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XStocks Achieves $1 Billion in DEX Trading Volume Amid Tokenized Equity Surge
XStocks, a tokenized equities platform developed by Backed Finance, has surpassed $1 billion in decentralized exchange (DEX) trading volume within just 30 days. This milestone was primarily driven by SPYx, a tokenized version of the SPDR S&P 500 ETF, which has gained significant traction among investors. The automated market maker Raydium, operating on the Solana blockchain, accounted for approximately 75% of the trading volume, highlighting its dominance in the tokenized equity market.
The SPYx token has attracted between 63,000 and 73,000 holders, with an on-chain market capitalization estimated between $46 million and $73 million. Daily trading volumes in concentrated liquidity pools have reached millions, indicating that SPYx is not merely a speculative asset but is actively traded by users. The broader xStocks ecosystem now includes dozens of U.S. stocks and exchange-traded funds (ETFs), with cumulative trading volumes in the tens of billions since its launch in mid-2025.
In the second quarter of 2026, tokenized equity DEX volumes on Solana reached a record $5.8 billion, establishing the blockchain as a leading platform for on-chain stock trading. Raydium's cumulative tokenized equity volume hit $3 billion by late June, reinforcing its status as the primary venue for this asset class. On September 14, xStocks further enhanced its offerings by launching yield-generating vaults for SPYx, QQQx, and NVDAx through Kamino, a yield optimization protocol on Solana, allowing holders to earn passive income on their investments.
The achievement of $1 billion in monthly trading volume positions xStocks to challenge competitors such as Binance's bStocks. While centralized exchanges benefit from established user bases, xStocks offers unique advantages through its composability, enabling its tokens to integrate with various lending protocols and liquidity pools within the Solana ecosystem. This accessibility appeals to retail investors by allowing fractional trading of high-value equities without traditional brokerage barriers, while the $800 million in assets under management suggests a shifting risk-reward dynamic for institutional investors.
Source: KLEA News