Tokenized xStocks have surpassed $25 billion in total transaction volume since launching last year. The milestone signals accelerating demand for onchain access to public equities.
Kraken disclosed the figure in a blog post Thursday, noting that $3.5 billion of the total reflects onchain activity across Solana, Ethereum, and The Open Network implementations. More than 80,000 unique wallets now hold xStocks, with nearly $225 million in aggregate assets under management. Each token is backed one-to-one by an underlying stock or exchange-traded fund held with a licensed custodian.
Are Tokenized Equities Reaching Critical Mass?
Kraken is finalizing an acquisition of Backed, the tokenized asset issuer behind xStocks, according to earlier disclosures. The deal would consolidate exchange distribution with primary issuance infrastructure as competition intensifies. Data from RWA.xyz shows roughly $940 million in tokenized stocks outstanding across the sector, generating about $2.34 billion in monthly trading volume and serving approximately 311,000 verified holders.
Dune Analytics data indicates xStocks issued on Solana account for 46.9% of tokenized stock market share, while Ondo’s Ethereum-based offerings represent about 37% and BNB Chain deployments roughly 15%. Kraken and Bitget have emerged as early leaders in this segment, with Bitget’s markets powered by Ondo’s Global Markets platform.
“Eclipsing the $25 billion milestone so quickly demonstrates that investors around the world are ready for markets that are open, permissionless, and built for the internet age,” said Val Gui, General Manager for xStocks.
He added that tokenized equities enable real-world assets to trade onchain without geographic or time constraints.
The growth comes as Robinhood said its Ethereum Layer 2 testnet for real-world assets processed four million transactions in its first week. The next phase will hinge on regulatory clarity and whether major broker-dealers integrate tokenized equities into mainstream trading infrastructure.
