Upgrading xStocks Markets With Deeper Onchain Liquidity

Liquidity is the foundation of real onchain utility. Without it, tokenized assets remain representations of assets with no use-cases. With it, they become building blocks for exciting applications. That’s why the xStocks team is focused on scaling onchain liquidity first, rather than relying on offchain markets.

This month, key xStocks including SPYx, QQQx, TSLAx, NVDAx and CRCLx will see significantly larger market sizes as new liquidity is deployed on the Solana blockchain. This upgrade enables xStocks to be used more effectively across borrow-lend markets, structured products, and always-on trading environments.

What deeper onchain liquidity unlocks

With stronger liquidity at the base layer, xStocks can support a broader range of use cases, including:

• Higher onchain leverage for xStocks on platforms like Kamino
• Yield on household names like SPYx
• Liquidity for LPs without direct exposure
• Reliable weekend liquidity onchain, when traditional markets are closed
• Structured products with lower barriers to entry

Beyond the direct benefits for xStocks holders, this upgrade strengthens the broader DeFi ecosystem, accelerating the path to maturity. Builders have made remarkable progress over the past few years, expanding what’s possible onchain. Deeper liquidity in tokenized equities adds a new, complementary foundation — one that enables a wider range of applications to be built with greater confidence and efficiency.

The tokenized equities differential

Crypto-native tokens have driven an extraordinary wave of innovation, giving builders and users new ways to move quickly and experiment onchain. Alongside that progress, tokenized equities introduce a complementary asset class — grounded in established companies and funds with long operating histories, transparent reporting, and clear economic linkages.

Because xStocks are 1:1 backed by real-world assets, they provide developers with an additional foundation for building products that benefit from durability, predictable behavior and well-defined risk profiles. Rather than replacing crypto-native assets, they expand the design space, giving builders more flexibility in how applications are structured and designed.

Tokenized equities also create a direct bridge between real-world events and onchain opportunity. Holding NVDAx, for example, offers exposure to the growth of AI while retaining the speed, composability, and programmability of DeFi. When integrated as onchain building blocks, these assets help create a richer overall economy where traditional markets and crypto-native innovation reinforce one another.

Tokenization how it should be

“xStocks is building the foundations for capital markets to exist natively onchain,” said Val Gui, General Manager for xStocks. “By deepening liquidity at the infrastructure layer, xStocks are lowering the barriers for builders and unlocking an entirely new design space for equities onchain, enabling new assets, new applications, and new ways for people to participate in global markets. This isn’t about upgrading Wall Street. It’s about creating a new financial system built for the internet era.”

Onchain liquidity is what allows xStocks to integrate seamlessly and permissionlessly into DeFi, going further than most tokenized equities can. First, significant liquidity is being deployed by trading desks across SPYx, QQQx, NVDAx, TSLAx, and CRCLx pools, more than tripling liquidity across the products . This supports not just 24/7 trading with size, but deeper integrations into always-on DeFi products – enabling higher loan-to-value (LTV) ratios, more flexible risk parameters, and structured products without concerns around thin weekend liquidity.

In parallel, stablecoin liquidity and incentives are being allocated to expand lending markets on Kamino. This allows tokenized equities to be used alongside existing DeFi assets as collateral for borrowing or leverage, opening access to tools once limited to institutional investors. Beyond these immediate use cases, strengthening this foundational liquidity layer helps accelerate the growth of the broader xStocks ecosystem on Solana.

The ecosystem effect

Scaling onchain markets requires dependable infrastructure. For the first time, xStocks Data Streams by Chainlink are publicly available, providing high-accuracy pricing, sub-second updates, and real-time verification of corporate actions. Together with deeper liquidity, this creates the reliability needed to support millions, and eventually billions, in tokenized equities trading onchain. Paired with boosted liquidity, this infrastructure becomes a shared resource and public good in itself. Chainlink's open design infrastructure allows other protocols to build on the same data layer, supporting true 24/7 markets across DeFi. At the same time, robust xStocks liquidity and margin markets give retail and professional traders consistent ways to manage risk and stay active when traditional or onchain equity markets are thin.

Running xStocks on Solana’s high-performance, low cost network, among others, demonstrates how tokenized equities can move beyond access and become fully integrated components of DeFi. When data, liquidity, and composability align, capital markets don’t just move onchain, they start to work like the internet.

xStocks: where the internet meets capital markets.

xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company). The above is not investment advice and should not be construed as such. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Visit https://assets.backed.fi/legal-documentation to learn more.