Concepts
xStocks
Backed Finance's tokenized US stocks on Solana (TSLAx, NVDAx, …)
What is xStocks?
Tokenized US equities issued by Backed Finance on Solana. Each token (TSLAx, NVDAx, AAPLx, …) is collateralized 1:1 by the real share. By on-chain volume, xStocks is the largest tokenized-stock venue we track.
How much xStocks activity is there right now?
| Tokenised assets in our registry | 129 |
|---|---|
| Assets with flow (90 days) | 121 |
| Transfers (90 days) | 12,253 |
| Of those, organic (not issuance) | 12,213 (99.7 %) |
| Latest transfer | 2026-09-11 |
How to read this. xStocks are tokenised versions of listed equities and funds that trade on-chain. Watching their transfers shows whether tokenised equity exposure is actually being traded between holders, or whether the apparent volume is just the issuer creating and destroying tokens.
How we calculate it. We hold a registry of tokenised-asset contracts, each verified on-chain against its own decimals and symbol before being added. Transfers are read directly from the chain and matched against that registry. Mints and burns are flagged separately from wallet-to-wallet movement.
Where this approximates. Issuance is not trading. A meaningful part of raw transfer counts is the issuer minting or redeeming, which inflates any headline volume figure that does not separate it out — the organic line above is the one to read. Registry coverage is also a deliberate choice rather than the whole market: assets whose net asset value we cannot establish honestly are left out instead of being given a fabricated price.
Rolling 90-day window · latest data 2026-09-11 · registry verified on-chain