xStocks Crosses $6 Billion in Solana Tokenized Stock Volume as Raydium Q3 Tops $2.3B

xStocks AAPLx$335.14-1.0% crossed $6 billion in total trading volume on Solana on September 18, the platform announced, adding that xStocks accounts for 54% of all tokenized stock trading volume in Solana's history.

The milestone arrived alongside Q3 data from Token Terminal showing Raydium RAY$2.39-1.3% processed approximately $2.3 billion in tokenized stock DEX volume so far in Q3 2026, up roughly 40% quarter-over-quarter. Token Terminal noted that the figure covers through September 18, with approximately two weeks of Q3 remaining.

xStocks Claims 54% of All Tokenized Equity DEX Volume in Solana's History

xStocks, issued by Backed Finance, covers 811 stocks and ETFs trading around the clock across more than 110 countries. The platform's $6 billion figure captures onchain DEX volume on Solana, primarily through Raydium.

Independent data published on September 18 placed 67% of all xStocks value on Solana, with the remainder distributed across other chains, according to @capitalmarkets.

The milestone arrives four days after Kraken launched yield vaults for SPYx, QQQx, and NVDAx via Kamino Finance KMNO$0.036-3.1% on Solana, offering up to 2% APY on deposits. That launch expanded xStocks from pure spot trading into structured DeFi yield products.

Raydium Tokenized Stock DEX Volume: $2.3B in Q3, Up 40% Quarter-over-Quarter

Raydium is the primary AMM venue for xStocks on Solana. Token Terminal's Raydium analytics show approximately $2.3 billion in tokenized stock volume processed in Q3 through September 18, up roughly 40% from the previous quarter's Raydium total.

For context: Solana's total tokenized stock DEX volume across all venues reached $5.8 billion in Q2 2026, a 114% jump from Q1, with xStocks commanding 58% of all tokenized equity DeFi deposits across 15 integrated apps.

SPYx, CRCLx, Tesla, Nvidia, and QQQ Drive 64.5% of Raydium's All-Time Tokenized Stock Volume

The five xStocks assets tracking the S&P 500 (SPYx), Circle (CRCLx), Tesla (TSLAx), Nvidia (NVDAx), and the Nasdaq 100 (QQQx) account for 64.5% of all-time tokenized stock DEX volume on Raydium, per Token Terminal. All five are issued by xStocks.

The concentration around large-cap equity benchmarks and high-profile technology names reflects the demand profile that has defined the category since xStocks launched on Solana in mid-2025. With roughly two weeks remaining in Q3, Raydium's tokenized stock total will exceed the current $2.3 billion reading before the quarter closes on September 30.