XStocks surpasses $1B in DEX volume as SPYx fuels Solana’s tokenized equity boom

Backed Finance’s xStocks platform has surpassed $1 billion in decentralized exchange trading volume over the past 30 days, marking a major milestone for tokenized equities on Solana. SPYx, a tokenized version of the SPDR S&P 500 ETF, accounted for much of the activity as traders increasingly use blockchain-based representations of traditional assets.

SPYx leads the tokenized equity market

Raydium handled roughly 75% of xStocks trading during the period, meaning approximately three out of every four dollars flowed through a single Solana automated market maker. The concentration highlights both Raydium’s position in the market and Solana’s growing role as a venue for on-chain stock trading.

SPYx has attracted an estimated 63,000 to 73,000 holders, while its on-chain market capitalization has ranged between $46 million and $73 million. Daily trading in concentrated-liquidity pools has reached millions of dollars, suggesting the token is being actively traded rather than held solely as a novelty asset.

Key figures from the xStocks ecosystem include:

• More than $1 billion in DEX volume over 30 days.
• More than $800 million in assets under management as of early September.
• Dozens of tokenized U.S. stocks and ETFs available through the platform.
• Cumulative xStocks trading volume in the tens of billions since its mid-2025 launch.

Solana becomes the center of on-chain stock trading

The broader market is expanding alongside xStocks. Tokenized equity DEX volume on Solana reached a record $5.8 billion in the second quarter of 2026. Raydium’s cumulative tokenized equity volume reached $3 billion by late June, cementing its role as the primary trading venue for the asset class.

On September 14, xStocks also expanded its DeFi integrations through yield-generating vaults for SPYx, QQQx, and NVDAx on Kamino. The addition allows holders to seek yield on tokenized equity exposure without moving assets outside Solana’s DeFi ecosystem.

That composability differentiates xStocks from centralized alternatives such as Binance’s bStocks. While centralized exchanges offer established interfaces and large user bases, xStocks tokens can be integrated into lending markets, liquidity pools, and automated yield strategies.

What This Means

The $1 billion monthly-volume milestone indicates that tokenized equities are moving beyond an experimental use case. Fractional access, 24/7 trading, and integration with DeFi protocols give retail users new ways to obtain and manage exposure to high-value stocks and ETFs.

For Solana, the activity strengthens its position as the leading blockchain for on-chain equity markets. It may also draw greater institutional attention as xStocks’ $800 million AUM and growing liquidity demonstrate demand for blockchain-based market access. However, Raydium’s roughly 75% share also creates venue-concentration risk, making the resilience and diversification of Solana’s tokenized-equity infrastructure increasingly important.