Solana's Tokenized Stocks Boom: Analyzing xStocks' Early Performance

The concept of tokenizing equities and trading them on blockchain platforms is becoming increasingly popular in digital finance. With traditional markets gradually adopting blockchain technology, competition in the tokenized stock sector has intensified. Recently, Backed Finance introduced xStocks, a tokenized equity product available on Solana’s DeFi ecosystem and several centralized exchanges.

On June 30, 2025, Backed Finance launched more than 60 xStocks across both centralized and decentralized platforms, significantly widening investor access. Four days after their launch on Solana, these tokenized equities have shown notable market activity and trading volumes.

A Dominant Debut on Solana

Data sourced from Dune Analytics provides clear insights into how quickly the market embraced Solana’s new tokenized equities. Within just four days, decentralized exchanges (DEXs) on Solana witnessed a trading volume surpassing $20 million. Remarkably, Solana secured more than 95% of total tokenized stock trading volume across various blockchain platforms during this initial period, underscoring its dominance and attractiveness as a destination for tokenized equity trading.

The first day of trading, June 30, saw volumes exceed $1.3 million, with Strategy's tokenized equity ($MSTRx) capturing the highest share at approximately 30%. However, the landscape quickly shifted as tokens representing major companies like S&P 500 ($SPYx) and Tesla ($TSLAx) surged ahead. $SPYx, in particular, made a significant impact on July 2, recording $4.67 million in daily volume—an impressive 54% of the total trading activity for that day.

However, despite the robust initial enthusiasm, trading volumes experienced a sharp downturn on July 3, dropping by approximately 55%, from $8.55 million to $3.81 million. Such fluctuations are typical in newly launched markets, reflecting early volatility and evolving investor sentiment.

Spotlight on Leading Assets

Breaking down the numbers, $SPYx emerged as the most actively traded asset on Solana, dominating the market with over $7.6 million in total volume, equivalent to a 37.4% market share. $TSLAx followed, securing the second position with $4.1 million in trades and a 20.2% share, while Circle's tokenized stock, $CRCLx, claimed third place with trades amounting to over $3 million, representing 15% of the total market.

User Activity and Trading Patterns

Although the count of unique wallets participating in trades peaked impressively at over 6,500 on day two, a subsequent decrease occurred, with active wallets falling below 2,900 by day four. This decline might initially appear concerning; however, it may primarily reflect early speculative activity stabilizing. Interestingly, while unique wallets decreased, the overall number of transactions increased significantly, reaching more than 23,000 trades on July 3. This trend indicates a growing frequency of trades per active user, a positive sign of deeper market engagement among active traders.

Assets Under Management (AUM)

Each tokenized equity issued through xStocks represents a one-to-one correlation with an actual share of the underlying stock, making token prices directly reflect real-world stock prices. Currently, $SPYx commands the highest assets under management at $6.9 million, backed by a circulating supply of 11,000 tokens. $METAx ranks second with a supply of 6,000 tokens and an AUM of $4.3 million, while $TSLAx is third, with $3.4 million AUM and a supply matching $SPYx at 11,000 tokens.

Collectively, the total AUM across all launched xStocks stands impressively at over $48.6 million—a solid start considering the short period since their introduction.

Investor Interest and Future Prospects

The interest from investors is underscored by nearly 20,000 unique wallets now holding these tokenized stocks. $SPYx tops the list again, attracting over 10,000 holders, followed by $TSLAx with more than 8,100 holders and $NVDAx capturing third place with more than 5,500 holders.

Although the early days of trading these tokenized stocks on Solana have shown promising engagement and volumes, liquidity remains relatively low in several pools, a typical early-stage challenge. Moving forward, sustained interest and increased liquidity will be crucial in determining the long-term viability of tokenized equities on Solana.

For a deeper dive into the process of tokenization and insights into the broader competitive landscape, interested readers are encouraged to explore our comprehensive report available on SolanaFloor.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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