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- Stocks hit $2.1 billion in volume on Solana in weeks, fueling a surge in tokenized equities.
- Over 60 assets listed, including Apple, Tesla, Nvidia, Meta, Amazon, with DeFi collateral use.
Backed’s tokenized U.S. equities, branded as xStocks, have reached an impressive $2.1 billion in cumulative trading volume on Solana just six weeks after their June 30 launch, according to a case study released by the Solana Foundation.
The study highlighted that $500 million of this activity took place on-chain, with more than $110 million executed through decentralized exchanges. This quick rise has positioned xStocks at the front of tokenized equity adoption, reflecting demand for accessible exposure to U.S. stocks through blockchain.
By mid-August, xStocks had become responsible for 58% of all tokenized stock trading in 2025. Solana maintained the leading share of market value, recording $46 million out of a global tokenized equity total of $86 million.
Backed’s xStocks Bring Wall Street to Solana
xStocks are Solana-based SPL tokens that reflect fractional U.S. equities and exchange-traded fund shares. Backed 1:1 with physical stocks by regulated custodians, allowing around-the-clock trading anywhere in the world for non-U.S. residents with immediate settlement.
The range of listed assets already exceeds 60, spanning Apple (AAPLx), Microsoft (MSFTx), Tesla (TSLAx), Nvidia (NVDAx), Meta (METAx), Amazon (AMZNx), and even the S&P 500 index via SPYx.
Centralized platforms like Kraken and Bybit have managed distribution, whereas wallets such as Phantom and Solflare, as well as decentralized sites such as Raydium, Jupiter, and Kamino, enable direct trading, custody, and composability.
New Platforms Expand Access To Tokenized Equities
Beyond basic ownership, xStocks are created to be compatible with decentralized finance. They can be used as collateral by holders, participate in liquidity pools, or transfer shares to other platforms. The composability puts tangible financial uses to the tokenized ownership of stocks.
Kraken co-CEO Arjun Sethi stated the model enables investors to “treat tokenized stock shares like traditional money—moving, holding, spending, or borrowing against them without intermediaries, borders, or delays.” His statement highlights the flexibility of tokenized equities over conventional brokerage accounts.
Alongside Backed’s launch, other companies are lining up similar products. Dinari plans to unveil its Dinari Financial Network to streamline tokenized securities trading, and eToro joined the fray by releasing tokenized U.S. stocks.
In spite of fast adoption, tokenized equities continue to grapple with a changing regulatory landscape. Firms such as Kraken and Bybit are adjusting to varying frameworks with continued participation in the growing market. Shifting rules present the need for clarity as adoption scales globally.
