US stocks on-chain, global trading, instant settlement, DeFi integration.
Author: Solana Foundation
Translated by: Deep Tide TechFlow
Summary
xStocks tokenizes US stocks and ETFs and brings them onto the Solana chain. Each token is backed 1:1 by real stocks held by a regulated custodian. Non-US traders can enjoy 24/7 market access, on-chain instant settlement, fractional ownership of stocks, and exposure to stocks for DeFi applications (such as lending, AMMs, and collateral). Since its launch 6 weeks ago, xStocks has accumulated nearly $500 million in on-chain trading volume.
Highlights
Tokenization of US Stocks and ETFs: xStocks tokenizes US stocks and ETFs, with each token backed 1:1 by real stocks held by a regulated custodian, providing 24/7 trading, T+0 settlement, and the convenience of fractional ownership.
Launch Date and Coverage: Since its launch on June 30, 2025, it offers over 60 tokenized stocks and ETFs, including major US companies and index funds (such as Apple, Nvidia, S&P 500). Non-US users can buy and hold them like any SPL token.
Distribution and Composability: It supports multi-platform trading from day one, listed on Kraken and Bybit, tradable via Raydium and Jupiter, and usable as collateral in Kamino, with native support for Phantom and Solflare wallets.
Programmable Compliance: Achieves programmable compliance features (such as corporate actions handling, pause/transfer control) through Solana Token Extensions while maintaining compatibility with DeFi.
Early Market Performance: In 6 weeks, the cumulative trading volume reached approximately $2.1 billion, with about $500 million in on-chain trading volume. As of August 11, 2025, xStocks holds 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 purchasing US stocks. Traditional equity markets have limited trading hours, requiring investors to go through intermediaries and deal with cumbersome paperwork, with settlement processes often taking days. This friction complicates investments and keeps potential investors at bay.
But what if a stock could flow like 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 non-US traders with financial exposure to stocks and support their use as collateral, participation in automated market maker (AMM) liquidity pools, or cross-platform transfers 24/7. 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 experienced real-world asset issuers) on Solana, opening a new chapter for global investors in US stock trading.
Original video link: Click here
The first batch of xStocks includes over 55 tokenized stocks and ETFs, covering well-known companies such as Apple, Microsoft, Nvidia, Tesla, and Meta. Users can now trade stocks of these renowned companies on Solana.
The stock codes for xStocks end with "x", such as NVDAx (Nvidia) and AMZNx (Amazon), bringing a new identity to tokenized stocks.
Image 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), as well as other xStocks, through decentralized exchanges or aggregators like Raydium, Kamino, or Jupiter. On centralized exchanges like Kraken or Bybit, xStocks function similarly to crypto assets, allowing users to buy and withdraw to self-custody wallets, achieving full control over their assets.
Image Source: Kamino
User Experience Advantages: Beyond Traditional Stock Trading and Brokerage Models
xStocks revolutionizes traditional stock trading and brokerage models, offering numerous advantages to users. It significantly lowers the investment threshold for traditional equity, allowing global users to access the market without brokers. This transformation is significant, as classic wealth pathways like index funds and stock investments have historically been monopolized by specific regions.
With xStocks, global non-U.S. users can now invest in tokenized U.S. stocks without geographical restrictions.
Moreover, xStocks unlocks more possibilities, providing investors with new financial tools and strategies.
xStocks supports continuous trading on Solana, enabling users to trade on-chain 24/7 through self-custody wallets. Transactions settle instantly without waiting for clearing houses, greatly enhancing efficiency.
Each xStock can be split on-chain, allowing for flexible fractional ownership. Users do not need to purchase whole shares; they can start investing with a small amount of capital, with no minimum amount required and no management fees.
The composability of xStocks is another highlight, as tokenized stocks can be used as collateral, lent, or added to liquidity pools. This innovation introduces new yield strategies that do not exist in traditional finance, offering investors more possibilities.
Imagine a Brazilian user purchasing $50 worth of AAPLx at night. They can immediately use part of their holdings as collateral to borrow stablecoins on Kamino while investing the remainder into Raydium's liquidity pool to earn fees. All of this can be completed in minutes, without brokers and without waiting for settlement.
This is not just a transformation in stock investment methods; it is a breakthrough of the traditional "buy and hold" strategy, redefining the potential and value of stock ownership.
Image Source: xStocks
xStocks realizes the vision of bringing Wall Street to the blockchain, perfectly merging regulated stock exposure with the programmability of cryptocurrencies, opening a new financial era for investors.
How Do xStocks Work?
The basic concept of xStocks is very simple: each stock is tokenized into an SPL token, and any user in an allowed jurisdiction can purchase, hold, and use it through a wallet. However, behind the apparent simplicity lies a complex operational mechanism.
The issuance of xStocks is based on a regulated framework:
Stock Acquisition: Backed purchases actual stocks of companies like Tesla or Apple through traditional brokers and stores them in regulated custodians.
Token Minting: For every share of 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 backing ratio ensures that the token supply is fully tied to the actual stock holdings.
Trading Preparation: Chainlink provides dedicated data feeds to update real-time prices and corporate actions (such as dividends and stock splits). In the current design of xStocks, dividends are automatically reinvested into the token balance.
xStocks Leverages Token Extensions on Solana for Custom Features and Compliance
Token extensions allow 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 features 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 are displayed correctly in wallets and applications, maintaining real-time updates.
Scaling UI Amount Configuration: Allows issuers to provide a multiplier to represent on-chain corporate actions, such as stock dividends, splits, and reverse splits. When the issuer updates this multiplier, all wallets holding that token will automatically adjust the visual display of their balances. This enables traditionally expensive corporate action events to be realized in a single point in time.
Pause Configuration: Allows issuers to pause all interactions with the token in case of emergencies, regulatory requirements, or security incidents, providing important security safeguards for the token.
Permanent Delegation: Assigns ongoing authority to a designated authorized entity (in this case, Backed) to transfer or destroy tokens from any address without user-level permissions. This is typically to meet regulatory requirements to seize assets under legitimate court orders.
Default Account Status: Currently set for all token accounts to start in "initialized" status, adding this extension allows Backed to support sRFC-37 in the future, improving block list management efficiency, and this feature will be more widely supported as adoption increases.
Transfer Triggers: Enables custom logic on each token transfer. This can replace sRFC-37 to support block lists and meet compliance requirements. Currently initialized but disabled.
Privacy Balance: Adds a privacy-preserving transfer framework that hides transfer amounts and balances while maintaining verifiability and auditability. Currently initialized but disabled.
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 enhance the programmability of xStocks far beyond traditional securities and assets, perfectly combining compliance tools with the composability of DeFi. For more details, please refer to our "2025 Securities 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 launched on 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 primary AMM (Automated Market Maker) for on-chain liquidity, while Jupiter was responsible for aggregating the best quotes. Kamino introduced xStock collateral pools, allowing users to borrow using tokens like AAPLx or TSLAx. Wallets like Phantom and Solflare natively support token identifiers, displaying them alongside regular tokens.
Subsequently, more industry participants joined to form the "xStocks Alliance." This alliance consists of exchanges, protocols, and service providers, including Backed, Kraken, Bybit, Solana, AlchemyPay, Chainlink, Kamino, Raydium, Jupiter, and other partners, dedicated to promoting the widespread adoption of xStocks.
Rapid Adoption, Composability Drives Growth.
Thanks to the collaboration within the ecosystem, xStocks achieved rapid market penetration. In the first month after launch, trading volume exceeded $300 million; by the 6th week, cumulative trading volume surpassed $2.1 billion. Among these, trading activities on decentralized exchanges contributed over $110 million in trading volume.
Image Source: Dune
According to data from rwa.xyz, in 2025, the trading volume of xStocks on Solana accounted for approximately 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 vast, with a total market capitalization exceeding $120 trillion. Although the initial tokenization only targets a small portion of this, the potential opportunity is enormous.
xStocks focuses on three main market segments, offering unique value propositions.
Non-U.S. Residents: They represent the largest potential market. These users can more easily access U.S. stocks without the restrictions of traditional brokerage accounts.
Crypto-Native Investors: They seek stock exposure within the DeFi ecosystem. For these users, self-custody, 24/7 access, and asset composability are particularly important.
Retail Investors: Fractional ownership, weekend trading, and instant settlement make small investments cheaper and more flexible.
This tokenization trend resonates with the theory of "Internet Capital Markets." By reducing barriers between capital and individuals, xStocks can expand market participation and promote investment democratization.
A Bridge to the Future
xStocks can be seen as a bridge, representing an important and practical step in bringing traditional markets into the blockchain space while narrowing the gap between traditional finance (TradFi) and decentralized finance (DeFi).
It brings two major transformations:
Market Access: People who previously could not access the U.S. market can now easily participate. This change significantly expands the investor base.
New Ways to Use Assets: Stocks are no longer just investment tools; they can be used as collateral for lending, participate in yield strategies, and even flow in fractional forms across different applications. The composability of assets creates new product forms that have never existed in traditional finance (TradFi).
Tokenizing public stocks marks a significant upgrade in market infrastructure. With its first-mover advantage, partnerships with exchanges, and technological support leveraging Solana's high-speed network, xStocks has laid a solid foundation for its growth into a large ecosystem.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
