SPYx Draws $18.3M in Deposits as Tokenized Stock Lending Gains Traction

SPYx, a tokenized tracker certificate that mirrors the SPDR S&P 500 ETF Trust, has attracted $18.3 million in deposits across multiple decentralized finance (DeFi) venues. The product launched on June 30, 2025, and quickly gained traction with early assets under management of $6.9 million.

The token itself is available in two flavors: an SPL token on Solana and an ERC-20 on Ethereum, allowing for trading around the clock and in fractional amounts. Chainlink handles the price feed and oracle layer, while FlowDesk provides liquidity support.

The majority of deposits are sitting on Morpho, a lending protocol that has emerged as a notable concentration point, with approximately $7.9 million in SPYx collateral deposited. On the Solana side, Kamino Finance has established itself as a significant hub for tokenized-stock lending activity.