5 Things to Know About Kraken’s xStocks After It Crossed $25 Billion in Volume

TLDR

• Kraken’s xStocks platform has crossed $25 billion in total transaction volume less than eight months after launch
• Volume is up 150% since November 2025, when the platform hit $10 billion
• Over 80,000 unique onchain holders with $3.5 billion in onchain trading across Solana, Ethereum, and TON
• Each xStock is fully backed 1:1 by a real stock or ETF held by a licensed custodian
• The wider tokenized stock market holds around $940 million in assets with roughly 311,000 verified holders

Kraken’s tokenized equities platform, xStocks, has surpassed $25 billion in total transaction volume since launching in 2025. The milestone was announced on Thursday, less than eight months after the platform went live.

The $25 billion figure covers trading on both centralized and decentralized exchanges, along with minting and redemption activity. It marks a 150% increase from November 2025, when xStocks first crossed the $10 billion cumulative volume mark.

xStocks tokens are issued by Backed Finance, a regulated asset provider. Each token is backed one-to-one by an underlying stock or ETF, held by a licensed custodian.

Kraken serves as the main distribution and trading venue. The exchange is also in the process of finalizing a deal to acquire Backed Finance.

When xStocks launched, it offered more than 60 tokenized equities. These include shares tied to Amazon, Meta Platforms, Nvidia, and Tesla.

The platform now has more than 80,000 unique onchain holders and nearly $225 million in aggregate assets under management. Onchain trading volume alone has reached $3.5 billion across Solana, Ethereum, and TON.

Why Onchain Trading Matters

Unlike trading on centralized exchanges, onchain activity happens directly on public blockchains. Transactions are transparent, and users can hold assets in their own wallets.

Growing onchain participation suggests users are moving beyond simple trading. Some are integrating tokenized stocks into decentralized finance, or DeFi, applications.

Dune data shows xStocks on Solana account for 46.9% of the tokenized stock market share. Ondo’s Ethereum offerings hold about 37%, and BNB Chain deployments cover around 15%.

Eight of the 11 largest tokenized equities by unique holder count are now part of the xStocks ecosystem, according to Kraken.

Tokenized Stocks Growing While Broader Crypto Drops

The wider tokenized real-world asset market has grown 13.5% over the last 30 days. This happened while the broader crypto market lost around $1 trillion in total value over the same period.

The total tokenized stock market currently holds about $940 million in assets, with roughly $2.34 billion in monthly trading volume, according to RWA.xyz. There are an estimated 311,000 verified holders across the sector.

Data from Token Terminal shows tokenized stocks reached a $1.2 billion market cap in December 2025, up from nearly zero just six months earlier.

Kraken is not alone in the space. Bitget has also emerged as an early leader, with its tokenized stock markets powered by Ondo’s Global Markets platform.

Robinhood announced this week that the testnet for its Ethereum Layer 2 blockchain built for real-world assets, called Chain, recorded four million transactions in its first week.

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