CRCLx, a tokenized instrument tracking Circle Internet Group shares, is being used in decentralized finance through lending protocols, liquidity pools and other onchain applications, with roughly $2.9 million deployed to generate potential yield. Issued by Backed Finance as part of its xStocks lineup, CRCLx is a tracker certificate backed 1:1 by underlying Circle shares and available as an SPL token on Solana and an ERC-20 token on Ethereum. CRCLx launched in June 2025, with its net asset value recently around $71 to $74. The broader xStocks platform launched on Solana on June 30, 2025, and reports approximately $186 million in assets under management, more than 100 tokenized stocks and ETFs, continuous trading and fractional ownership. Its tokens can connect with DeFi protocols, while most of the ecosystem operates on Solana. xStocks accounts for 58% of tokenized-equity deposits across 15 DeFi applications and 86.5% of tokenized-stock lending total value locked. Reported transaction-volume figures differ: one account puts cumulative xStocks volume above $35 billion, while another reports more than $25 billion. The totals may include wash trading or high-frequency activity, making the $186 million AUM figure a firmer indicator of capital held in tokenized positions. CRCLx's appeal is linked to Circle's USDC stablecoin and its 2025 public listing, which gave crypto-native investors access to equity exposure. Bybit began accepting select xStocks tokens, including CRCLx, as collateral on July 31, 2026. The model carries exposure to Circle's share price, Backed Finance as issuer, smart-contract vulnerabilities, legal restrictions and secondary-market liquidity risk.