xStocks, a tokenized stock platform launched on SOL, has surpassed a cumulative trading volume of $166 million (approximately 2.3 trillion won) within a month of its public release. Most trades were conducted through centralized exchanges (CEX), maintaining a clear advantage. Along with this, the Assets Under Management (AUM) are rapidly increasing, expanding xStocks' presence in the digital stock market.
According to dune analytics, the proportion of centralized exchanges in xStocks' total trading volume reaches 95%. Specifically, CEX trades amount to approximately $157 million (about 2.1 trillion won), while decentralized exchange (DEX) trades are around $85.2 million (about 118.4 billion won). The on-chain real transaction volume also reaches $356.4 million (about 494.2 billion won), indicating significant activity on-chain.
xStocks are tokens based on actual stocks issued by Backed Finance, consisting of various assets such as Tesla ($TSLA), NVIDIA ($NVDA), Google ($GOOGL), and Circle (CRCL). This structure allows users to access traditional financial assets on the Solana blockchain, lowering asset diversification and retail investment barriers.
Growth is also notable in terms of AUM. The total assets under management are approaching $40 million (about 55.6 billion won), managed by approximately 24,528 unique holders. Particularly, Tesla xStock (TSLAx) shows remarkable growth, with 10,742 holders and an AUM of about $8.88 million (approximately 12.35 billion won), ranking at the top. Other rankings include SPYx (about 66.2 billion won), NVDAx (about 61 billion won), CRCLx (about 51 billion won), MSTRx (about 47 billion won), and GOOGLx (about 26 billion won).
Investors show evenly distributed interest across tech large-cap stocks, cryptocurrency-linked stocks, and tokens with stablecoin names, reflecting expectations for connections between traditional and digital assets.
However, trading volume shows a somewhat subdued trend as it approaches the end of July. The decline in on-chain trading volume and DEX trading data after the initial mid-month surge suggests the initial release effect has entered a plateau. The market is currently transitioning from curiosity-based purchases to a selective trading phase focused on assets with high liquidity and credibility.
Market experts believe the high liquidity and spread advantages observed in centralized exchanges explain this trading concentration. Meanwhile, DEX and on-chain activities maintain a significant scale, driven by rebalancing, asset movement, and demand from self-custody oriented investors.
Through the data of the past month, xStocks has established itself as a digital stock trading model successfully securing centralized liquidity, with market attention now focused on its continued expansion potential and on-chain adoption rate.
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