Solana Dominates Tokenized Stock Market with xStocks Launch
Solana has rapidly become the market leader in tokenized stock trading, marking a major shift towards stock-based real-world assets (RWAs). Backed Finance’s recent launch of the xStocks platform brought about this shift, propelling Solana to take over over 95% of trading volume in the new space.
Launched on June 30, xStocks trades 60 tokenized stocks — 55 individual and 5 ETFs. On its launch day, the platform clocked over $1.3 million in volume, with Strategy stocks leading the way early on. This was later surpassed by popular tokens like Tesla ($TSLAx) and S&P 500 ($SPYx) in terms of trading volume.
On July 2 alone, the $SPYx token accounted for over $4.67 million in daily trading — over 50% of all tokenized stock volume traded on the day. By July 3, daily volumes were down by over half, marking a deflation of initial hype.
A decline in trading activity despite it, xStocks’ assets under management (AUM) were at $48.6 million on July 3. Its largest holdings were:
These figures reflect persistent user confidence in holding tokenized stocks even in the face of volume volatility.
Over 20K Wallets Reflect Increased User Appetite
User uptake of the xStocks platform has been robust, with over 20,000 unique individual wallets presently carrying tokenized shares. $SPYx leads in popularity, with over 10,000 wallets, followed by $TSLAx (8,100 wallets) and $NVDAx (5,500 wallets).
While early adoption is encouraging, Solana-focused analytics firm SolanaFloor reported low liquidity. Tokenized stock trading on Solana will succeed long-term ultimately through either improving conditions for liquidity or greater investor confidence.
Solana’s DeFi pivot toward stock-based RWAs with xStocks has attained early supremacy. Whether that momentum continues depends on ongoing user interest and expanding liquidity.
