
XStocks surpasses $1B in DEX trading volume as SPYx drives tokenized equity boom on Solana
Backed Finance’s xStocks platform achieved a significant milestone by recording over $1 billion in decentralized exchange trading volume within a 30-day period. The SPYx token, a digital representation of the SPDR S&P 500 ETF, served as the primary driver for this activity. Solana-based automated market maker Raydium facilitated approximately 75% of these trades, highlighting the concentration of tokenized equity liquidity on the Solana blockchain. As of early September, the xStocks ecosystem reached $800 million in assets under management, with cumulative trading volumes since its mid-2025 launch reaching into the tens of billions. The platform further expanded its utility on September 14 by integrating with Kamino to offer yield-generating vaults for major equity tokens like SPYx, QQQx, and NVDAx. This development allows investors to earn passive income on their stock exposure directly within the DeFi ecosystem. By offering 24/7 market access and fractional ownership without traditional brokerage gatekeeping, xStocks is increasingly challenging centralized exchange offerings like Binance’s bStocks. The rapid growth in volume and AUM signals a maturing market where tokenized equities are becoming a core component of decentralized finance portfolios.













