More than half of all tokenized stocks flowing into decentralized finance protocols come from a single issuer. xStocks, built on Solana by Backed Finance, now accounts for 58% of all tokenized stock deposits into DeFi.
xStocks also controls 86.5% of the tokenized-stock lending total value locked, which sits at $23.1 million.
How xStocks built its lead
xStocks tokens are issued as SPL tokens on Solana, each one backed 1:1 by underlying US equities or ETFs held with regulated custodians.
Since launching in late June 2025, the platform has expanded its catalog to more than 700 assets. Cumulative transaction volume across centralized and decentralized exchanges has surpassed $35 billion as of mid-2026, with more than $20 billion of that coming from combined CEX and DEX activity.
