Demand for trading stocks on-chain is real.

Switzerland-based Backed Finance’s tokenized U.S. equities product, xStocks, has seen a cumulative trading volume of over $300 million less than a month since going live on Bybit, Kraken, and Solana decentralized finance (DeFi) platforms.

xStocks are 24/7 onchain tokens representing shares in publicly traded U.S. firms. Each token is fully backed 1:1 by the corresponding underlying stock held by a licensed custodian, allowing investors to take exposure to traditional assets while ensuring transparency and security.

These tokens are issued by Backed Finance, which operates under the country’s DLT regulatory framework. They are built using the Solana Program Liberty (SPL) token standard to facilitate high-speed transferability and on-chain compatibility with Web3 and decentralized applications.

«xStocks have crossed $300m in Total Transaction Volume Onchain, a testament to the demand for tokenized equities,» xStocks said on X, calling the growth «just the beginning» that could see volumes double from here.

The increased demand for tokenized stocks is part of the broader macro trend of accelerating convergence between traditional markets and decentralized finance. Recent launches by giants like Robinhood and Gemini, offering tokenized U.S. stocks to European users, are proof of this accelerating shift.

Not everyone is impressed by tokenized equities

While moving stocks to the blockchain rails and enabling access to overseas investors sounds revolutionary, not everyone is impressed.

According to Anton Golub, chief operating officer at crypto exchange FreedX, tokenized equities are merely a wrapper and not actual equities.

«You’re not buying Tesla. You’re buying a token that tracks Tesla. Issued by an offshore SPV or broker structure that holds underlying shares,» Golub said in a LinkedIn post.

Golub explained that buying tokenized equities doesn’t provide the buyer with voting rights, direct custody of the stock, or actual ownership, as is the case with stock CFDs issued in Europe.

CFD, or Contract for Difference, is a contract that stipulates the buyer will pay the seller the difference between the current value of an asset and its value at the time the contract was initiated.

The stock CFDs are fractionalized, allowing traders to buy and sell a fraction of the underlying asset’s value with leverage. That allows traders to control a larger position with a smaller capital investment.

«CFD brokers in Europe [have] let you trade fractional U.S. stocks for years. You can buy Tesla, Apple, or S&P 500 with 5x leverage and full liquidity,» Golub noted. This [tokenization] isn’t democratizing access. It’s just reframing CFDs with tokenization narrative.»

Additionally, concerns have been raised about liquidity drying up over the weekend. Liquidity refers to the ease of executing large buy and sell orders at stable prices.

«There are still significant frictions with these new products,» Parsec Finance noted in its newsletter early this month. «Liquidity cold start problem (liquidity begets volume but relies on market makers taking the risk and betting on real usage), spreads will be wide and probably insane on weekends.»

Read more: Backed Finance Debuts Tokenized Stocks on Bybit, Kraken and Solana DeFi Protocols

Dogecoin rallied sharply in the face of global macro uncertainty, climbing 5% during the 24-hour session ending July 23 at 05:00 GMT. The move came as heightened geopolitical tensions fueled risk volatility, yet DOGE displayed resilience with strong intraday recoveries and volume-backed support retests that attracted renewed interest from tactical traders.

What to Know

• DOGE traded in a tight $0.01 range between $0.26 and $0.27, representing a 5% spread during the session from July 22 at 06:00 to July 23 at 05:00 GMT.
• Volume hit 720.64 million and 717.84 million during key reversal windows — nearly 75% above the 24-hour average of 408.52 million.
• The final trading hour saw DOGE spike to $0.27 before retracing to $0.26 on a single-minute volume burst of 10.47 million at 05:06 GMT.
• Technical indicators suggest consolidation around $0.26–$0.27, with support established at lower bands despite end-session profit-taking.

News Background

DOGE’s price action comes amid broad-based crypto market hesitation tied to macroeconomic uncertainty, including renewed trade restrictions in Asia and fluctuating sentiment in risk-on assets. The meme coin has recently become a proxy for high-beta crypto bets, with institutional trading desks noting a rise in volume-based strategies as spot volatility normalizes.

Price Action Summary

DOGE posted an initial decline toward $0.26 around 19:00 GMT before staging a full retracement to $0.27 by 23:00 GMT. The most notable reversal took place in the final 60 minutes, with DOGE climbing steadily before sharp sell pressure overwhelmed the move, sending the asset back to support levels at $0.26. The recovery demonstrated clear short-term accumulation behavior but lacked follow-through at resistance.

Technical Analysis

• Intraday range: $0.26–$0.27 (5% swing).
• Intraday low formed near 19:00 GMT, recovery to $0.27 by 23:00 GMT.
• Resistance confirmed at $0.27 with rejection amid volume spikes.
• Support held multiple times near $0.26, with bounces on high-volume candles.
• Final hour saw pronounced volume-driven reversal followed by profit-taking.
• Single-minute volume hit 10.47 million at 05:06 GMT, coinciding with sharp $0.01 drop.
• RSI shows neutral zone; MACD flatlining after recent crossover.

What Traders Are Watching

• Can DOGE consolidate above $0.26 in the next 12–24 hours, or will sellers retest $0.25 support?
• Traders are eyeing breakout signals from resistance at $0.27, which has held firm despite bullish intraday activity.
• Watch for follow-through volume above 750 million to confirm momentum continuation.
• A move below $0.256 could trigger stop runs toward $0.24 levels.

(Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.)

XRP posted a 4% gain during the 24-hour trading window from July 22 at 03:00 to July 23 at 02:00, with prices moving between a low of $3.42 and a high of $3.57 before closing near $3.51.
The move follows a technical breakout from a six-year symmetrical triangle and coincides with key developments in U.S. crypto legislation and the launch of institutional investment products.

Despite bullish momentum throughout the day, institutional selling emerged in the final hour of trading, paring gains and signaling possible near-term consolidation.

News Background

• The U.S. Congress advanced the GENIUS and CLARITY Acts, establishing a legal framework for digital assets and reducing uncertainty around XRP’s security classification.
• ProShares launched the first XRP futures ETF, a milestone for institutional adoption.
• Wall Street analysts have issued $6.00 price targets on XRP following confirmation of the triangle breakout, with longer-term projections reaching as high as $15.00.

Price Action Summary

XRP broke above $3.52 resistance during the 17:00–18:00 window on volume of 106.4 million—roughly 52% above the 24-hour average of 70.1 million. The breakout propelled prices toward the $3.57 session high before selling pressure in the final hour dragged prices back to $3.51.

The final 60-minute window from 01:09 to 02:08 GMT showed distribution behavior. Prices climbed from $3.50 to $3.52 by 01:46 before reversing. A high-volume drop of 2.25 million units between 02:02–02:03 marked the day’s most intense sell-off, pushing prices to $3.50 before a marginal recovery.

Technical Analysis

• Symmetrical triangle breakout confirmed above $3.00 with a high of $3.64 earlier in the week.
• Resistance: $3.57 (intraday), with strong overhead supply observed in the final hour.
• Support: $3.42 retested successfully multiple times, confirming strong institutional bid zone.
• RSI and MACD remain neutral, suggesting limited short-term momentum.
• Analysts maintain $6.00 near-term target; $15.00 flagged as long-term projection based on breakout extension.

What Traders Are Watching

• Whether $3.50 holds as a psychological and technical support level in the next 24 hours.
• Follow-through buying interest from institutions post-ETF launch.
• Congressional momentum on further digital asset regulation.
• Spot ETF developments and their influence on broader investor exposure.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.