Author: Solana Foundation
Compiled by: Deep Tide TechFlow
Summary
xStocks tokenizes U.S. stocks and ETFs and introduces them onto the Solana chain. Each token is 1:1 backed by real stocks held by regulated custodians. Non-U.S. traders enjoy round-the-clock market access, on-chain instant settlement, fragmented stock holdings, and the ability to use stock exposure for DeFi applications (like lending, AMMs, and collateral). Since its launch 6 weeks ago, xStocks' on-chain cumulative trading volume has approached $500 million.
Highlights
Tokenization of U.S. stocks and ETFs: xStocks tokenizes U.S. stocks and ETFs, with each token 1:1 backed by real stocks held by regulated custodians, providing round-the-clock trading, T+0 settlement, and convenience of fragmented holdings.
Launch date and coverage: Since launching on June 30, 2025, it has offered over 60 tokenized stocks and ETFs, including major U.S. companies and index funds (like Apple, NVIDIA, S&P 500). Non-U.S. users can purchase and hold like any SPL token.
Distribution and composability: On the first day of launch, it supported multi-platform trading, listed on Kraken and Bybit, tradable through Raydium and Jupiter, and usable as collateral in Kamino, with native support for Phantom and Solflare wallets.
Programmable Compliance: Achieved programmable compliance features (such as corporate action handling, pause/transfer controls) through Solana Token Extensions while maintaining compatibility with DeFi.
Early market performance: The cumulative trading volume reached approximately $2.1 billion within 6 weeks, with on-chain trading volume around $500 million. As of August 11, 2025, xStocks held about 58% market share in the tokenized stock trading market, with Solana holding most of the market value.
Simple Questions
Many people around the world face slow speeds, high costs, or inconvenient operations when buying U.S. stocks. Traditional equity market trading hours are limited, and investors need to go through intermediaries and deal with cumbersome paperwork, with settlement processes often taking days. This friction not only complicates investments but also alienates potential investors.
But what if a stock could be as liquid as a token? What if it could be stored in a wallet, transferred instantly, and used for other financial applications? This is the vision that xStocks promises on Solana.
Tokenized stocks provide financial exposure to stocks for non-U.S. traders, supporting their use as collateral, participation in automated market maker (AMM) liquidity pools, or cross-platform round-the-clock transfers. This not only brings new investment strategies but also creates entirely new forms of liquidity.
xStocks was officially launched on June 30, 2025, by Backed (one of the most seasoned real-world asset issuers) on Solana, opening a new chapter in U.S. stock trading for global investors.
Original video link: Click here
The first batch of xStocks includes over 55 tokenized stocks and ETFs, covering well-known companies like Apple, Microsoft, NVIDIA, Tesla, and Meta. Users can now trade stocks of these famous enterprises on Solana.
The stock codes for xStocks end with 'x', such as NVDAx (NVIDIA) and AMZNx (Amazon), providing new identifiers for tokenized stocks.
Source: xStocks
As of August 2025, the complete list of 60+ xStocks launched on Solana is as follows:
ABTx - Abbott xStock
ABBVx - AbbVie xStock
ACNx - Accenture xStock
GOOGLx - Alphabet xStock
AMZNx - Amazon xStock
AMBRx - Amber xStock
AAPLx - Apple xStock
APPx - AppLovin xStock
AZNx - AstraZeneca xStock
BACx - Bank of America xStock
BRK.Bx - Berkshire Hathaway xStock
AVGOx - Broadcom xStock
CVXx - Chevron xStock
CRCLx - Circle xStock
CSCOx - Cisco xStock
KOx - Coca-Cola xStock
COINx - Coinbase xStock
CMCSAx - Comcast xStock
CRWDx - CrowdStrike xStock
DHRx - Danaher xStock
DFDVx - DFDV xStock
LLYx - Eli Lilly xStock
XOMx - Exxon Mobil xStock
GMEx - Gamestop xStock
GLDx - Gold xStock
GSx - Goldman Sachs xStock
HDx - Home Depot xStock
HONx - Honeywell xStock
INTCx - Intel xStock
IBMx - International Business Machines xStock
JNJx - Johnson & Johnson xStock
JPMx - JPMorgan Chase xStock
LINx - Linde xStock
MRVLx - Marvell xStock
MAx - Mastercard xStock
MCDx - McDonald's xStock
MDTx - Medtronic xStock
MRKx - Merck xStock
METAx - Meta xStock
MSFTx - Microsoft xStock
MSTRx - MicroStrategy xStock
QQQx - Nasdaq xStock
NFLXx - Netflix xStock
NVOx - Novo Nordisk xStock
NVDAx - NVIDIA xStock
OPENx - OPEN xStock
ORCLx - Oracle xStock
PLTRx - Palantir xStock
PEPx - PepsiCo xStock
PFEx - Pfizer xStock
PMx - Philip Morris xStock
PGx - Procter & Gamble xStock
HOODx - Robinhood xStock
CRMx - Salesforce xStock
SPYx - SP500 xStock
TBLLx - TBLL xStock
TSLAx - Tesla xStock
TMOx - Thermo Fisher xStock
TQQQx - TQQQ xStock
UNHx - UnitedHealth xStock
VTIx - Vanguard xStock
Vx - Visa xStock
WMTx - Walmart xStock
Easy access to stock exposure: as simple as buying tokens
Buying stocks is no longer a cumbersome process! With xStocks, the experience of purchasing stocks on Solana is almost indistinguishable from buying any token.
Users can purchase AAPLx (Apple) or SPYx (S&P 500 ETF) and other xStocks using decentralized exchanges or aggregators (like Raydium, Kamino, or Jupiter). On centralized exchanges like Kraken or Bybit, xStocks performs similarly to crypto assets, allowing users to withdraw to self-custody wallets for complete control over their assets.
Source: Kamino
User experience advantage: surpassing traditional stock trading and brokerage models
xStocks revolutionizes the traditional stock trading and brokerage model, bringing numerous advantages to users. It significantly lowers the investment threshold for traditional equities, allowing global users to enter the market without brokers. This transformation is significant, as classic wealth paths like index funds and stock investments have long been monopolized by specific regions.
Through xStocks, global users outside the U.S. can now invest in tokenized U.S. stocks without geographical restrictions.
Moreover, xStocks unlocks more possibilities, offering investors new financial tools and strategies.
xStocks supports continuous trading on Solana, allowing users to achieve on-chain 24/7 trading through self-custody wallets. Transactions settle instantly without waiting for clearing institutions, significantly enhancing efficiency.
Each xStock can be split on-chain, allowing for flexible fragmented holdings. Users do not need to purchase whole shares and can start investing with a small amount of funds, with no minimum amount required and no management fees.
The composability of xStocks is another highlight; tokenized stocks can be used as collateral, lent, or added to liquidity pools. This innovation provides entirely new yield strategies not present in traditional finance, offering investors more possibilities.
Imagine a Brazilian user purchasing $50 worth of AAPLx at night. He can immediately use part of his holdings as collateral to borrow stablecoins on Kamino, while putting the remaining portion into the liquidity pool of Raydium to earn fees. All of this can be done in minutes, without a broker or waiting for settlement.
This is not only a transformation in stock investment methods but also a breakthrough against the traditional 'buy and hold' strategy, redefining the potential and value of stock ownership.
Source: xStocks
xStocks realizes the vision of bringing Wall Street onto the blockchain, perfectly merging regulated stock exposure with the programmability of cryptocurrencies, opening a new financial era for investors.
How does xStocks work?
The fundamental idea behind xStocks is very simple: each stock is tokenized into an SPL token, and any user in a permitted jurisdiction can buy, hold, and use it through a wallet. However, the apparent simplicity is backed by a complex operational mechanism.
The issuance of xStocks operates based on a regulated framework:
Stock Acquisition: Backed purchases actual stocks from traditional brokers, such as Tesla or Apple, and stores them in a regulated custodian.
Token Minting: For each real stock held, Backed mints a corresponding SPL token on Solana. For example, 1 share of Tesla stock corresponds to 1 TSLAx token. This strict 1:1 asset-backed ratio ensures that the token supply is fully tied to the actual stock holdings.
Trading Preparation: Chainlink provides a dedicated data feed for updating real-time prices and corporate actions (such as dividends and stock splits). In the current xStocks design, dividends are automatically reinvested into the token balance.
xStocks leverages Solana's token extensions to realize customized features and compliance characteristics
Token extensions enable issuers like Backed to enforce rules, manage metadata, and integrate with DeFi on Solana while ensuring compliance with regulatory frameworks. It is important to note that once a token is created, its extension settings cannot be changed, so some functionalities may not be actively used at initialization.
Each xStock token utilizes the following token extension features:
Metadata Pointer: Links token minting information with off-chain metadata (such as name, symbol, description, and market data), hosted by the issuer. This ensures that xStocks displays correctly in wallets and applications, maintaining real-time updates.
Scaling UI Amount Configuration: Allows the issuer to provide a multiplier to represent on-chain corporate actions such as stock dividends, splits, and reverse splits. When the issuer updates the multiplier, all wallets holding that token will automatically adjust the visual display of their balances. This enables traditionally expensive corporate action events to be executed in a single temporal manner.
Pause Configuration: Allows the issuer to pause all interactions with the token in case of emergencies, regulatory requirements, or security events, providing essential security safeguards for the token.
Permanent Delegation: Assigns ongoing power to the authorized entity designated by the token issuer (in this case, Backed) to transfer or destroy tokens from any address without user-level permissions. This is often to meet regulatory requirements, allowing for asset seizure according to legitimate court orders.
Default Account Status: Currently set for all token accounts to start in an 'initialized' state, adding this extension enables Backed to support sRFC-37 in the future, improving block list management efficiency, which will be more widely supported as adoption increases.
Transfer Trigger: Enables custom logic on each token transfer. This can replace sRFC-37 to support block lists, meeting compliance requirements. Currently initialized but in a disabled state.
Privacy Balance: Adds a privacy-preserving transfer framework that hides transfer amounts and balances while maintaining verifiability and auditability. Currently initialized but in a disabled state.
Token Metadata: Stores on-chain metadata, including official name, ticker symbol, and a link to the metadata file hosted by the issuer, ensuring asset details are transparent and verifiable.
These features make the programmability of xStocks far superior to traditional securities and assets, perfectly combining compliance tools with the composability of DeFi. For more details, please refer to our (2025 Security Tokenization Report).
Launch and Early Progress
Backed launched xStocks on June 30, 2025, with the first issuance covering over 55 stocks and ETF assets.
The initial distribution and growth momentum of xStocks come from two directions:
Centralized Exchanges: xStocks is launched through two major partners, Kraken and Bybit, instantly opening trading to users in 185 countries worldwide.
On-chain Integration: Within hours of launch, xStocks achieved support on major DeFi platforms. Raydium became the main AMM (Automated Market Maker) for on-chain liquidity, while Jupiter aggregates the best quotes. Kamino introduced the xStock collateral pool, allowing users to borrow using tokens like AAPLx or TSLAx. Wallets like Phantom and Solflare natively support token identifiers, displaying alongside regular tokens.
Subsequently, more industry participants joined to form the 'xStocks Alliance'. This alliance comprises exchanges, protocols, and service providers, including Backed, Kraken, Bybit, Solana, AlchemyPay, Chainlink, Kamino, Raydium, Jupiter, and others, committed to promoting the widespread adoption of xStocks.
Quick adoption, with composability driving growth.
Thanks to ecosystem collaboration, xStocks achieved rapid market penetration. In the first month after launch, trading volume exceeded $300 million; by week 6, cumulative trading volume surpassed $2.1 billion. Among this, trading activity on decentralized exchanges contributed over $110 million in trading volume.
Source: Dune
According to data from rwa.xyz, in 2025, trading volume on Solana's xStocks accounted for about 58.4% of all tokenized stock trading. As of August 11, 2025, the total trading volume approached $86 million, with Solana's market share exceeding half, reaching $46 million.
A $120 trillion opportunity
The global stock market is massive, with a total market capitalization exceeding $120 trillion. Although the initial tokenization only targets a small portion of this, the potential opportunities are immense.
xStocks offers unique value propositions for three main market domains.
Non-U.S. Residents: They constitute the largest potential market. These users can more easily access U.S. stocks without the constraints of traditional brokerage accounts.
Crypto-native Investors: They seek stock exposure within the DeFi ecosystem. For these users, self-custody, round-the-clock access, and asset composability are particularly important.
Retail Investors: Fragmented ownership, weekend trading, and instant settlement make small investments cheaper and more flexible.
This tokenization trend echoes the theory of 'Internet Capital Markets'. By reducing barriers between capital and individuals, xStocks can expand market participation and promote broader investment accessibility.
Bridge to the Future
xStocks can be seen as a bridge, an important and practical step in bringing traditional markets into the blockchain space, while also narrowing the gap between traditional finance (TradFi) and decentralized finance (DeFi).
It brings two major transformations:
Market access: People who previously could not reach the U.S. market can now easily participate. This change significantly expands the investor base.
New ways to utilize assets: Stocks are no longer just investment tools; they can serve as collateral for loans, participate in yield strategies, or even flow between different applications in fragmented form. The composability of assets creates new product forms that have never existed in traditional finance (TradFi).
Tokenizing public stocks marks an important upgrade in market infrastructure. With its first-mover advantage, partnerships with exchanges, and leveraging the high-speed network of Solana, xStocks lays a solid foundation for its growth into a massive ecosystem.
