xStocks Surpasses $500 Million in Onchain Volume, but Experts Call Milestone Purely Symbolic

xStocks, a Solana-based platform for tokenized U.S. equities developed by Backed, has surpassed $500 million in on-chain transaction volume in just 49 days after its public launch. However, experts caution that the figure represents more of a symbolic milestone than a real shift in financial markets.

The platform allows users outside the U.S. to trade blockchain-based versions of dozens of U.S. stocks and ETFs, with assets fully backed 1:1 by the underlying securities. Along with its on-chain transaction volume, xStocks has also attracted over 25,000 unique on-chain holders and nearly $50 million in assets under management (AUM) since its June 30 launch. Notably, Tesla, SPY, Nvidia and Strategy account for nearly half the AUM.

Solana revealed in a report that tokenized equities across all venues have generated around $2.1 billion in cumulative volume during the same six-week period, with xStocks representing about 58% of that total. Currently, the platform’s tokens are listed on Kraken and Bybit, tradable via Raydium and Jupiter, and can also be used as collateral on Kamino.

Keeping numbers in perspective

Still, experts caution that while xStocks’ $500 million in on-chain transactions is a milestone, it remains modest compared with broader markets.

Doug Colkitt, initial contributor to Fogo, explained that although half a billion dollars in under two months is “not trivial,” it pales in comparison to other trading venues. “Solana DEXes see that much volume in an afternoon,” he said.

For example, over the past 24 hours, HumidiFi recorded $695 million in trading volume, followed by Raydium at $531 million, and Orca at $492 million, according to DeFiLlama. Meanwhile, Tesla stock alone averages billions of dollars in daily trading volume on the Nasdaq.

“However, it does show that there’s a cohort of traders eager to experiment with stocks on-chain,” Colkitt added. “Whether that’s sustainable demand or just the novelty trade — we’re about to find out.”

Meanwhile, Eli Cohen, general counsel at Centrifuge, said he doesn’t even consider this figure symbolic at all.

“Market cap for the xStocks is a better metric, and it is only at 44 million for 40-plus tokens,” Cohen said.

‘Significant for tokenized stocks’

Tom Bruni, editor and VP of Stocktwits, echoed Colkitt’s sentiment, noting that while $500 million is small relative to the size of traditional finance (TradFi) or the broader crypto market, it is “significant for the tokenized stocks market, which is primarily outside of the U.S. due to regulatory constraints, and serves as a good proof-of-concept and a green light for those building in the space.”

Bruni noted that regulatory clarity and improved user interfaces will be key to determining whether tokenized equities can move beyond early adopters and become a viable option for global retail investors.

“It’s symbolic for now, but a good early signal that this concept could have legs once regulation unlocks the U.S. markets and Robinhood and other retail brokerages improve the use cases/user interfaces,’ Bruni said.

Currently, products like xStocks aren’t available to U.S. residents due to regulatory restrictions. Since these tokens represent shares of U.S. companies, they are considered securities and must adhere to complex U.S. securities laws.