SPYx gains traction in DeFi with $18M in deposits across venues

Wall Street’s most famous index fund has found an unlikely second home: the blockchain. SPYx, a tokenized tracker certificate that mirrors the SPDR S&P 500 ETF Trust, has accumulated $18.3 million in deposits spread across multiple decentralized finance venues.

What SPYx actually is

Think of SPYx as a wrapper. Underneath the token is a real SPY ETF share, held by a custodian in a 1:1 ratio. The token itself is available in two flavors: an SPL token on Solana and an ERC-20 on Ethereum, meaning it can trade around the clock and in fractional amounts.

The product launched on June 30, 2025, and quickly posted early assets under management of $6.9 million.

Two key partnerships shaped the product’s early infrastructure: Chainlink handles the price feed and oracle layer, while FlowDesk provides liquidity support.

Where the deposits are sitting

The $18.3 million total is distributed across multiple venues, with Morpho emerging as a notable concentration point. SPYx collateral deposited on Morpho reached approximately $7.9 million, making the lending protocol one of the primary destinations for users who want to put their tokenized equity to work rather than simply hold it.

On the Solana side, Kamino Finance has established itself as a significant hub for tokenized-stock lending activity. Kamino’s integration with xStocks, the broader product suite that SPYx belongs to, has helped Solana take the lead in tokenized-stock lending as a blockchain segment.

Across all DeFi venues, tokenized-stock lending total value locked reached approximately $23.1 million in July 2026.