The xStocks platform has reached $2 billion in total trading volume, as trading in Tesla tokenized stock pushed it over the edge.
Summary
- xStocks registered $2B in cumulative volume since launch
- The platform partners with centralized and decentralized exchanges
- Tokenized stocks are becoming a major
Tokenized stocks are becoming increasingly popular among traders. On Wednesday, August 6, xStocks broke above $2 billion in cumulative trading volumes just over a month after launch. This figure accounts for volumes across centralized and decentralized exchanges, including Raydium and Kraken.
The biggest assets by volume were xTSLA, Circle, and SPYx, tracking Tesla and Circle stocks as well as the S&P 500 index. For instance, cumulative trading volume in xTSLA reached $20.9 million by July 27.
On the other hand, most of the volume came from centralized exchanges, with $1.92 billion of cumulative volume. On the other hand, on-chain and DEX trading reached $100 million since the xStocks launch in late June.
Tesla tokenized stock ownership rises to 10k
This milestone coincided with an increase in Tesla tokenized stock ownership. On August 6, the total holders of xStocks tokenized stocks were at 24,542, with TSLAx with 10,777 holders. The S&P 500 tokenized asset was in second place, with 9,483 holders.
Since its launch in late June, Solana-based (SOL) xStocks has dominated tokenized stock trading. At the same time, it also contributed to the dominance of the Solana network in the tokenized stock market. The network accounts for around 95% of the total market, largely due to xStocks.
xStocks has also secured several major partnerships, including with Raydium, Jupiter, and XT.com. What is more, the service is also listed on a centralized exchange, including Kraken, Gate, among others.
