xStocks, a tokenized equities product developed by Backed Finance, has launched across Solana's DeFi ecosystem and major centralized exchanges.
In an X post on June 30, 2025, the company announced that over 60 of Backed’s xStocks are now live on both centralized and decentralized platforms, broadening access to tokenized equities. Bybit and Kraken, which serve users in over 190 countries, listed xStocks for spot trading. In Solana’s DeFi ecosystem, xStocks are available on Kamino, Raydium, and Jupiter, enabling lending, liquidity provision, and optimized trading.
Due to regulatory requirements, the platform is not available to customers in the United States or other restricted countries. However, once integrated into DeFi protocols, these geographic restrictions become unenforceable, meaning users can still buy, sell, and participate in decentralized markets regardless of their location, even if the equities cannot be minted and redeemed by the users in these locations. A critical limitation of the xStocks platform is that the tokens do not grant key shareholder rights. Traders cannot vote in shareholder meetings and, more notably, do not receive dividends.
Performance So Far
According to Dune Analytics data, xStocks has recorded over $2.46 million in total swap volume in the 15 hours since launch, with 7,056 swaps executed by 3,320 unique traders.
Activity has been concentrated around a few key assets. SP500 xStock leads in total swaps, with 2,033 swaps from 1,256 unique traders, generating over $528,000 in volume. Tesla xStock follows closely with 1,947 swaps from 1,193 traders and a total volume of approximately $461,866. NVIDIA xStock ranks third by volume, with 1,623 swaps by 987 traders totaling over $536,853.
Interestingly, MicroStrategy xStock shows 496 swaps across 309 traders but leads in volume at $573,594, indicating a higher average transaction size. This activity provides early insight into user interest and asset preference within the tokenized equities market.
Solana’s Expanding Role in Financial Infrastructure
The xStocks launch is the first of several tokenized stock initiatives expected to deploy on Solana. Protocols such as Remora Markets and Superstate are preparing to bring their own tokenized asset products to the network. This growing pipeline signals Solana's emerging role as a hub for what some now refer to as "internet capital markets." These platforms seek to leverage Solana's performance and composability to deliver fast, low-cost, and globally accessible financial products.
Remora Markets focuses on providing institutional-grade tokenized securities with built-in compliance tools, while Superstate emphasizes regulated investment vehicles tied to traditional assets. Their forthcoming launches will further test the appetite for tokenized stocks within DeFi and continue to shape how legacy finance connects to onchain systems.
This momentum suggests that Solana may become a central venue for experimentation and deployment of tokenized financial infrastructure.
How Tokenized Stocks Work
Each xStock token represents one share of the corresponding underlying asset. These tokens are reportedly backed one-to-one by the underlying equities. This means each token should reflect the value of the corresponding stock.
Chainlink, a leading oracle provider, supports the xStocks ecosystem by powering real-time data feeds and ensuring accurate pricing. With Chainlink's Cross-Chain Interoperability Protocol (CCIP) and Proof of Reserve integrations, users and protocols can verify token backing and monitor price changes with low latency.
Solana Integration Brings DeFi Utility
Kamino, the largest money market on Solana, now supports xStocks. Kamino integrates lending, liquidity, and leverage, catering to a range of investor preferences.
Raydium, Solana's leading automated market maker, has created liquidity pools for xStocks. This allows participants to earn fees and incentives while enabling smoother trading across the network.
Jupiter, Solana's dominant liquidity aggregator, also supports xStocks. It provides optimal pricing through dynamic routing across decentralized exchanges. Jupiter aims to reduce slippage and improve execution quality.
Together, these integrations make xStocks not just tradable assets but functional components of a broader DeFi toolkit.
Implications for Retail and Institutional Finance
Although tokenized stocks offer increased flexibility and continuous access, they also raise regulatory and operational questions. Backed Finance states that its product complies with the European Union's MiFID II directive, and Bybit has echoed this claim as part of its listing rationale. Backing the tokens with real-world assets and regulated custodians plays a central role in building user trust around redemption and price alignment. Still, users should carefully consider counterparty risk, jurisdictional reach, and token liquidity before participating.
In an X post, Bill Hughes, Lawyer at Consensys, noted the risk disclosure concerning market abuse as something for participants to be wary of.
Tokenized equities enable retail users to interact with assets that were once confined to traditional brokerages. These instruments can integrate with DeFi protocols, supporting the creation of structured products, yield strategies, and cross-platform utilities. Liquidity providers may also find value in the relative price stability of established equities compared to the volatility of crypto assets. For developers and institutions, tokenized assets offer a foundation for building new financial products that combine onchain programmability with offchain exposure.
Limitations of the Launch
The current supply cap of 6,000 shares per company onchain limits makes large purchases impractical. For users looking to buy in size, liquidity may be insufficient. While more xStocks will likely be issued and collateralized when demand increases, the process behind new issuance remains unclear, including who the counterparties are that deposit funds with Backed to mint new tokens.
Additionally, the tokenized versions can trade at notable premiums or discounts relative to the underlying stock, with gaps as wide as 10% observed in some cases.
Protocols like Remora Markets are preparing to enter the space, and it will be worth watching how they address these challenges. Over time, deeper liquidity and tighter integration with price feeds could help close the price gaps and improve user confidence.
Disclaimer: Remora Markets and SolanaFloor are owned and operated by Step Finance
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