xStocks tokenized stocks reach $173M market cap, up 187% in a single month

Tokenized stocks issued by xStocks on X Layer have hit a market cap of $172.8 million, a 187.2% surge in just one month. For a platform that barely existed on the chain three months ago, that’s the kind of growth curve most DeFi protocols dream about. The xStocks marketplace, built by Backed Finance and hosted on OKX’s Ethereum Layer 2 blockchain, now offers more than 900 tokenized US equities and ETFs. It went live on X Layer on June 15, following a partnership announcement earlier that month. What xStocks actually does The platform lets users trade tokenized versions of US stocks and ETFs, each one backed 1:1 by the actual underlying security held in regulated custody. These aren’t synthetic derivatives or algorithmic mirrors. They’re tracker certificates that provide economic exposure to the real asset, though without conferring legal ownership rights like voting. The portfolio is structured with roughly 88% equities and 12% ETFs. And it’s designed with diversification guardrails: no single asset exceeds about 9% of the total portfolio. Among the biggest positions, MicroStrategy’s tokenized counterpart (MSTRx) sits near the top at approximately $28.6 million in market cap. Circl...