- xStocks recorded about $2.1bn in six weeks including roughly $500m on-chain.
- More than 60 U.S. stocks and ETFs launched on Solana with distribution across Kraken, Bybit and major DeFi venues.
xStocks has cleared about $2.1bn in cumulative trading volume within six weeks of launch on Solana, underscoring early demand for tokenized exposure to U.S. equities outside the United States.
Backed launched xStocks on June 30 2025 with Kraken and Bybit distribution
Backed, a long-standing issuer of real-world asset tokens, introduced xStocks on June 30 2025. The initial line-up featured more than 55 tickers that quickly expanded to over 60 stocks and ETFs, including Apple, Nvidia, Tesla and the S&P 500 tracker.
Distribution spanned both centralized and on-chain venues at launch, with listings on Kraken and Bybit alongside liquidity on Raydium and routing through aggregator Jupiter. Wallets such as Phantom and Solflare integrated the tickers natively.
The product design tokenizes each equity or ETF as an SPL token that is intended to be backed one-for-one by a corresponding share held with a regulated custodian. That structure allows non-U.S. users in permitted jurisdictions to obtain price exposure and to move positions between venues with near-instant settlement.
Activity has been split across exchanges and DeFi rails. The case study cites roughly $500m of on-chain activity during the six-week window, with more than $110m recorded in decentralized exchange turnover captured by community dashboards.
Solana’s share of tokenized stock trading in 2025 reached about 58 percent
Data compiled in the case study indicates xStocks on Solana accounted for about 58 percent of tokenized-stock trading year-to-date as of August 11 2025. The analysis also notes that Solana hosted the majority of market value for these instruments at that point in time.
While market share will evolve as additional platforms enter the segment, the current footprint highlights the network effect created by simultaneous exchange listings, AMM liquidity and wallet support.
Kraken’s move to offer tokenized U.S. stocks and ETFs to clients outside the United States has been a key distribution lever, broadening access across Europe, Latin America, Africa and parts of Asia.
The exchange’s plans, which include asset-backed instruments issued via Backed and settled on Solana, have signaled growing institutional interest in equities tokenization and a willingness to support interoperable withdrawals to self-custody.
For users, the on-chain format creates new pathways to employ equity exposure as collateral in DeFi applications such as lending protocols and automated market makers.
The ability to fragment positions and settle instantly reduces operational frictions associated with traditional brokerage models and enables continuous trading hours. These features have been central to the early velocity in xStocks volumes and to the speed at which integrations formed across the Solana ecosystem.
At the time of this update, Solana (SOL) is trading at $181.84, having seen a modest decrease of $0.08, or –0.044 %, compared to the previous close.
