xStocks Trading Volume Surges 539% as Demand for Tokenized Assets Soars

Trading volume in xStocks surged by 539% over three days, driven by a significant increase in demand for blockchain-based versions of traditional U.S. equities and tokenized real-world assets (RWA). According to Dune Analytics, the daily trading volume jumped from $1.34 million on June 30 to over $8.56 million on July 2. This surge was primarily led by gains in SPYx, a tokenized version of the S&P 500 ETF Trust, which accounted for $6.55 million of the total volume during this period.

Other notable tokenized stocks that saw significant trading activity include TSLAx, representing Tesla stock, with a cumulative volume of $3.3 million, and CRCLx, a digital representation of Circle’s stock, with over $2.5 million in volume. Circle’s share price had surged over 750% in the previous month alone. Additionally, tokenized securities such as MSTRx (MicroStrategy), NVDAx (Nvidia), and APPLx (Apple) also experienced noticeable increases in trading volume.

Tokenized securities are digital representations of regular shares or ETFs that can be traded on the blockchain. Each token reflects the price of its real-world counterpart, backed by actual shares held in custody by Backed Finance, the Swiss-based platform behind xStocks. Investors can trade these tokens without directly holding the underlying shares, and over 60 tokenized securities are now available on major exchanges via Backed.

Analysts attribute the surge in xStocks trading volume to the growing adoption of tokenized real-world assets and the timing of the launch. The recent launch of xStocks coincided with major announcements from other platforms, such as Robinhood and Gemini, which rolled out support for tokenized equities. This timing allowed xStocks to benefit from the increasing interest in tokenized equities, especially with its tokens being listed immediately on major centralized exchanges.

According to Illia Otyechnko, lead analyst at a crypto exchange, the growth in the RWA sector has been driven by market uncertainty due to geopolitical tensions and tariff chaos. This has led to a surge in demand for tokenized commodities and bonds, which have been the standout performers in the RWA sector this year. The growing optimism in tokenized stocks is a result of this broader trend.

Shawn Young, chief analyst at a research firm, noted that the rise in xStocks and RWAs reflects a broader structural shift driven by institutional interest, macroeconomics, and investor appetite for regulatory clarity. The convergence of traditional finance and crypto is drawing investors to assets that offer on-chain accessibility, real-world value, and regulatory certainty. Tokenized equities help bridge the gap between traditional financial markets and decentralized finance, enabling users to gain exposure to stocks and RWAs with fractional ownership, 24/7 liquidity, and lower barriers to entry.

The increase in xStocks trading volume comes as the price of Bitcoin fell below $106,000 earlier this week. Tokenized stocks appear to have bucked the broader crypto trend, with little indication that their trading activity is connected to Bitcoin’s performance. This suggests that investors are rotating capital into fundamentally backed assets with lower volatility, like tokenized stocks, as a tactical portfolio rebalancing strategy.