xStocks, the tokenized equities platform from Backed Finance, processed more than $1 billion in decentralized exchange trading volume over the past 30 days, marking a significant milestone for on-chain stocks. SPYx, its tokenized version of the SPDR S&P 500 ETF, led activity, while Raydium, an automated market maker (algorithmic crypto trading venue) on Solana, handled roughly 75% of flows. SPYx has attracted between 63,000 and 73,000 holders, with an on-chain market capitalization ranging from $46 million to $73 million. The wider xStocks ecosystem includes dozens of U.S. stocks and ETFs, with cumulative trading volume reaching the tens of billions since its launch in mid-2025 and assets under management exceeding $800 million as of early September. Solana-based tokenized equity decentralized exchange volume reached a record $5.8 billion in the second quarter of 2026, while Raydium’s cumulative volume reached $3 billion by late June. On September 14, xStocks added yield-generating vaults for SPYx, QQQx and NVDAx through Kamino, a Solana yield optimization protocol. The milestone increases competitive pressure on offerings such as Binance’s bStocks, while xStocks’ integration with lending protocols, liquidity pools and yield vaults supports round-the-clock, fractional access to equity exposure.