Tokenized U.S. equities are exploding on Solana. Backed’s new product, xStocks, has already surpassed $2.1 billion in cumulative trading volume within just six weeks of launch a milestone that underscores the rapid adoption of tokenized real-world assets on-chain.
Fast Growth Since Launch
Launched on June 30, xStocks have seen surging demand across both centralized and decentralized platforms:
- $2.1B cumulative volume in six weeks,
- $500M traded on-chain,
- $110M of that through decentralized exchanges like Raydium and Jupiter.
By mid-August, xStocks made up 58% of all tokenized stock trading in 2025, with Solana capturing the lion’s share of market value $46M out of $86M globally.
What Are xStocks?
xStocks are SPL tokens on Solana that represent fractional ownership of real U.S. stocks and ETFs. Each token is backed 1:1 by the underlying shares, which are held with regulated custodians.
As of August, more than 60 xStocks are live, tracking some of the biggest names in global markets, including:
- Apple (AAPLx)
- Microsoft (MSFTx)
- Tesla (TSLAx)
- Nvidia (NVDAx)
- Meta (METAx)
- Amazon (AMZNx)
- S&P 500 Index (SPYx)
This means anyone outside the U.S. can now get 24/7 access to American equities without relying on traditional brokers.
Where Can You Trade Them?
xStocks are designed for global accessibility and self-custody, with instant settlement and full DeFi composability. They’re available through:
- Centralized exchanges: Kraken, Bybit
- Wallets: Phantom, Solflare
- On-chain venues: Raydium, Jupiter, Kamino
Beyond trading, xStocks can be used in DeFi protocols for example, as collateral for loans, in liquidity pools, or for cross-platform transfers. This bridges traditional equities with decentralized finance, making stocks as flexible and composable as crypto tokens.
Why It Matters
The success of xStocks highlights the growing appetite for tokenized real-world assets (RWAs) on Solana. By merging U.S. equities with DeFi infrastructure, Backed is opening the door for global, 24/7 stock markets where anyone can own and use equities in new ways.
With trading volumes already breaking the $2B mark in record time, xStocks are shaping up to be one of the most impactful experiments in bringing Wall Street to the blockchain.
