S&P 500 · Tokenization · Crypto Briefing
XStocks surpasses $1 billion in DEX trading volume as SPYx drives tokenized equity boom on Solana
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Backed Finance's tokenized equities platform hit the billion-dollar milestone in 30 days, with Raydium handling the lion's share of volume.
Key facts
- 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
- 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
- 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
- Backed Finance's tokenized equities platform hit the billion-dollar milestone in 30 days, with Raydium handling the lion's share of volume
Summary
Tokenized stocks 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. 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. 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.