Solana-Based Tokenized Stocks Surge: Backed Finance Hits $300M in Trading Volume

Switzerland-based Backed Finance has achieved a significant milestone with its tokenized U.S. equities product, xStocks, surpassing $300 million in cumulative trading volume within just a month of its launch. The product, available on major platforms like Bybit, Kraken, and Solana-based DeFi ecosystems, offers investors 1:1 backed exposure to publicly traded U.S. stocks. This surge highlights the growing demand for blockchain-based traditional asset exposure, particularly on high-performance networks like Solana.

Backed Finance's Tokenized Stocks Product Volume Surges to $300M Amid Growing Demand

Switzerland-based Backed Finance has reported a cumulative trading volume exceeding $300 million for its tokenized U.S. equities product, xStocks, within a month of its launch on Bybit, Kraken, and Solana-based decentralized finance platforms. The tokens, representing shares in publicly traded U.S. firms, are fully backed 1:1 by underlying stocks held by licensed custodians, offering investors exposure to traditional assets with blockchain transparency.

The rapid adoption underscores a broader trend of convergence between traditional markets and decentralized finance. Recent moves by industry giants like Robinhood and Gemini to offer tokenized stocks in Europe further validate this shift. Built on Solana's SPL token standard, xStocks enable high-speed transfers and seamless integration with Web3 applications.

"Crossing $300 million in transaction volume proves the market's appetite for tokenized equities," xStocks announced, suggesting this milestone marks just the beginning of growth potential. The product operates under Switzerland's DLT regulatory framework, combining institutional-grade compliance with DeFi accessibility.

Solana-Based Meme Coin Pengu Surges Amid Institutional Interest

Pengu, a Solana-based meme coin, has surged 19.26% in 24 hours and 38% over the past week, reaching $0.04448. The token now flirts with its all-time high of $0.05738, sitting just 21.95% below the peak. Market capitalization stands at $2.77 billion, rivaling established meme coins like Bonk.

Binance's removal of Pengu's 'Seed Tag' has bolstered institutional confidence, coinciding with a 33.76% spike in daily trading volume. Strong support emerges between $0.036-$0.042, while a breakout above $0.046 resistance could propel prices toward the $0.055-$0.057 range.

The project now counts 868,000 holders, signaling growing adoption beyond its meme coin origins. Analysts attribute the momentum to ecosystem developments and shifting perceptions of Pengu as a cultural asset rather than purely speculative token.

Solana's SOL Could Hit $500 in This Bull Run, Says Analyst, as Upexi Boosts Holdings to 1.8M SOL

Solana's native token SOL hovered just below $200 early Wednesday, buoyed by bullish developments including a major corporate accumulation and bold analyst projections. Upexi Inc., a Nasdaq-listed consumer brand platform, disclosed an additional 100,000 SOL purchase, bringing its total holdings to 1,818,809 SOL worth approximately $331 million.

The company funded the acquisition through a $200 million equity and convertible notes raise, marking its third successful capital round since launching its SOL treasury strategy in April. More than half of Upexi's tokens were purchased at a discount, resulting in a $58 million unrealized gain. Nearly all of its SOL is now staked, with the company expecting up to $26 million in annual yield at the current 8% rate.

Upexi CEO Allan Marshall framed the strategy as a first-of-its-kind model for altcoin treasury management in public markets. The firm introduced a new valuation benchmark called "Basic mNAV," calculated as the ratio of market cap to the dollar value of its SOL holdings.

Solana Meme Coin Rug-Pulls Surge Following Ozzy Osbourne's Death

The death of rock legend Ozzy Osbourne triggered a wave of speculative token launches on Solana, with at least 15 meme coins bearing his name or likeness minted within hours. Opportunistic developers capitalized on the event, creating tokens like "OZZY" and "RIP Ozzy" before executing classic pump-and-dump schemes.

On-chain data reveals 10 confirmed rug pulls, draining approximately 1,625 SOL ($325,000) from liquidity pools. Total losses may reach 1,725 SOL ($345,000) when accounting for smaller, suspected scams. This mirrors previous exploitative trends, such as the Bitcoin Pizza Day scams that netted $200,000.

The incident highlights ongoing concerns about memecoin fraud. Solidus Labs recently claimed 98% of tokens on platforms like Pump.fun are scams—a statistic disputed by the project, which accused the firm of misunderstanding memecoin culture.