xStocks Shatter Records: $2.1B Trading Volume in Just Six Weeks
Backed’s xStocks, tokenized U.S. equities running on the Solana blockchain, have crossed a major milestone. Launched only six weeks ago on June 30th, they’ve already recorded a remarkable $2.1 billion in cumulative trading volume.
What exactly are xStocks? Simply put,they are SPL (Solana Program Library) tokens representing fractions of genuine U.S. stocks and ETFs. Each xStock is fully backed by real shares stored with authorized custodians.
As per the Solana Foundation’s case study, a ample $500 million of this trading happened on the Solana blockchain itself. Moreover, decentralized exchanges like Raydium and Jupiter accounted for over $110 million of these trades.
By mid-August, xStocks dominated the tokenized stock market, accounting for nearly 58% of the year’s trading volume. Remarkably, Solana claimed the lion’s share of this market worth, at almost $46 million out of the total $86 million.
Traders outside the U.S.can now access American equities through these tokens 24/7, sidestepping conventional barriers.
- Available on global exchanges like Kraken and Bybit.
- Self-custody options available through wallets like Phantom and Solflare.
- On-chain trading venues include Raydium, Jupiter, and Kamino.
But xStocks offer more than mere ownership. they’re deeply integrated with DeFi, enabling users to use xStocks as collateral, join liquidity pools, and effortlessly move assets between platforms.
