xStocks AUM Records New ATH With More Issuers Coming

Solana’s RWA scene is thriving. Since launching in onchain markets just over one month ago, tokenized stocks have solidified their presence in Solana DeFi.

The combined AUM of xStocks has recorded fresh all-time highs week-on-week, with over $37.9M worth of 1:1-backed stocks living onchain. Emerging marketplaces could catapult tokenization even further, with Remora Markets slated to launch in the coming weeks.

What are the trends and behaviors within Solana RWA-Fi, and how will the entrance of new competitors to the sector improve the end-user experience?

xStocks Total Market Cap Cracks $37.9M

xStocks, operated by Backed, have enjoyed consistent growth and adoption since launching in Solana DeFi in late June 2025. The combined AUM of all xStocks has steadily increased week after week, reaching a new all-time high of $37.9M, based on RWA.xyz data.

$TSLAx has proven to be far and away the most popular hold among tokenized stock investors, constituting 40% of daily trading volume and 22.9% of the collective AUM. Commanding an onchain market capitalization of $8.7M, $TSLAx’s AUM is almost twice as large as second-placed $SPYx, representing the S&P 500 Index.

Remarkably, $SPYx appears to be gaining the most traction in lending markets. Supplied $SPYx on lending protocols like Kamino comfortably exceeds that of $TSLAx, perhaps due to $SPYx’s higher LTV liquidation threshold (60%, rather than 45%).

xStock AUM is also far higher in DeFi than on its centralized counterparts. Of xStock’s $37.9M AUM, only $16.2M is held on centralized exchanges, with 57.3% of all xStock AUM held in self-custodial wallets. Despite DeFi commanding the bulk of the supply, the vast majority of xStock trading happens on exchanges.

Even excluding Kraken volume, which was not available for reporting, exchanges processed 1,777% more total volume than onchain markets. 

Solana is the clear leader in stock trading across leading blockchains, commanding over dominating onchain volume.

Why is Having More Issuers Good for RWA-Fi?

While Backed xStocks may have been first to market, Remora Market’s upcoming launch could inject some welcome dynamism into Solana’s RWA-Fi sector.

Having multiple tokenized stock issuers in Solana DeFi deepens onchain liquidity and enables a wealth of new strategies. Liquidity providers can create pools between xStocks and rStocks, generating yield from trading fees as arbitrageurs seek to profit off discrepancies in pricing.

These liquidity positions can then be further leveraged elsewhere in Solana DeFi, with platforms like Loopscale theoretically enabling leveraged yield opportunities. 

In much the same way that Solana’s LST scene has enjoyed meteoric growth off the back of growing competition from operators, RWA-Fi will benefit from having several issuers offering slightly different products and incentives. 

Competition breeds innovation, and the launch of a competing marketplace for tokenized stocks is more likely to propel the sector to new heights rather than fragment liquidity and attention in one of Solana’s fastest-growing sectors.

Disclaimer: SolanaFloor and Remora Markets are owned and operated by Step Finance.

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