xStocks Goes Live: Tokenized Stocks Now Trading on Bybit, Kraken, and Solana DeFi

On June 30, xStocks, a pioneering platform for tokenized equities, announced on X that xStocks is now live, available on Kraken, Bybit, and Solana DeFi. Issued by BackedFi, xStocks aim to bridge traditional finance and crypto, enabling onchain trading of major equities and crypto-related stocks.

"This is the next step for crypto: over 60 tokenized stocks on Bybit, Kraken, and Solana—a trading experience with global accessibility and the speed of the blockchain. Household names like Apple, Amazon, and Microsoft are at your fingertips, freely transferable and available 24/7. This is what investing looks like when it’s designed for everyone," the official announcement stated.

These tokenized U.S. stocks offer onchain exposure to the world’s top equities, backed 1:1 by the underlying securities. However, this product is currently prohibited in the U.S.

Bybit Joins the xStocks Alliance: Expanding Global Reach

In May 2025, Kraken announced a partnership with BackedFi and the Solana Foundation to launch xStocks. Building on that momentum, BackedFi has now confirmed that Bybit has joined the xStocks Alliance and is listing xStocks on its Spot platform.

Emily Bao, Head of Spot at Bybit, stated that by listing tokenized equities and ETFs, the company is not merely expanding its product offerings but is also providing users with more choices, greater flexibility, and enhanced control, all within Bybit’s secure and seamless trading environment.

This listing complements the recent launch of Bybit TradFi, a unified trading interface that enables users to trade gold, forex, stock CFDs, indices, and commodities directly from the Bybit app. Traders now have access to a diverse set of tools suitable for both short-term market strategies and long-term investment planning. xStocks will also be available on Byreal, Bybit’s newly developed hybrid DEX.

Exploring xStocks: Tokenized Equities Now Available on Solana’s Leading DeFi Apps

"xStocks are DeFi-ready. They’re integrated with leading Solana protocols, offering a seamless UX for cryptonatives and a groundbreaking experience for retail investors," the release announcement stated.

Building on this, Solana users now have multiple ways to access, trade, and earn with xStocks across the ecosystem. The DeFi use cases can be grouped into three categories: trading, lending, and liquidity provision.

xStocks, as stated on X, aim to accelerate the convergence of crypto and traditional finance in collaboration with partners in the xStocks Alliance to shape the future of financial markets. On Solana, the xStocks Alliance includes four main partner platforms: Kamino, Raydium, Jupiter, and Phantom.

Among these, Jupiter plays a key role in optimizing trade execution and pricing. It serves as the primary decentralized liquidity aggregator for xStocks, sourcing liquidity from multiple decentralized platforms to offer the best available onchain prices through dynamic routing. See the chart below for an example of trading xStocks using Jupiter. xStocks will also soon be available on Jupiter Lend, expanding borrowing options within Solana’s DeFi ecosystem.

In parallel, lending options for xStocks are expanding. Kamino, Solana’s largest money market, integrates lending, liquidity, and leverage within a single platform, managing over $2 billion in liquidity and attracting strong daily user activity.

Through Kamino Lend, users can deploy xStocks as collateral via a dedicated xStocks Market, enabling borrowing against selected assets such as AAPLx, NVDAx, GOOGLx, METAx, TSLAx, SPYx, and QQQx.

Beyond trading and borrowing, users can also participate by providing liquidity through Raydium, the primary liquidity hub for xStocks on Solana. Raydium hosts dedicated liquidity pools for tokenized equities, where users can earn fees and incentives by contributing liquidity and supporting active trading within the ecosystem.

Currently, LP rewards are available for SPYx, TSLAx, NVDAx, CRCLx, and MSTRx, with additional tokenized stocks expected soon.

Crypto Twitter Reacts Positively to xStocks Launch

Crypto Twitter (CT) is overwhelmingly positive and bullish on the launch of xStocks on Solana. Key opinion leaders (KOLs) are excited about the speed, accessibility, and transformative potential of tokenized stocks being available to anyone with an internet connection.

MartyParty (@martypartymusic) highlighted the speed and simplicity of buying and selling tokenized stocks like $TSLA on Solana using Jupiter Exchange. He emphasized the broader impact, "Done. Anyone in the world can participate in Internet Capital Markets."

Mert Mumtaz (@0xMert_), CEO of Helius Lab, said this is just a small preview of what internet markets will be capable of, describing it as a "tiny taste" of future possibilities. He added that "decentralized Nasdaq is happening" and envisioned a world where users could have "10,000 markets in your pocket."

wale.moca (@waleswoosh) described the launch as a big deal and a key milestone for crypto adoption and the formation of true Internet Capital Markets. He summarized it as "First big step in changing the way traditional financial markets work. 24/7, on-chain."

Strong First-Day Performance for xStocks on Solana

xStocks made an immediate impact on their first day. According to on-chain researcher, @defioasis, xStocks saw strong initial traction following their launch on Solana yesterday. The following charts highlight key metrics: volume, stock breakdown, and unique traders. On June 30, the total daily trading volume reached approximately $1.34 million. MicroStrategy (MSTRx) was the most traded xStock, followed by NVIDIA (NVDAx) and Circle (CRCLx). xStocks also attracted 1,225 daily traders on the first day.