SPYx and SPYb Tokens Gain Traction in DeFi with $24M in Combined Deposits

Tokenized versions of the SPDR S&P 500 ETF, SPYx and SPYb, are making significant strides in the decentralized finance (DeFi) space, accumulating a combined total of over $24 million in deposits.

SPYx's Growth in DeFi

SPYx, a tokenized tracker certificate mirroring the SPDR S&P 500 ETF Trust, has garnered approximately $18.3 million in deposits across various DeFi venues since its launch on June 30, 2025. The token operates as a wrapper for actual SPY ETF shares held in a 1:1 ratio by a custodian. Available as both an SPL token on Solana and an ERC-20 token on Ethereum, SPYx allows for continuous trading and fractional ownership.

A significant portion of SPYx's deposits, around $7.9 million, is concentrated on the Morpho lending protocol, which has become a key destination for users looking to utilize their tokenized equity. Additionally, Kamino Finance on Solana has emerged as a notable hub for tokenized-stock lending, contributing to Solana's leadership in this segment.

SPYb's Rapid Accumulation of Liquidity

Meanwhile, Binance's SPYb token, launched in June 2026 on the BNB Smart Chain, has attracted approximately $6.3 million in DeFi liquidity. SPYb offers 1:1 economic exposure to the SPDR S&P 500 ETF and has quickly become one of the most actively traded tokens on the bStocks platform. In just two months, the bStocks platform saw its assets under management soar to around $624 million.

SPYb's liquidity allows holders to engage in various DeFi activities, including lending and trading, with the underlying SPY shares held in custody by BTech Holdings Limited. Despite its rapid growth, the total liquidity in DeFi remains a small fraction compared to the traditional SPY ETF, which manages over $500 billion in assets.