuer behind them now. A DEX may still show a price, but it is not tied to the stock any more and liquidity can be close to zero. Ignore anyone who offers a “late redemption” and asks for a fee or your seed phrase.
Where to Hold Tokenized Stocks Now
Tokenized stocks did not end with Remora. Other issuers offer them on-chain, for example xStocks and Ondo Global Markets. When you choose one, compare:
| Check | Why it matters |
|---|---|
| Issuer and backing | who holds the real shares and how you redeem |
| Networks | Solana, Ethereum or others, and where liquidity is |
| Who can buy | many issuers exclude US persons |
| Wallet support | you need a wallet that shows and swaps the token |
Gem Wallet is a self-custodial, open-source wallet that supports tokenized stocks such as xStocks and Ondo Global Markets next to USDC, USDT and SOL, with built-in swaps on Solana (Jupiter, Orca and other providers) and cross-chain swaps through THORChain, Mayan and Chainflip. That means you can take USDC and move into another tokenized stock, a stablecoin on another network or SOL from one app.
Limits and Risks
- Step Exchange is independent. It is not connected to Remora Markets or Step Finance and cannot redeem rTokens.
- Tokenized stocks are not shares. They are tokens backed by an issuer; holder rights depend on that issuer’s terms and jurisdiction.
- Thin markets. rTokens without a platform can have little or no DEX liquidity.
Related: Step wallet guide, swap SOL to USDC, token approvals explained.
