xStocks weekend DEX volume jumps from $2.4 million to $55.2 million

The stock market closes on Friday afternoon. A growing number of traders apparently did not get the memo. The median weekend-day trading volume for xStocks-issued tokenized stocks rose from $2.4 million in July to $55.2 million in September. That works out to roughly a 23-fold increase in two months, all on days when the New York Stock Exchange sits dark. What is driving the weekend surge xStocks is a tokenized equities platform from Backed Finance, which is associated with Kraken parent Payward. It issues SPL tokens, the standard token format on the Solana blockchain. Each token is backed 1:1 by a US stock or ETF. Most of the trading happens on decentralized exchanges (DEXs) such as Raydium. DEXs are software-run marketplaces with no opening bell and no closing bell. Raydium accounted for approximately 75% of xStocks trading activity. One venue handling three of every four trades is a concentration worth noting, and it makes Raydium the de facto weekend stock exchange for this ecosystem. The flagship product is SPYx, which tracks the S&P 500 ETF. The numbers behind the growth The weekend jump is part of a broader acceleration. xStocks passed $1 billion in 30-day DEX volume by ...