Backed Finance's tokenized equities platform now controls 58% of all tokenized stock deposits across DeFi protocols, with $111M locked across 15 platforms
Tokenized stocks are no longer a niche experiment sitting at the edge of DeFi. XStocks, the tokenized equities platform built by Backed Finance and affiliated with Kraken’s parent company Payward, added roughly $3.8 million in DeFi total value locked over the past week, continuing a run that has made it the dominant force in the category.
The platform now controls approximately 58% of all tokenized stock deposits flowing into DeFi protocols, with $111 million spread across 15 different protocols.
The numbers behind the dominance
Beyond raw deposit figures, xStocks is also running the table on tokenized-stock lending. Its lending TVL stands at $23.1 million, capturing 86.5% of market share in that category alone.
The platform’s overall DeFi TVL sits in the range of $63 million to $84 million, with assets being actively deployed as collateral and inside liquidity pools rather than sitting idle. On-chain assets under management reach approximately $845 million, which puts the DeFi utilization rate at roughly 9.9%.
Cumulative transaction volume across the platform has surpassed $35 billion to $40 billion, and xStocks lists more than 800 assets available across more than 110 countries. XStocks has done it since launching in late June 2025.
On Solana specifically, xStocks facilitated over $1 billion in trading volume over a 30-day window through Raydium, one of the chain’s primary decentralized exchanges. Solana itself recorded $5.8 billion in total DEX volume for the second quarter of 2026.
What xStocks actually is, and why the structure matters
XStocks tokens are issued on a 1:1 basis, each one backed by an underlying US equity or ETF held with regulated custodians.
The platform has since expanded its product suite beyond simple tokenized holdings. Yield-generating vaults for assets including SPYx, QQQx, and NVDAx launched on Kraken in September 2026, giving users exposure to equity-linked returns inside a DeFi-compatible wrapper. SPYx tracks the S&P 500, QQQx follows the Nasdaq-100, and NVDAx gives on-chain access to Nvidia’s equity performance.
The Backed Finance and Payward connection also gives xStocks distribution infrastructure that pure DeFi-native projects rarely enjoy. Kraken has an established retail and institutional user base, and the ability to funnel those users toward yield products sitting on-chain collapses the barrier between traditional brokerage and DeFi participation.
Why this matters for the tokenized asset market
When a single platform controls 86.5% of tokenized-stock lending TVL and accounts for more than half of all tokenized stock DeFi deposits, it functions less like a startup and more like foundational infrastructure.
The 9.9% DeFi utilization rate is worth watching closely as a signal. Most tokenized RWA platforms see a significant portion of their AUM remain passive, purchased by holders who want on-chain exposure but do not actively deploy it into DeFi protocols. A utilization rate approaching 10% suggests xStocks users are treating these tokens as productive capital, not just digital receipts.
