Tesla tokenized stock (xStock) (TSLAX)

Not sure if there’s a perfect way to measure this, but let’s take $TSLAx as an example.

23,017 holders
$48,832,603 total value

That works out to roughly $2,122 per holder.

But like most markets, this number doesn’t tell the full picture.

A handful of larger wallets will be holding a significant portion of the supply, while the majority of users are likely sitting much lower.

So whilst the “average” sits just above $2k, the typical holder is probably holding far less.

Regarding the tokenization of US equities, the two most discussed points are: first, 24‑hour trading, and second, the ability to access DeFi for leverage.

However, with Nasdaq preparing to roll out a 23‑hour trading regime, the advantage of round‑the‑clock trading now only applies to weekends, which is less significant than expected. Consequently, the community’s enthusiasm has shifted toward seamless integration with DeFi.

In fact, traditional brokers can also provide leverage; for example, Interactive Brokers offers a default 2× overnight margin without the need to borrow. Professional traders also have other avenues to obtain leverage.

But the advantage of DeFi is that it can do far more.

When it comes to bringing US‑equity RWA into DeFi, Solana is actually ahead of the Ethereum ecosystem.

Currently on Kamino @kamino you can borrow and lend assets minted by Backed Finance
such as TSLAx. The loan‑to‑value ratio is set at 35%, which is relatively low; in Kamino’s view, this is still an experimental product.

In the Ethereum space, Ondo @OndoFinance currently operates at the largest scale. Unfortunately, AAVE @aave has not yet decided to accept these US‑equity RWAs as collateral.

However, this opens opportunities for other DeFi projects, for example, earlier Termmax
@TermMaxFi partnered with Ondo.

Ondo‑issued TSLA, NVDA, and QQQ tokens can now be used as collateral on Termmax BSC to borrow USDT.

For those who recall, we previously discussed that Termmax is a DeFi platform offering fixed‑rate loans; the current rate for TSLA is 6.8%, which can be locked until maturity.

This highlights a distinction between DeFi and traditional finance: once the security of these US‑equity RWA tokens is proven, they can freely integrate with any DeFi protocol, enabling features not available in conventional finance such as fixed rates, floating rates, revolving loans, and more.

Therefore, this initiative is indeed meaningful.