Tokenized stocks issued by Backed Finance surpassed $1 billion in decentralized exchange trading volume over the past 30 days, climbing 1,011.8% from the prior month, according to data compiled by Crypto Briefing.
SPYx, a tokenized version of the SPY exchange-traded fund tracking the S&P 500, led the cohort with $318.4 million in volume. CRCLx followed at $146.7 million, NVDAx at $74.1 million, AAPLx at $53 million, and SPCXx at $49.9 million. The five tokens accounted for the bulk of activity across Uniswap, Curve, and other DEX routing protocols.
Backed Finance, which launched xStocks as a blockchain-native wrapper around traditional equity exposures, has been accelerating issuance since mid-2025. The company uses a custody model where underlying shares are held by regulated entities and tokenized claims are issued on-chain, allowing retail traders and institutional accounts to access U.S. stocks without traditional brokerage accounts. The structure mirrors tokenized Bitcoin products that preceded it by roughly three years.
The 1,011.8% monthly surge occurred against a low comparison base from August. DEX volume for tokenized equities remained marginal through late 2025, constrained by limited custody partnerships and regulatory uncertainty around whether tokens backed by actual securities would face pushback from the Securities and Exchange Commission. Backed Finance did not disclose whether it had received SEC staff guidance on the xStocks wrapper, though the company has publicly stated it consults with securities counsel on issuance.
Tokenized stocks now rank as a material but still nascent segment within the broader tokenization market. Ethereum-based tokenized real-world assets exceeded $10 billion in total value locked as of September 2026, according to on-chain data providers, with equities representing roughly 10% of that total. The speed of volume growth in SPYx, which alone approaches the monthly DEX volume of Curve's native CRV token, has attracted attention from market makers and algorithmic traders building SPYx-to-SPY arbitrage strategies on venues like Uniswap.
The 1,011.8% increase over a single month is unusually sharp for any equity-linked product at this scale. If xStocks volume sustains above $100 million per month, the cohort would challenge Lido-staked Ether as the most actively traded non-native-asset token on DEX routes. The document to watch is any formal SEC guidance to Backed Finance on xStocks' classification, since a determination that the tokens constitute unregistered securities offerings could force the company to restrict trading or halt issuance.
