Delphi Digital posted on X on June 25, reporting that xStocks' on-chain assets under management (AUM) surpassed $500 million for the first time, with over 177,000 independent holders, and the top 10 stocks accounted for more than 80% of total holdings. On the same day, Solana tokenized stocks saw a 24-hour trading volume of $380 million, more than doubling the previous recent high of $187.9 million.
xStocks New Milestone: $500 Million AUM, 177,000 Holders
(Source: Delphi Digital)
According to Delphi Digital's post on platform X: xStocks' on-chain AUM exceeded $500 million for the first time; independent holders surpassed 177,000; the top 10 holdings (well-known stocks with large market caps) accounted for over 80% of total holdings. This means xStocks' AUM is highly concentrated in a few well-known large-cap stocks, but the holder base is relatively dispersed, reflecting broad retail participation in top US stocks.
Solana Tokenized Stocks 24-Hour Trading Volume $380 Million
The $380 million 24-hour trading volume more than doubled the previous recent high of $187.9 million. When the earlier record of $187.9 million was set, SpaceX-related products accounted for more than half of the trading volume; in this $380 million volume, xStocks and Backpack/Sunrise (SPCX) products performed prominently.
SPCX perpetual contracts saw daily trading volume exceeding billions of dollars, and tokenized SpaceX stock helped transform SpaceX from a simple stock listing event into a cross-market trading event covering tokenized stocks, perpetual contracts, and Solana liquidity pools.
Product Structure and Redemption Mechanism of xStocks and SPCX
xStocks operates through Backed's issuer model, offering 24/7 trading, fractional shares, and DeFi compatibility (for qualified users outside restricted jurisdictions); tokenized stocks can be traded on Solana wallets, DEXs, and DeFi integrations, but support, redemption, and user eligibility remain tied to regulated off-chain infrastructure. SPCX provides a 1:1 redemption path through Backpack Securities.
It should be noted that the legal rights, redemption permissions, transfer limits, dividend treatment, and corporate action responses of each tokenized stock depend on their respective product structures; some tokenized equities represent tracking certificates backed by custodian-held shares, while other tokens are redeemed through broker-linked redemption paths using specific issuer and eligibility frameworks.
Tokenized RWA Market Data: $1 Billion Market Cap, $31 Billion Total Scale
According to RWA.xyz data, the broader tokenized stock market has a total market cap exceeding $1 billion, with monthly trading volume in the billions; Ondo's tokenized stocks and ETFs have surpassed 430; the overall tokenized RWA market size has exceeded $31 billion. Solana's role in the tokenized stock market is growing, with its RWA activities covering stock-linked SPL tokens, SpaceX-related investments, and DeFi routing.
Frequently Asked Questions
Does the top 10 xStocks accounting for over 80% of AUM indicate excessive concentration?
According to Delphi Digital's explanation, the top 10 stocks lead a broad holder base; this concentration primarily reflects that well-known large-cap stocks (such as AAPL, NVDA, TSLA) attract the most tokenized investment, similar to the pattern in traditional stock markets where large caps dominate AUM. It is not a signal of abnormal risk, but a natural market preference distribution.
What is the difference between SPCX tokens and traditional SpaceX IPO stocks?
According to the article, SPCX is a tokenized SpaceX stock issued through Backpack Securities, redeemable 1:1 for actual shares; it allows Solana users to trade SpaceX stock exposure before and after SpaceX's IPO, integrated with DEXs and DeFi liquidity pools. Unlike traditional stocks, SPCX can be traded 24/7 on-chain, but still relies on off-chain legal structures to determine redemption and rights.
Has the $380 million 24-hour volume of tokenized stocks reached mainstream scale?
According to the article's qualitative description, this puts Solana tokenized stocks "among the most active RWA trading markets in the crypto space." However, compared to daily volumes on traditional stock exchanges (typically in the trillions of dollars), this is still an early-stage market size; the article also notes that the market is moving from a "publicity stunt" to an "active trading market."
