XStocks volume tops $10B as Solana leads tokenized equities
XStocks daily trading volume surged past $10 billion in November 2025, marking a new milestone for tokenized equities. Backed by Kraken and Hyperliquid inflows, XStocks became the leading brand under the new tokenized share standard. Around $9.66 billion of the $10 billion total volume was traded on centralized exchanges, with $341 million on DEXs.
Solana emerged as the top network for tokenized equities, hosting over 90% of all XStocks minting and 77% of transfer volumes. While XStocks also launched on BNB Chain, Ethereum and Arbitrum, Solana remains the preferred hub. Total value locked in XStocks approaches $100 million, securing Solana a spot among the top 5 chains for RWA tokenization.
XStocks are extending into DeFi as a collateral class. Falcon Finance now accepts them for USDf minting, and Kamino Lend added XStocks as collateral. Major stocks like Tesla (TSLA) and Nvidia (NVDA) dominate trading activity. The rapid growth in XStocks volumes and Solana’s RWA leadership signal bullish momentum in tokenized asset markets.
Bullish
The surge of XStocks trading volume past $10 billion and Solana’s dominance in tokenized equities point to strong market adoption. High inflows from Kraken and Hyperliquid echo past rallies in tokenized assets, boosting short-term trader confidence. Solana’s top-5 RWA status and growing TVL around $100 million suggest sustained long-term demand. The expansion of XStocks into DeFi collateral roles on Falcon Finance and Kamino Lend further underpins bullish momentum. Overall, this development is likely to drive more capital into tokenized equities and strengthen Solana’s ecosystem.