SP500 xStock

SP500 xStock (SPYX) is a tokenized representation of an S&P 500 exchange-traded fund, issued under the xStocks framework and designed to give non-US users access to US equity market exposure through blockchain infrastructure. It aims to remove the brokerage, border, and compliance barriers that have historically kept retail participants outside certain financial markets. Each token is backed 1:1 by the underlying asset and confers a legal claim to the value of that asset under EU regulatory compliance.

SPYX tokens are issued on multiple blockchain networks simultaneously, including Ethereum, Solana, BNB Chain, Arbitrum, and the Hyperliquid ecosystem, making them composable with decentralized finance protocols as a standard token. The 1:1 backing means that for every SPYX token in circulation, the issuer holds the corresponding underlying ETF share. No consensus algorithm is recorded for this asset because it rides on the consensus mechanisms of its host chains rather than operating its own.

The data stored for SPYX does not include a fee stream — no protocol revenue, fee collection, or distribution figures are recorded. This means fee-based valuation measures that this site would normally present are not applicable here. What is recorded is that the fully diluted valuation is 3.09 times the current market capitalization, reflecting the fact that circulating supply of approximately 87,245 tokens represents only 32.43% of a broader potential supply, leaving a dilution overhang of 209.09% relative to what is already circulating.