xStocks dominates tokenized stock deposits into DeFi with 58% share

The Solana-based platform xStocks, developed by Backed Finance, has emerged as the dominant force in the tokenized equities market, capturing 58% of all tokenized stock deposits within decentralized finance. Since its launch in June 2025, the platform has scaled to over 700 assets, with onchain holdings reaching approximately $225 million by early 2026. xStocks currently controls 86.5% of the $23.1 million total value locked in tokenized-stock lending markets. This dominance is largely driven by deep integrations with Solana-native protocols like Kamino, which accounts for 82.6% of the sector's lending TVL, and Raydium for liquidity provision. Cumulative transaction volume across centralized and decentralized exchanges has surpassed $35 billion as of mid-2026, highlighting significant market appetite for onchain equity exposure. By allowing users to utilize tokenized stocks as collateral for stablecoin loans or liquidity provision, xStocks has successfully integrated traditional assets into the DeFi utility loop. This concentration of market share underscores the growing importance of high-liquidity, Solana-native infrastructure for institutional-grade RWA adoption.