In a landmark achievement for real-world asset (RWA) tokenization, Backed Finance has tokenized nearly $1 billion worth of equities on the Solana blockchain. This milestone, highlighted by data analytics platform Token Terminal on January 3, 2026, underscores Solana’s rising dominance in bringing traditional financial assets on-chain.
The rapid scaling of Backed’s xStocks product — which offers tokenized versions of major U.S. stocks and ETFs — signals a pivotal shift toward “Internet Capital Markets” (ICM), where decentralized finance (DeFi) meets regulated traditional assets.
What is Backed Finance?
Backed Finance, founded in 2021 and headquartered in Switzerland, is a leading issuer of tokenized real-world assets. The company specializes in creating fully backed, compliant blockchain tokens that track the value of underlying securities. Operating under Swiss regulatory oversight, Backed holds real shares through licensed custodians and issues 1:1 backed tokens (known as bTokens or xStocks) on multiple blockchains.
In December 2025, Kraken announced its acquisition of Backed Finance, a move aimed at accelerating the expansion of tokenized equities. This partnership has already borne fruit, providing greater liquidity, distribution through major exchanges like Kraken and Bybit, and deeper integration into DeFi ecosystems.
Backed’s flagship product on Solana, xStocks, launched in June 2025 and quickly gained traction by offering over 60 tokenized assets, including popular tickers like AAPL (Apple), NVDA (Nvidia), TSLA (Tesla), and SPY (S&P 500 ETF).
How Tokenized Stocks Work on Solana
Tokenization transforms traditional securities into blockchain-native assets:
- 1:1 Backing: Each xStock token is fully collateralized by an actual share or ETF unit held in regulated custody.
- Compliance and Transparency: Backed provides regular proof-of-reserves attestations, ensuring token supply matches underlying assets.
- On-Chain Advantages: Tokens are transferable 24/7, composable in DeFi protocols (e.g., lending on Kamino, trading on Jupiter or Raydium), and accessible globally without traditional brokerage accounts.
- Redemption: Users can redeem tokens for the cash value of the underlying asset, bridging back to traditional finance when needed.
On Solana, these tokens benefit from the network’s high throughput and low fees, making micro-transactions and frequent trading viable — features that are cost-prohibitive on higher-fee chains like Ethereum.
Explosive Growth: From Launch to $1 Billion
xStocks debuted in mid-2025 with integrations across centralized exchanges (Kraken, Bybit) and Solana DeFi protocols. Initial adoption was strong, but growth accelerated dramatically in late 2025:
- By August 2025, case studies highlighted seamless on-chain trading of U.S. equities.
- In December 2025, overall tokenized equities across chains surpassed $1 billion, with Solana contributing around $385 million via xStocks.
- Post-Kraken acquisition, volumes exploded, pushing Solana-specific tokenized stocks to nearly $1 billion by early January 2026.
This represents one of the fastest RWA scaling stories in crypto history, driven by retail demand for 24/7 access, DeFi yield opportunities, and Solana’s superior user experience.
Why Solana? The Network Effect in RWAs
Solana has emerged as a preferred chain for RWAs due to:
- Performance: Sub-second finality and negligible fees enable real-time trading.
- Ecosystem Integrations: Native support in wallets like Phantom and Solflare, plus DEXs like Jupiter and Raydium.
- Retail Adoption: Over 110,000 unique wallets held tokenized equities on Solana by late 2025, far outpacing competitors.
- Institutional Momentum: While Ethereum and BNB Chain host significant volumes (e.g., Ondo Finance contributions), Solana’s speed has captured retail and DeFi-native flows.
Competitors like Ondo Finance and emerging players (e.g., Robinhood on Arbitrum) are expanding, but Backed’s regulated approach and Solana focus have secured leadership in tokenized equities.
Implications for DeFi and Global Finance
This $1 billion milestone has broader significance:
- DeFi Composability: xStocks can be used as collateral for loans, liquidity provision, or perpetual futures — unlocking new strategies unavailable in traditional markets.
- Global Accessibility: Investors in restricted regions gain exposure to U.S. equities without KYC-heavy brokers.
- Institutional Bridge: Regulated backing and custody make these tokens appealing for institutions eyeing on-chain efficiency.
- Market Efficiency: 24/7 trading reduces gaps between traditional market close and crypto reactions to news.
Analysts project tokenized assets could reach tens of trillions long-term, with equities representing a massive opportunity compared to the $145 trillion global stock market.
Challenges and Future Outlook
While groundbreaking, challenges remain:
- Regulatory Scrutiny: Bodies like ESMA have flagged risks of investor misunderstanding synthetic vs. backed tokens.
- Liquidity Depth: Deep pools are growing, but matching TradFi levels requires time.
- Corporate Actions: Handling dividends, splits, and voting rights on-chain is evolving.
Looking ahead, Backed’s Kraken backing positions xStocks for further expansion. Plans include more assets, deeper DeFi integrations, and potential cross-chain bridges. With Solana’s RWA sector already approaching network-wide billions (including treasuries), 2026 could see tokenized equities multiply further.
Conclusion
Backed Finance’s near-$1 billion in tokenized stocks on Solana is more than a metric — it’s proof that regulated, real-world assets can thrive in DeFi. By combining Swiss compliance with Solana’s speed, xStocks are democratizing access to global markets and redefining how capital flows in the digital age.
As traditional finance increasingly migrates on-chain, milestones like this pave the way for a truly borderless, efficient financial system. The future of investing is here — and it’s tokenized.