xStocks Dominates Tokenized Stock Deposits into DeFi
xStocks has dominated tokenized stock deposits into Decentralized Finance (DeFi) protocols, accounting for an impressive 58% share.
The platform, built on Solana by Backed Finance, has achieved this feat since its launch in late June 2025. xStocks' tokens are issued as SPL tokens on Solana and are backed 1:1 by underlying US equities or ETFs held with regulated custodians.
The platform's success can be attributed to its extensive catalog, which now comprises more than 700 assets. Cumulative transaction volume across centralized and decentralized exchanges has surpassed $35 billion as of mid-2026, with over $20 billion coming from combined CEX and DEX activity.
xStocks' dominance in the tokenized stock lending market is also evident, with a total value locked (TVL) of $23.1 million. The platform's deep integrations with Solana-native protocols, particularly Kamino for lending and Raydium for liquidity provision, have contributed significantly to its success.