XStocks’ tokenized Circle stock CRCLx deploys $3M in DeFi

Tokenized versions of Circle’s stock are now doing something that traditional shares sitting in a brokerage account simply cannot: earning yield in DeFi. Roughly $2.9 million worth of CRCLx tokens, which track the price of Circle Internet Group shares, are currently deployed across various decentralized finance platforms. The product, part of the broader xStocks suite issued by Backed Finance, represents a quiet but meaningful milestone in the push to bring traditional equities onchain. What CRCLx actually is CRCLx is a tracker certificate, meaning each token is backed 1:1 by underlying Circle shares held by the issuer. The tokens are available as SPL tokens on Solana and ERC-20 tokens on Ethereum. CRCLx launched in June 2025, and its net asset value has recently hovered between $71 and $74. Instead of letting the tokens sit idle in a wallet, holders are deploying them into lending protocols, liquidity pools, and other DeFi applications. XStocks’ dominance in tokenized equity DeFi XStocks commands 58% of all tokenized equity deposits across 15 different DeFi applications. In the narrower category of tokenized-stock lending, the dominance is even more pronounced: 86.5% of total valu...