XStocks surpasses $1B in DEX trading volume as SPYx drives tokenized equity boom on Solana

Tokenized stocks just crossed a threshold that would have seemed absurd two years ago. xStocks, the tokenized equities platform from Backed Finance, racked up more than $1B in decentralized exchange trading volume over the past 30 days, with SPYx, a tokenized version of the SPDR S&P 500 ETF, leading the charge.

Raydium, the automated market maker on Solana, handled roughly 75% of those flows. That means three out of every four dollars of tokenized stock trading on xStocks ran through a single DEX on a single chain.

SPYx is the engine

The tokenized S&P 500 tracker has attracted between 63,000 and 73,000 holders, with an on-chain market cap ranging from $46M to $73M. Daily volume figures on concentrated liquidity pools have been reaching into the millions, suggesting this isn’t just a novelty holding for crypto-native users. People are actively trading the thing.

The broader xStocks ecosystem now spans dozens of US stocks and ETFs, and cumulative trading volumes have climbed into the tens of billions since the platform launched in mid-2025. As of early September, assets under management crossed $800M.

Solana’s tokenized equity surge

Tokenized equity DEX volumes on Solana hit a record $5.8B in the second quarter of 2026, making the chain the de facto home for on-chain stock trading. Raydium alone reached cumulative tokenized equity volume of $3B by late June, cementing its position as the primary venue for this asset class.

On September 14, xStocks expanded its DeFi integration by launching yield-generating vaults for SPYx, QQQx, and NVDAx through Kamino, a yield optimization protocol on Solana. That move adds a layer of passive income potential to tokens that already track real-world equity performance, essentially letting holders earn yield on their stock exposure without leaving DeFi.

Competitive pressure and market implications

The $1B monthly volume milestone puts xStocks in a position to pressure competitors, including Binance’s bStocks offering. While centralized exchanges have the advantage of existing user bases and familiar interfaces, xStocks benefits from composability. Its tokens can plug into lending protocols, liquidity pools, and yield vaults across the Solana ecosystem.

For retail investors, the appeal is access: fractional trading of high-value equities with lower capital requirements, no brokerage gatekeeping, and 24/7 market availability. The $800M AUM figure suggests the risk-reward calculus is shifting for institutional players as well.

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