Tokenized Stock Activity on Backed Finance Climbs to $300 Million

Backed Finance’s xStocks Surpasses $300M in Trading Volume Within Weeks of Launch

Backed Finance’s tokenized equities product, xStocks, has crossed $300 million in trading volume less than four weeks after going live, signaling rising interest in on-chain access to traditional U.S. stocks.

The Switzerland-based firm launched xStocks across centralized platforms like Bybit and Kraken as well as Solana-based DeFi protocols. Each xStock token represents a share of a publicly traded U.S. company and is fully backed 1:1 by the actual stock, held by a regulated custodian. Tokens are issued under Swiss DLT regulations and follow the Solana SPL standard, enabling fast, low-cost, and decentralized trading.

In a recent post on X, xStocks described the milestone as “just the beginning,” adding that on-chain equities volume could double in the near future.

Institutional Interest Meets Tokenization

The product’s strong performance reflects a growing trend toward integrating traditional assets with blockchain infrastructure. Firms like Gemini and Robinhood have also launched tokenized stock services for European markets, underscoring the global appetite for 24/7, permissionless market access.

Not All Are Convinced

Despite surging volume, some industry voices remain skeptical. Anton Golub, COO of FreedX, criticized tokenized equities as cosmetic in nature. “You’re not buying Tesla stock—you’re buying a token that mimics its price,” he wrote on LinkedIn, arguing that such tokens offer no shareholder rights or direct ownership.

Golub likened xStocks to CFDs (Contracts for Difference), long used by European brokers to offer fractional stock exposure with leverage. “Tokenization isn’t democratizing access—it’s rebranding existing structures with new tech.”

Liquidity Remains a Challenge

Others have flagged liquidity risks. Parsec Finance noted in a recent newsletter that spreads may widen significantly, especially over weekends, as market makers hesitate to provide depth without consistent user demand.

“There’s still friction,” Parsec wrote. “Tokenized equities face the same bootstrapping issues as early DeFi assets—low liquidity, wide spreads, and uncertainty around sustained trading volume.”

Outlook

Despite criticism, xStocks’ rapid uptake confirms increasing investor appetite for tokenized financial products. As platforms mature and regulatory frameworks evolve, tokenized equities could play a pivotal role in bridging centralized finance and Web3—if key concerns around ownership, rights, and liquidity are addressed.