xStocks recorded its largest trading day yet on Raydium, with $160 million in tokenized-equity volume passing through the Solana decentralized exchange. The September 23 record extended a concentrated run that xStocks said produced $747 million in 10 days and $1.3 billion over 23 days. The figures establish a sharp increase in gross trading activity, although they do not measure equivalent amounts of new capital entering the market.
In its official market update, xStocks identified SPYx, its product tracking the SPDR S&P 500 ETF Trust, as the leading market in the recent activity. SPYx has emerged as one of the most actively traded xStocks instruments on Solana, alongside products linked to companies and indexes including Nvidia, Circle, Tesla and the Nasdaq-100. Independent market data also shows SPYx among the largest tokenized-equity markets currently traded through Raydium.
Biggest day ever on @Raydium for xStocks.
$160M traded in a single day.
$747M in the last 10 days.
$1.3B in the last 23 days.Tokenized stonks on @Solana are thriving, with $SPYx leading meme tokenized pairs. pic.twitter.com/zdGIN4eNso
— xStocks (@xStocksFi) September 23, 2026
Raydium Becomes a Major xStocks Trading Venue
The latest burst builds on an already expanding tokenized-stock market on Solana. Token Terminal data cited earlier in September placed Raydium’s tokenized-equity volume at approximately $2.3 billion quarter-to-date through September 18, about 40% above the previous quarter’s Raydium total. The $160 million record day therefore sits within a longer increase in activity rather than representing the first major volume event for the category.
Raydium also operates inside a much larger Solana trading environment. A recent 24-hour snapshot showed approximately $2.8 billion in aggregate spot DEX volume across the network, with execution distributed among Raydium, PumpSwap, BisonFi and other venues. That broader context is explored in Solana’s recent DEX volume distribution. Tokenized equities are growing within that infrastructure, but they still represent only one segment of Solana’s overall decentralized trading activity.
The legal structure also matters. xStocks are issued by Backed Assets (JE) Limited as tracker certificates designed to provide economic exposure to underlying equities and ETFs. The issuer says each product is collateralized 1:1 by the corresponding reference security. Trading SPYx on Raydium is therefore not identical to purchasing a conventional SPY share through a brokerage account, even though the token is designed to track the underlying asset’s economics. xStocks are also unavailable to U.S. persons under the issuer’s stated restrictions.
Record Volume Does Not Yet Prove Durable Liquidity
The $1.3 billion accumulated over 23 days is more informative than the isolated $160 million peak because it shows activity extending across several weeks. Even so, gross volume does not establish durable liquidity, unique demand or equivalent net investment into tokenized equities. Repeated market-making, arbitrage and trading by the same capital can generate substantial turnover without expanding the underlying investor base proportionally.
That distinction has become increasingly important as tokenized-equity markets spread across competing networks and DEXs. Base, for example, has seen liquidity incentives introduced for tokenized-stock pools on Aerodrome, while traditional market infrastructure is simultaneously experimenting with tokenized securities in production settlement workflows. The emerging market is therefore testing both crypto-native liquidity models and more traditional regulated settlement architectures.
xStocks itself has expanded beyond simple spot trading. Its products are now used in lending markets, DeFi vaults and other applications, while Backed says the broader network spans multiple blockchains and trading platforms. That progression fits the larger shift toward using tokenized stocks as programmable financial infrastructure rather than treating them exclusively as blockchain representations of brokerage assets.
The next meaningful milestone is whether Raydium can sustain elevated xStocks volume after the current surge normalizes. Repeat trading, liquidity depth, spreads, holder growth and activity across multiple xStocks will provide stronger evidence of a durable on-chain equity market than another single-day record. For now, the measurable development is clear: xStocks reached a record $160 million day on Raydium and accumulated $1.3 billion of gross trading volume in less than a month.