Solana’s Tokenized Stocks Surpass $100M in Less Than a Month, yet DeFi use Still Lags

Cryptocurrency

Summary:

Solana now accounts for 20.4% of the tokenized stock market. Notably, Ethereum and its layer-2 blockchains Arbitrum, Polygon, and Base account for $11.8 million.

Solana-based tokenized stocks surpassed $100 million in market capitalization less than one month since their official launch on June 30.

According to rwa.xyz data, the tokenized stock market on Solana is valued at nearly $102 million as of July 22, representing a 242% increase from its $29.8 million size at the debut date. This market is fueled mainly by xStocks, issued by Backed Finance.

As a result, Solana now accounts for 20.4% of the tokenized stock market. Notably, Ethereum and its layer-2 blockchains Arbitrum, Polygon, and Base account for $11.8 million, which makes Solana’s tokenized stock market over eight times larger.

The largest tokenized stock is TSLAx, representing Tesla’s shares, with a market capitalization of $13.6 million and 11,073 holders.

Tokenized S&P 500 are also in the tens of millions, with SPYx showing a market capitalization of just over $10 million and 9,886 holders.

The tokenized shares of Circle trail closely, with CRCLx reaching a $9.1 million market cap, distributed among 5,746 holders.

Furthermore, the official xStocks profile on X shared that the tokens have surpassed $300 million in on-chain trading volume.

Assessing composability

Despite the explosive growth of tokenized assets issued on Solana, xStocks investors are not interacting with DeFi protocols that have made these assets composable.

Solana-based money market Kamino offers support for eight xStocks tokens as collateral: TSLAx, SPYx, Nvidia’s NVDAx, Robinhood’s HOODx, Strategy’s MSTRx, Apple’s AAPLx, Nasdaq’s QQQx, and Alphabet’s GOOGLx.

Although their collective market cap stands at nearly $50 million, only $585,000, roughly 11%, has been used as collateral so far.

The numbers fare slightly better when it comes to liquidating providing. On Raydium’s pools, the largest TSLAx pool has $1.1 million in liquidity, of which $423,600 represents the amount of tokenized stock deposited per GeckoTerminal data.

The SPYx with most liquidity also displays a significant amount of $1.9 million in liquidity, with $502,000 worth of tokenized stocks on it.

Nevertheless, the ratio remains short. The roughly $637,000 worth of TSLAx tokens used on DeFi is just 4.7% of its market cap. For SPYx, the ratio is 7%.

Crypto to traditional, not the other way around

The relatively low usage of tokenized stocks on DeFi applications occurs mainly because money is mostly flowing from crypto to traditional products, rather than the other way around.

Michael Cahill, CEO and co-founder of Douro Labs, explained in an interview with CryptoSlate that holders from the traditional market who are entering the crypto space are not yet ready to utilize DeFi composability.

He used the Apollo Diversified Credit Securitized Fund (ACRED), launched by Pyth and created by Apollo Global Management and Securitize, as an example to illustrate that the issue of wasted composability still affects the entire tokenization industry.

ACRED has over $100 million in net asset value, yet its on-chain lending pool represents only a small fraction of this value.

However, Cahill also said he sees growth potential. He added: “But it’s just getting started. We didn’t have xStocks last year. The last time we saw anyone making a meaningful attempt at stocks was Mmirror back in the Terra days, and it wasn’t even that big either. It’s taken a really long time for people to get comfortable with this, but I think that that’ll start very gradually and then people will get a little bit more and more comfortable.”

Furthermore, he believes a Strategy-style “big company moment” could help, but thinks the real catalyst will be the product experience with a traditional finance interface for on-chain products.

Cahill concluded: “When you get one of those barriers to fall, then you can start to really see it grow together and explode way faster than that whole ramp-up we had with Strategy. It could happen very, very quickly in my mind.”

Source: Cryptoslate

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Manuel

Commodity

Political

Oil held steady as equities headed toward all-time highs on news of potential progress in trade talks between the US and the European Union, offsetting nascent signs of a softening physical market.

West Texas Intermediate crude settled little changed above $65 a barrel, recovering from its lows of the day as risk assets rallied on reports the EU and the US are closing in on a deal that would impose 15% tariffs on European imports, similar to the agreement struck with Japan.

Futures fell earlier in the session after the US Energy Information Administration reported that inventory levels at Cushing, Oklahoma, the delivery point for WTI futures, rose to the highest since June. Distillate reserves increased for a second straight week. Still, overall crude inventories fell, and diesel stockpiles remain at the lowest seasonal level since 1996, lending support to oil markets.

“Cushing is perhaps the most important takeaway, with more builds expected in the weeks ahead to carry it away from historic lows,” said Matt Smith, Americas lead oil analyst at market intelligence firm Kpler.

The stockpile data provided a downside catalyst to prices that had been drifting aimlessly amid mixed trade developments. While President Donald Trump unveiled deals with Japan and the Philippines, the European Union plans to quickly hit the US with 30% tariffs on billions of dollars worth of goods if no agreement is reached.

US Treasury Secretary Scott Bessent said he’ll discuss a potential extension of the trade truce with China during talks in Stockholm next week. The discussions can now take on a broader array of topics, potentially including Beijing’s continued purchases of “sanctioned” oil from Russia and Iran, he said.

Crude has traded in a relatively narrow range this month after a volatile June, when prices were jolted by the conflict between Israel and Iran. US crude is still down about 10% this year on concerns Trump’s tariff war will stifle consumption as OPEC+ brings back production.

Source: Bloomberg

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Manuel

Economic

Stocks

U.S. automakers are concerned about President Donald Trump's agreement to tariff Japanese vehiclesat 15%, saying they will face steeper import taxes on steel, aluminum and parts than their competitors.

“We need to review all the details of the agreement, but this is a deal that will charge lower tariffs on Japanese autos with no U.S. content,” said Matt Blunt, president of the American Automotive Policy Council, which represents the Big 3 American automakers, General Motors (GM), Ford (FORD) and Jeep-maker Stellantis (STLA).

Blunt said in an interview the U.S. companies and workers “definitely are at a disadvantage” because they face a 50% tariff on steel and aluminum and a 25% tariff on parts and finished vehicles, with some exceptions for products covered under the United States-Mexico-Canada Agreement that went into effect in 2020.

The domestic automaker reaction reveals the challenge of enforcing policies across the world economy, showing that for all of Trump’s promises there can be genuine tradeoffs from policy choices that risk serious blowback in politically important states such as Michigan and Wisconsin, where automaking is both a source of income and of identity.

Trump portrayed the trade framework as a major win after announcing it on Tuesday, saying it would add hundreds of thousands of jobs to the U.S. economy and open the Japanese economy in ways that could close a persistent trade imbalance. The agreement includes a 15% tariff that replaces the 25% import tax the Republican president had threatened to charge starting on Aug. 1. Japan would also put together $550 billion to invest in U.S. projects, the White House said.

The framework with Japan will remove regulations that prevent American vehicles from being sold in that country, the White House has said, adding that it would be possible for vehicles built in Detroit to be shipped directly to Japan and ready to be sold.

But Blunt said that foreign auto producers, including the U.S., Europe and South Korea, have just a 6% share in Japan, raising skepticism that simply having the open market that the Trump administration says will exist in that country will be sufficient.

“Tough nut to crack, and I’d be very surprised if we see any meaningful market penetration in Japan,” Blunt said.

Major Japanese automakers Toyota, Honda and Nissan did not immediately respond to a request for comment on the trade framework, nor did Autos Drive America or the Alliance for Automotive Innovation, organizations that also represent the industry.

There is the possibility that the Japanese framework would give automakers and other countries grounds for pushing for changes in the Trump administration's tariffs regime. The president has previously said that flexibility in import tax negotiations is something he values. The USMCA is up for review next year.

Ford, GM and Stellantis do “have every right to be upset,” said Sam Fiorani, vice president at consultancy AutoForecast Solutions. But “Honda, Toyota, and Nissan still import vehicles from Mexico and Canada, where the current levels of tariffs can be higher than those applied to Japanese imports. Most of the high-volume models from Japanese brands are already produced in North America.”

Fiorani noted that among the few exceptions are the Toyota 4Runner, the Mazda CX-5 and the Subaru Forester, but most of the other imports fill niches that are too small to warrant production in the U.S.

“There will be negotiations between the U.S. and Canada and Mexico, and it will probably result in tariffs no higher than 15%,” Fiorani added, “but nobody seems to be in a hurry to negotiate around the last Trump administration’s free trade agreement.”

Source: Yahoo Finance

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Owen Li

Economic

Stocks

Wall Street's main indexes moved higher on Wednesday after a Financial Times report ed that the EU and the United States were closing in on a trade deal, similar to the agreement U.S. President Donald Trump struck with Japan.

Wall Street, already on an upward trajectory, spiked after the report said that the U.S. and the EU are nearing a deal to set 15% tariffs on all European imports.

Both sides would waive tariffs on some products, including aircraft, spirits and medical devices, the report said.

The bullish momentum followed closely on the heels of Trump's trade deal with Japan , which will slash tariffs on Japanese autos to 15% from 27.5%, with duties on other goods also dropping to 15% from 25%.

An agreement with the Philippines also followed, which yielded a modest cut in tariff rate.

At 12:20 p.m. ET, the S&P 500gained 31.08 points, or 0.49%, to 6,340.70 and the Nasdaq Compositerose 43.28 points, or 0.21%, to 20,935.97.

The Dow Jones Industrial Averageedged higher 417.80 points, or 0.93%, to 44,917.71, within striking distance of its record peak.

Wall Street's "fear gauge", the CBOE Volatility Index, dipped to its lowest level in over five months.

Earlier in the day, the European Commission was preparing to seek approval for 93 billion euros ($109 billion) in counter-tariffs on American goods just in case the talks fell through.

"The key thing is the markets have confidence that the White House is going to continue to work through these trade deals," said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report.

Investors are now laser-focused on earnings from the "Magnificent Seven" — a group of marquee names that has helped propel U.S. stocks to all-time highs.

EV maker Teslaand Google-parent Alphabetare set to report after the bell on Wednesday. With AI optimism running high and valuations stretched, expectations for these tech giants are sky-high, leaving little margin for disappointment.

Shares of Tesla were largely steady, while Alphabet moved 0.9% lower.

GE Vernova'sshares climbed 14.1% to an all-time high, as the power equipment maker raised its current-year revenue and free cash flow forecasts after beating Wall Street estimates for second-quarter profit.

The stock, which has gained about 91% so far this year, boosted the S&P's industrials indexfor the day, up 1.6%.

Medical equipment maker Thermo Fishersurged 11.8% after beating Wall Street's estimates for second-quarter profit and revenue.

Of the 117 companies in the S&P 500 that have reported earnings to date, 84.6% have reported above analysts' expectations, as per data compiled by LSEG I/B/E/S.

On the downside, Texas Instrumentstumbled 12.1% after its quarterly profit forecast failed to impress investors, pointing to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty.

The earnings also weighed on its peer analog chipmakers, with NXP Semiconductors, Analog Devicesand ON Semiconductorfalling between 2.7% and 6.7%.

In economic data, U.S. existing home sales fell more than expected in June. Focus now shifts to Thursday's weekly jobless claims numbers and S&P Global's flash PMI data to gauge economic health in the wake of tariff uncertainties.

Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week. Odds for a September reduction stand at about 58%, according to the CME FedWatch tool.

Advancing issues outnumbered decliners by a 1.97-to-1 ratio on the NYSE and by a 1.91-to-1 ratio on the Nasdaq.

The S&P 500 posted 43 new 52-week highs and two new lows, while the Nasdaq Composite recorded 80 new highs and 16 new lows.

Source: TradingView

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Devin

Economic

The European Union and United States are approaching a trade agreement that would set 15 percent tariffs on European imports, according to a Financial Times report.

Under the proposed agreement, both sides would eliminate tariffs on certain products, including aircraft, spirits, and medical devices.

The European Commission, which manages EU trade policy, provided a briefing to member state representatives on Wednesday following discussions with American officials.

Since April, European exporters have been paying an additional 10 percent tariff on goods exported to the United States, on top of existing duties that average 4.8 percent. These talks have been ongoing while the extra tariffs remained in place.

Sources indicated the 15 percent minimum tariff would incorporate the existing duties, leading Brussels to view the arrangement as maintaining current conditions. Notably, tariffs on automobiles, currently at 27.5 percent, would decrease to 15 percent under the proposed agreement.

Source: Yahoo Finance

To stay updated on all economic events of today, please check out our Economic calendar

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Daniel Carter

Political

Middle East Situation

Iran's President Masoud Pezeshkian has said his country is remains prepared and vigilant for any war Israel might launch against it, while conveying that he is not optimistic about the ceasefire continuing to hold.

"We are fully prepared for any new Israeli military move, and our armed forces are ready to strike deep inside Israel again," Pezeshkian told Al Jazeera in a fresh interview. He emphasized that Iran's nuclear program will continue, but asserted it is only for peaceful nuclear energy purposes.

"We are not very optimistic about it," Pezeshkian said of the ceasefire which ended the 12-day war in June, which also saw America's involvement at the tail-end. "That is why we have prepared ourselves for any possible scenario and any potential response. Israel has harmed us, and we have also harmed it. It has dealt us powerful blows, and we have struck it hard in its depths, but it is concealing its losses."

He described Israel's strikes as having sought sought to "eliminate" Iran's hierarchy - including slain nuclear scientists, military leaders, and some top officials. "but it has completely failed to do so".

The Iranian leader said that continued uranium enrichment would development of its nuclear abilities would be carried out "within the framework of international laws" despite opposition from most international powers.

"Trump says that Iran should not have a nuclear weapon and we accept this because we reject nuclear weapons and this is our political, religious, humanitarian and strategic position," Pezeshkian said.

"We believe in diplomacy, so any future negotiations must be according to a win-win logic, and we will not accept threats and dictates."

And that's when he issued his most directly challenging words to Trump yet, saying "that our nuclear program is over is just an illusion" while emphasizing "Our nuclear capabilities are in the minds of our scientists and not in the facilities."

According to President Trump's latest words on the matter, revealed in a Monday night Truth Social post, he's ready and willing to order the US military to bomb Iran's nuclear facilities again "if necessary".

"Of course they are destroyed, just like I said, and we will do it again, if necessary! As interviewed by Bret Baier," Trump said in reference to Iranian Foreign Minister Abbas Araghchi having told Baier earlier that day that the nuclear sites were "very severely" damaged and "destroyed" by the US strikes.

Key clip from the FOX interview of the Iranian top diplomat's words

"Fake News CNN should immediately fire their phony 'reporter' and apologize to me and the great pilots who 'OBLITERATED' Iran's nuclear sites," Trump added, referring to a report that said US intelligence assessed the US airstrikes merely set back the program by a few months.

To some degree the Iranians could simply be playing Trump's game in signaling to the US what he wants to hear. Even if the Islamic Repoublic's nuclear sites were not fully and truly destroyed, it remains in Tehran's best interest right now to present it as if it is so, regardless.

Source: Zero Hedge

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Thomas

Economic

President Donald Trump announced a trade agreement with Japan on Tuesday, making it the largest U.S. trade partner to broker an accord as the White House threatens to impose tariffs on dozens of countries within days.

Before the deal, Japan faced the prospect of a 25% tariff rate set to take effect Aug. 1. Instead, products from the fifth-largest U.S. trade partner will be slapped with a 15% tariff, in exchange for a willingness on the part of Japan to import some goods, among other concessions.

In a post on social media late Tuesday, Trump touted the agreement as a “massive deal.” The White House has yet to release full details of the agreement.

Japanese Prime Minister Shigeru Ishiba also celebrated the accord. “With the national interests of both countries in mind, we were able to reach an agreement at this time,” Ishiba said.

Japan's Nikkei index surged 3.5% on Wednesday, while major U.S. indexes nudged slightly higher in early trading.

Here’s what to know about what’s in the trade agreement and what comes next:

What’s in the U.S. trade agreement with Japan?

The trade agreement lowers the tariff rate on Japanese products to 15%, putting it below the threatened rate of 25% but higher than a universal rate of 10% faced by nearly all imports.

Even more, the U.S. agreed to set a 15% tariff on Japanese cars, putting it below the 25% tariff rate placed on imported vehicles from other nations.

Japan purchased nearly $80 billion worth of U.S. products in 2024, while the U.S. bought about $148 billion worth of Japanese goods, according to the Office of the U.S. Trade Representative, a government agency.

Cars and auto parts accounted for about $52 billion worth of imported Japanese products, making up more than one-third of products purchased by the U.S., government data shows.

Shares of Japan-based Toyota soared more than 13% on Wednesday, while Honda jumped about 12%.

In exchange for the softening of U.S. tariffs, Japan agreed to open its economy to imports of trucks, rice and other agricultural goods, Trump said.

Japan also agreed to invest $550 billion in the U.S. economy, Trump added, but the president did not specify how the funds would be spent.

Andrew Caballero-Reynolds/AFP via Getty Images - PHOTO: President Donald Trump delivers remarks during a meeting with Philippine President Ferdinand Marcos Jr. in the Oval Office at the White House, July 22, 2025 in Washington.

How many trade agreements has the White House achieved so far?

When Trump delayed the onset of so-called “reciprocal tariffs” in April, the White House vowed to strike 90 trade agreements in 90 days. Before that deadline elapsed, Trump proposed a flurry of similar country-specific tariffs with a new effect date of Aug. 1.