Kraken-owned xStocks has surpassed $25 billion in total transaction volume, highlighting the rapid growth of tokenized equities across centralized and decentralized venues.
According to the crypto exchange, the figure covers trading on exchanges, activity on DeFi platforms, and mint and redemption flows, all reached in less than eight months.
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xStocks Hits $25 Billion as Tokenized Equities Scale
Onchain activity accounts for more than $3.5 billion of the total, with over 80,000 unique onchain holders participating in the ecosystem. xStocks currently holds eight of the top eleven tokenized equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term by unique holders and represents 68% of the top 25 tokenized stocks by holder count as of 17 February 2026.
The instruments trade across centralized exchanges, DeFi protocols, self‑custody wallets and consumer applications, allowing users to move exposure between venues.
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“xStocks have fused crypto and traditional markets, turning tokenized equities from an idea into global infrastructure. 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”, commented Val Gui, the General Manager for xStocks.
Custody Model, Market Access and Alliance Growth
Notably, crypto trading platforms including Bybit and Gate.io have integrated xStocks, extending access to tokenized U.S. equities for retail traders, professional users and institutional clients.
Late last year, Kraken acquired Backed Finance, the firm behind the issuance of xStocks. The exchange aimed to bring these tokenized products closer to its main trading business as it works toward a planned public listing in 2026. Kraken already offered several tokenized stocks and ETFs that are created by Backed.
Additionally, xStocks went live on 360X this month, giving Deutsche Börse Group clients access to tokenized versions of major equities on a regulated secondary trading venue. It also marked the first major product milestone under the partnership the two firms announced in December.
