XStocks, Backed Finance’s tokenized equities platform, surpassed $1 billion in DEX trading volume in just thirty days, with SPYx leading the charge. The tokenized S&P 500 tracker has attracted between 63,000 and 73,000 holders with an on-chain market cap of $46 million to $73 million. Raydium on Solana processed roughly 75% of these flows, cementing Solana as the primary venue for on-chain stock trading. Tokenized equity DEX volumes on Solana hit a record $5.8 billion in the second quarter of 2026. On September 14, xStocks expanded its offering by launching yield-generating vaults for SPYx, QQQx, and NVDAx through Kamino.
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