Cumulative trading volume across the xStocks catalogue on Solana has crossed 25 billion dollars since launch, with the top ten names now quoting tighter than equivalent retail venues during US session hours.
xStocks — Backed Finance's tokenised US-equity catalogue distributed primarily through Kraken — has crossed 25 billion dollars in cumulative trading volume on Solana since launch. Weekly turnover on the top ten names now exceeds the equivalent flow on several US regional ETFs, with bid-ask spreads consistently tighter than 0.05 percent during overlapping US session hours.
Where the flow actually comes from
Three roughly equal sources. Non-US retail traders accessing US large-caps without an onshore broker. Crypto-native funds rotating idle SOL and USDC into equity exposure between trades. And a growing institutional bucket — family offices and emerging-market allocators using xStocks as a 24/7 hedge against their US-equity benchmarks. The third group is small in count but increasing in size per ticket.
Microstructure has materially improved through 2026. Jupiter aggregates routes across Orca, Raydium, Phoenix and Drift; the result is that even mid-cap xStocks now have under-1-cent quoted spreads at touch with five-figure depth. Two years ago that was a fantasy. The arbitrage with the underlying US session price runs persistently inside 5 basis points and is the tightest it has ever been.
Twenty-five billion in cumulative volume on a venue that did not exist three years ago is the kind of number that gets ETF desks asking uncomfortable questions internally.
What it means for the legacy venues
Robinhood's after-hours equity volume on the same top-ten names is materially lower than xStocks daily turnover. That is a quiet competitive event. The traditional equity stack's response — proper 24-hour US-equity quote dissemination — is structurally hard for the established exchanges to deliver, and the xStocks programme is unconstrained by those frictions.
Tokenised equities used to be a thesis. With 25 billion dollars of cumulative volume, 60 active names, and 24/7 microstructure that beats the legacy venues on every metric except institutional comfort, the conversation has shifted to when — not whether — onshore US distribution is the next milestone.
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