The recent launch of the xStocks platform enabled Solana to quickly achieve dominance in stock market tokenization. Solana has rapidly become a leader in stock-based real-world assets. According to the data analytics platform SolanaFloor , the launch of Backed Finance’s xStocks platform helped Solana capture dominance in tokenized stock trading. Notably, data from Dune Analytics shows that since xStocks’ launch on June 30, Solana has accounted for more than 95% of all tokenized stock trading volume. Currently, xStocks offers 60 tokenized assets on its platform, 55 stocks and 5 ETFs. Onchain stock token volume by blockchain | Source: Dune Analytics On the first day of trading, xStocks’ volume surpassed $1.3 million, with Strategy’s stocks capturing 30% of that figure. However, stocks and indices like Tesla and the S&P 500 quickly overtook it in trading activity. The $SPYx tokenized stock recorded $4.67 million in daily volume on July 2, representing more than 50% of all trading that day. Still, by July 3, trading volumes had dropped by more than half, indicating that initial trading enthusiasm had cooled. You might also like: Kraken lists tokenized U.S. stocks with 24/5 trading via xStocks xStocks AUM reaches $48.6 million Despite the decline in trading volumes, major users on the platform continued to hold their stock tokens. On July 3, xStocks’ assets under management reached $48.6 million. The leading asset was the $SPYx token, with $6.9 million in AUM. $METAx followed with $4.3 million, and $TSLAx came in third at $3.4 million. The total assets under management on xStocks on July 3 | Source: SolanaFloor The platform also saw significant user adoption, with over 20,000 unique wallets holding tokenized stocks. Among them, the $SPYx token was the most popular, held by more than 10,000 wallets. $TSLAx and $NVDAx followed, with 8,100 and 5,500 holders, respectively. Still, despite this early engagement, liquidity remains low, SolanaFloor cautioned. The platform noted that liquidity will likely be the key factor in determining whether tokenized stock trading on Solana proves viable. Read more: First U.S. Solana staking ETF debuts with $33M in volume, $12M in inflows
