xStocks, the tokenized U.S. equities issued by Backed, have surpassed $2 billion in trading volume within just six weeks of launching on Solana.
A recent Solana Foundation case study highlights xStocks’ rapid adoption since their June 30 debut. By mid-August, the platform had reached $2.1 billion in cumulative trading volume—$500 million on-chain—with over $110 million traded on decentralized exchanges.
xStocks now represent roughly 58% of all tokenized stock trading this year, with Solana capturing the majority of market value at $46 million of the $86 million total.
What are xStocks on Solana?
xStocks are SPL tokens on Solana that provide fractional ownership of real U.S. stocks and ETFs, each fully backed 1:1 by shares held with regulated custodians. As of August, more than 60 xStocks are live on Solana, featuring well-known companies such as Apple (AAPLx), Microsoft (MSFTx), Tesla (TSLAx), Nvidia (NVDAx), Meta (METAx), Amazon (AMZNx), as well as the S&P 500 index (SPYx).
xStocks are available to non-U.S. residents worldwide, offering 24/7 trading and instant settlement—granting access to U.S. equities without traditional brokerage barriers. Centralized exchanges like Kraken and Bybit facilitate broader distribution, while wallets such as Phantom and Solflare, along with on-chain platforms like Raydium, Jupiter, and Kamino, allow direct self-custody and composable use of holdings.
Beyond simple ownership, xStocks integrate with DeFi protocols, enabling investors to use their positions as collateral, participate in liquidity pools, and seamlessly transfer holdings across platforms.
