XStocks surpasses $1B in DEX trading volume as SPYx drives tokenized equity boom on Solana

Tokenized stocks just crossed a threshold that would have seemed absurd two years ago. xStocks, the tokenized equities platform from Backed Finance, racked up more than $1B in decentralized exchange trading volume over the past 30 days, with SPYx, a tokenized version of the SPDR S&P 500 ETF, leading the charge. Raydium, the automated market maker on Solana, handled roughly 75% of those flows. That means three out of every four dollars of tokenized stock trading on xStocks ran through a single DEX on a single chain. SPYx is the engine The tokenized S&P 500 tracker has attracted between 63,000 and 73,000 holders, with an on-chain market cap ranging from $46M to $73M. Daily volume figures on concentrated liquidity pools have been reaching into the millions, suggesting this isn’t just a novelty holding for crypto-native users. People are actively trading the thing. The broader xStocks ecosystem now spans dozens of US stocks and ETFs, and cumulative trading volumes have climbed into the tens of billions since the platform launched in mid-2025. As of early September, assets under management crossed $800M. Solana’s tokenized equity surge Tokenized equity DEX volumes on Solana hit ...