XStocks become the favorite tokenized stocks after reaching a total trading volume of $10 billion. Solana is also the leading carrier for actively traded RWA tokens.
XStocks has shown continued expansion in trading activity since the launch of the new tokenized stock standard. The XStocks market broke above $10 billion in total volumes for the first time, thanks to a mix of inflows from business from Kraken and, more recently, Hyperliquid.
Most trading volumes are concentrated on centralized markets, with a cumulative volume of approximately $341 million on DEXs.
XStocks volumes continued to grow, boosted by activity on the centralized exchange Kraken. | Source: Dune Analytics
Since November, Solana has also become the main hub for tokenized equities, the smallest and still growing asset class in RWA tokenization. About 90% of tokenized shares are minted on Solana, with 77% of transfer volumes using the chain.
XStocks was also added to BNB Chain, Ethereum and Arbitrum, with multiple options for transfers. Nevertheless, Solana remains the preferred network. XStocks are making their way into DeFi and becoming a new collateral class for minting stablecoins. Recently, Falcon Finance added XStocks as collateral for USDf.
Kamino Lend, Solana’s most widely used credit protocol, has also added XStocks as collateral.
XStocks becomes the leading brand for tokenized stocks
The launch of XStocks in July created a high-profile brand for tokenized stocks. Until recently, tokenized shares were created informally and markets were fragmented.
Public equality is still the smallest addition to overall tokenization. However, a uniform stock standard could get more crypto residents into trading, especially with the addition of convenient markets.
XStocks focuses on a mix of large-scale traders and retail. Most volumes are concentrated in a handful of assets, with Tesla (TSLA) and Nvidia (NVDA) at the top. XStocks still lags behind the RWA secured by Ondo and Securitize, but is one of the few equity-based tokens ahead of the European market.
Solana becomes a top 5 network for RWA tokenization
XStocks become the most intuitive type of RWA tokens, placing Solana among the top 5 networks for RWA tokenization. XShares are still growing, by a little less $100 million locked in total value.
Solana is among the top 5 networks for RWA tokenization as XStocks became a widely traded asset class. | Source: RWA.xyz
Solana still lags behind Ethereum, which got a boost from the tokenized money markets. Ondo is the most direct competitor, as the chain also has its own prominent brand of tokenized shares.
While Solana still has a more limited selection of tokenized RWA, active trading in XStocks is a game changer as other tokens have lower trading activity. Solana also reported 101,000 holders of its tokenized shares, showing greater potential for mainstream adoption.