xStocks on‑chain transaction volume crosses $3 billion as tokenization hype continues

The on‑chain trading volume of xStocks stock tokens has now passed $3 billion. Over $500 million of that came from trading on decentralized exchanges. Altogether, the total trading volume across both CEXs and DEXs has hit more than $17 billion. And there are 57,718 wallet addresses currently holding one or more xStocks tokens.

Each of these tokens tracks a real-world stock or ETF. The most traded are tied to Tesla, NVIDIA, and Circle.

Tesla, NVIDIA, and Circle tokens dominate both holders and value

According to Dune’s data, TSLAx, the Tesla-linked token, has the highest number of holders at 18,350. It also has the biggest asset pool: $53.48 million in value across 123,999 tokens priced at $431.31.

NVDAx, tied to NVIDIA, has 13,816 holders and $19.36 million in assets, with a token price of $183.37. CRCLx, based on Circle, comes in third, with 244,775 tokens, $17.78 million in assets, and 7,986 holders.

Other major tokens are also pulling in serious volume. GOOGLx (Alphabet) has 10,328 holders and $13.74 million in assets. SPYx (S&P 500) is at 11,452 holders and $12.66 million in value.

MSTRx, tracking MicroStrategy, has 6,024 holders and $8.33 million. GLDx (gold) and QQQx (Nasdaq) are close behind, both with over $6.9 million in total value.

COINx (Coinbase) is sitting at $3.51 million across 15,482 tokens, while AAPLx (Apple) has 7,947 holders, 11,808 tokens, and $2.92 million in assets. METAx has 3,174 holders and $2.71 million in value. DFDVx, TONXx, and HOODx are all sitting in the $1.9 million range.

Other names like AMZNx, MSFTx, and STRCx are pulling in between $1 million to $1.5 million, with supply ranging from a few thousand to over ten thousand tokens. Lower-tier names like MCDx, UNHx, PLTRx, and GMEx still hold six-figure AUM, even with fewer than 3,500 tokens each.

The list of holders covers everything from blue chips to niche plays. NFLXx has 1,345 holders. MCDx sits at 1,181, and GMEx holds 976. Even smaller ones like XOMx, AMBRx, BRK.Bx, and ORCLx all have real wallet counts; this isn’t some testnet ghost town. AMBRx, despite having 195,029 tokens, is only priced at $2.39, totaling $466,212 in assets. Still, it has 571 holders.

NYSE targets tokenized stock trading with new blockchain platform

While xStocks continues building activity, the New York Stock Exchange is trying to catch up. NYSE is working on a blockchain-based platform that will let users trade tokenized stocks and ETFs 24/7. No closing times. No delays.

The new system will use the same trade-matching tech they already have, combined with private blockchain rails. The platform will allow users to buy and sell instantly and settle those trades in real time, instead of waiting until the next day.

Michael Blaugrund, who handles strategic initiatives at Intercontinental Exchange, said the plan is part of NYSE’s shift from floor trading to electronic systems to now blockchain. “It allows for new types of investor accessibility,” Michael said, “and will create new opportunities for retail to participate in the stablecoin-funded markets that have attracted their attention.”

NYSE is still waiting for a green light from the SEC, but they’re in talks. If the approval comes through, they expect to launch later this year.

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