xStocks: Tokenized Equities on Solana (SOL) Gain Momentum

The launch of xStocks, a platform offering tokenized equities on the Solana (SOL) blockchain, has garnered significant attention in the decentralized finance (DeFi) space. According to Solana, xStocks went live on June 30, 2025, with an initial offering that included over 55 stocks and ETFs.

Launch and Early Traction

Backed, a financial technology firm, spearheaded the launch of xStocks, partnering with major centralized exchanges Kraken and Bybit. This strategic partnership enabled xStocks to be accessible to users across more than 185 countries. The launch was further supported by on-chain integrations, with xStocks becoming available on major DeFi platforms soon after their release.

Raydium, a leading automated market maker (AMM) on Solana, became the primary on-chain liquidity provider for xStocks. Jupiter, another platform, aggregated the best quotes for traders. Additional support came from Kamino, which introduced xStock collateral pools, allowing users to leverage positions in tokenized equities like AAPLx or TSLAx. Wallet providers such as Phantom and Solflare also integrated xStock tickers, displaying them alongside traditional tokens.

The collaborative efforts led to the formation of the xStocks Alliance, a coalition of exchanges, protocols, and service providers, including Backed, Kraken, Bybit, Solana, AlchemyPay, Chainlink, Kamino, Raydium, and Jupiter. This alliance aims to further accelerate the adoption of xStocks.

Trading Volume and Market Impact

The impact of xStocks was immediate, with trading volumes surpassing $300 million within the first month. By the sixth week, cumulative trading volumes exceeded $2.1 billion, highlighting the rapid adoption and interest in tokenized equities. On-chain decentralized exchange (DEX) activity accounted for over $110 million of the total trading volume, underscoring the growing integration of traditional equities into the DeFi ecosystem.

The concept of tokenized equities on a blockchain like Solana presents an innovative approach to bridging traditional financial markets with decentralized technologies. As the market for tokenized assets continues to grow, platforms like xStocks are likely to play a crucial role in shaping the future of digital asset trading.