Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges

Solana‑based xStocks have cleared a new milestone one month after their June 30 debut, with cumulative trading volume reaching $1.66 billion as of July 30. 

According to the project’s official dashboard, the growth has been driven overwhelmingly by centralized exchange (CEX) activity. CEX volume stands at $1.57 billion, roughly 95% of the total, while decentralized venues amounted to $85.2 million. 

On‑chain transaction volume across the xStocks ecosystem totals $356.4 million, indicating significant token activity even as most turnover occurs off‑chain.

xStocks are tokenized versions of stocks issued by Backed Finance on the Solana blockchain.

AUM grows

Assets under management (AUM) are approaching the $40 million mark, with participation broadening to 24,528 unique holders. 

Within that set, Tesla xStock (TSLAx) dominates by both reach and balance sheet. TSLAx counts 10,742 holders, more than any other listing, and leads AUM at $8.88 million.

Rounding out the top tier are SPYx with $4.76 million AUM, NVDAx with $4.39 million AUM, CRCLx with $3.67 million AUM, MSTRx with $3.38 million AUM, and GOOGLx with $1.85 million AUM. 

The ranking shows investor appetite spanning megacap techs, such as TSLAx, NVDAx, GOOGLx, broad‑market exposure with SPYx, and crypto‑linked equities with MSTRx. The presence of CRCLx in the top stocks by AUM signals interest in stablecoin‑adjacent plays.

Cooling activity

Despite the headline totals, activity has cooled into late July. On-chain transaction volumes have slid from early-month spikes around July 1–2 and mid-month bursts near July 15–21, registering lower highs.

DEX trading shows the same pattern, with firm peaks in the first half of the month, followed by lighter bars into July 29–30. The divergence suggests the market is moving from launch‑phase discovery into a more selective trading regime, with liquidity concentrating on larger listings and CEX rails.

The first‑month data paints a clear picture of how xStocks are being used. CEXs currently provide the deepest liquidity and tightest spreads, explaining their dominance of turnover.

Meanwhile, on‑chain flows and DEX volumes are meaningful but secondary, likely reflecting portfolio rebalancing, transfers, and a subset of users who prioritize self‑custody and permissionless execution.