Tokenized private stocks have a fundamental problem

xStocks on Solana hit $2B+ volume in 6 weeks, scaling 60+ tokenized U.S. equities: case study

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xStocks, tokenized U.S. equities issued by Backed, have surpassed $2 billion in trading volume within just six weeks of their launch on Solana.

Summary

Since launch, Backed’s xStocks on Solana reached $2.1B in cumulative trading volume.
xStocks are SPL tokens that represent fractional ownership of real U.S. stocks and ETFs, backed 1:1 by shares.
Tradable globally 24/7 via CEXs (Kraken, Bybit), wallets (Phantom, Solflare), and on-chain venues (Raydium, Jupiter, Kamino) with full self-custody and DeFi integration.

According to a recent case study by Solana Foundation, xStocks—the tokenized U.S. equities launched by Backed on Solana (SOL)—have achieved rapid adoption since their June 30 launch. Within just six weeks, xStocks reached $2.1 billion in cumulative trading volume, including $500 million on-chain, with over $110 million traded on decentralized exchanges.

By mid-August, xStocks accounted for roughly 58% of all tokenized stock trading this year, with Solana alone holding a majority share of market value at $46 million out of $86 million.

xStocks on Solana hit $2B+ volume in 6 weeks, scaling 60+ tokenized U.S. equities: case study - 1 — Source: Dune

What are xStocks on Solana?

xStocks are SPL tokens on Solana representing fractional ownership of real U.S. stocks and exchange-traded funds, each backed 1:1 by shares held with regulated custodians. As of August, there are 60+ xStocks live on Solana, including household names like Apple (AAPLx), Microsoft (MSFTx), Tesla (TSLAx), Nvidia (NVDAx), Meta (METAx), Amazon (AMZNx), and the S&P 500 index (SPYx).

xStocks on Solana hit $2B+ volume in 6 weeks, scaling 60+ tokenized U.S. equities: case study - 2 — Source: xStocks

xStocks are available to non-U.S. residents worldwide for 24/7 trading and with instant settlement , providing access to U.S. equities without traditional brokerage barriers. Centralized exchanges like Kraken and Bybit handle broader distribution, while wallets such as Phantom and Solflare and on-chain venues including Raydium, Jupiter, and Kamino enable direct self-custody and composable use of holdings.

Beyond simple ownership, xStocks integrate with DeFi protocols, letting investors use their positions as collateral, participate in liquidity pools, and transfer holdings across platforms.

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