TLDR
- XStocks, a tokenized equity platform by Backed and Kraken, reached $10 billion in total transaction volume just 135 days after launch
- The platform offers over 60 tokenized stocks and ETFs including Nvidia, Amazon, Tesla and Meta, with each token backed 1:1 by the underlying asset
- XStocks operates across four blockchains (Ethereum, Solana, BNB Chain and Tron) and is available to users in more than 160 countries
- The platform has attracted over 45,000 onchain holders with $135 million in assets under management and nearly $2 billion in onchain transactions
- Tokenized stocks remain in a regulatory gray area as investors hold tokens representing exposure to shares rather than owning the actual shares themselves
XStocks, a tokenized equity platform created by real-world asset tokenization company Backed and crypto exchange Kraken, has crossed $10 billion in total transaction volume. The milestone came just 135 days after the platform’s public launch earlier this year.
xStocks have crossed $10B in Total Volume.
Across CEXes and DEXes, from retail traders to pros, we're bringing tokenized equities to everyone. The assets users want, on the apps they use, and the exchanges they trust.
Now to double it. pic.twitter.com/TfBBk0TyEm
— xStocks (@xStocksFi) November 12, 2025
The platform launched with more than 60 tokenized equities available for trading. These include major tech stocks like Nvidia, Amazon, Tesla and Meta Platforms, along with several exchange-traded funds.
Each xStock token is backed 1:1 by the underlying equity or ETF. The tokens are issued by Backed in partnership with Kraken, with assets held by a licensed custodian in a bankruptcy-remote structure.
XStocks operates across four major blockchain networks: Ethereum, Solana, BNB Chain and Tron. This multi-chain approach expands accessibility for users across different blockchain ecosystems.
The platform is available to Kraken clients in more than 160 countries. Users can hold their tokens on the Kraken platform or transfer them to self-custodial wallets.
Beyond Kraken, xStocks has formed partnerships with multiple platforms. These include Alchemy Pay, Bybit, Gate.io, Phantom Wallet, Trust Wallet and Wallet in Telegram.
The platform has attracted over 45,000 unique onchain holders since launch. Total assets under management have reached $135 million across all users.
Transaction Activity Breakdown
Of the $10 billion in total volume, nearly $2 billion came from onchain transaction activity. The remainder occurred through centralized exchange trading on partner platforms.
Industry data shows that the total value of tokenized public stocks held onchain is approximately $666 million. This figure excludes cumulative trading volume and represents just the current holdings across all platforms.
XStocks competes with other tokenized equity providers in the market. Securitize issues tokenized shares and funds on blockchain networks, while Robinhood Markets has begun offering stock tokens in select markets.
John Murillo, chief business officer at fintech company B2Broker, noted that tokenized stocks operate in a legal gray area. He explained that investors do not own actual shares but rather hold tokens issued by intermediaries.
Regulatory Considerations
The tokens may entitle holders to payouts if the underlying shares increase in value or are sold. This structure differs from traditional stock ownership through conventional brokerages.
Mark Greenberg, Kraken Global Head of Consumer, stated that xStocks have bridged crypto and traditional investing. He said the platform proves global demand for financial assets that live natively on the internet.
Users can employ their xStock holdings as collateral for decentralized finance opportunities. This functionality allows tokenized equity holders to access lending and other DeFi services.
The platform plans additional blockchain integrations to extend access and liquidity. These upcoming expansions will connect xStocks to more networks and platforms beyond the current four blockchains.
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