Summary:
- Kraken's xStocks platform has surpassed $25 billion in total transaction volume in under eight months
- The milestone reflects a 150% rise since November, when volume first crossed $10 billion
- More than 80,000 unique onchain holders now hold tokenized US equities
- xStocks tokens are issued by Backed Finance and represent 1:1 backed real-world shares and ETFs
- Tokenized RWAs have grown 13.5% in value over the past 30 days, even as the broader crypto market lost nearly $1 trillion
Kraken's tokenized equities platform, xStocks, has crossed $25 billion in cumulative transaction volume less than eight months after its launch. The figure includes activity across centralized exchanges, decentralized platforms, along with minting and redemption flows tied to the platform. Back in November, total volume stood at $10 billion. Since then, usage has climbed by 150%, suggesting rising interest in blockchain-based versions of publicly traded assets. xStocks tokens are issued by Backed Finance, a regulated provider that creates 1:1 backed tokenized representations of publicly traded equities and exchange-traded funds. Kraken acts as a primary venue for distribution and trading, while Backed handles the structuring and issuance of these tokenized instruments.
When xStocks first rolled out in 2025, it included over 60 tokenized equities. These were tied to major US tech companies such as Amazon, Meta Platforms, Nvidia, and Tesla. According to a recent blog post from Kraken,
Expansion Across Chains Brings 80K+ Onchain Holders
Since launch, xStocks has expanded its availability across multiple blockchain networks, including Solana, Ethereum and Mantle. Across these chains, activity has continued to build. There is now more than $3.5 billion in onchain activity, over 80,000 unique holders, and dozens of integrated applications connected to the tokenized equities layer. Recent updates shared via social media X also suggest that the broader $25 billion figure reflects combined usage across centralized exchanges, decentralized exchanges, as well as minting and redeeming of tokenized stock representations. Val Gui, General Manager for xStocks, added:
This points to a move in how investors are interacting with traditional markets. Tokenized shares can move across apps, wallets, and platforms without those same limitations.
RWA Growth Holds Firm Despite Market Downturn
The rise of tokenized equities comes at a time when the wider crypto market has faced pressure. Since the start of the year, overall bitcoin and digital asset valuations have declined sharply. Yet tokenized real-world assets, or RWAs, have moved in the opposite direction. Over the past 30 days, tokenized RWAs have increased by 13.5% in total value based on industry data. During the same period, the broader crypto market shed roughly $1 trillion in market capitalization.
This pattern mirrors the early adoption curve seen with stablecoins. Tokenized equities appear to be following a similar path. What started as an experimental product is now seeing cross-platform trading, integration into decentralized finance apps, and growing wallet-level ownership across multiple chains.
Final Thoughts
xStocks' rapid climb crossed $25 billion in transaction volume suggests tokenized equities are moving rapidly. With more than 80,000 onchain holders already participating, blockchain-based access to US stocks is beginning to take shape as a parallel market layer. Whether this trend continues may depend on how easily these tokenized instruments integrate with everyday trading tools and platforms. But the steady growth in onchain ownership, even during a broader market slowdown, points to a clear move in how investors are thinking about access, custody, and cross-border participation in traditional assets.
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