xStocks dominates tokenized stock deposits into DeFi with 58% share

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.

Seven of the top 10 tokenized stocks by trading volume belong to xStocks as of February 2026.

Onchain holdings tied to xStocks reached approximately $225 million in early 2026.

The DeFi integration playbook

xStocks has built deep integrations with Solana-native protocols, most notably Kamino for lending and Raydium for liquidity provision. Kamino’s lending markets alone account for 82.6% of the $23 million in tokenized-stock lending TVL.

The utility loop works like this: a user mints or buys an xStocks token representing, say, Apple or an S&P 500 ETF. Instead of letting it sit idle, they deposit it into Kamino as collateral and borrow stablecoins against it. Or they pair it in a Raydium liquidity pool to earn trading fees.