Crypto
xStocks Surpasses $1 Billion in Monthly Trading Volume on Solana's Raydium
xStocks, a tokenized equities platform by Backed Finance, has hit $1 billion in monthly decentralized exchange trading volume within 30 days. The main driver of this growth is SPYx, a tokenized SPDR S&P 500 ETF.
About 75% of this trading occurred on Raydium, a Solana-based automated market maker, highlighting Solana's dominance in tokenized stock trading.
xStocks now supports dozens of US stocks and ETFs with assets under management exceeding $800 million. The platform recently introduced yield-generating vaults for key tokens, enhancing passive income opportunities and increasing appeal for both retail and institutional investors.