Kraken xStocks Exceeds $25B in Tokenized Shares
Kraken's tokenized stocks platform, xStocks, surpassed $25 billion in total trading volume less than eight months after its launch.
Kraken said Thursday that the $25 billion figure includes transactions on centralized exchanges and decentralized exchanges, as well as generating and redeeming activities. The peak represents a 150% increase since November, when xStocks first surpassed $10 billion in total trading volume.
xStocks tokens are backed by Backed Finance, a 1:1 tokenized regulated asset provider that creates publicly traded stocks and exchange-traded funds. Kraken serves as the main distributor and exchange, while Backed is responsible for setting up and issuing tokens.
xStocks in 2010 Launching in 2025, it offers more than 60 tokenized stocks, including stocks associated with major US tech companies such as Amazon, Meta Platforms, Nvidia and Tesla.
Kraken has been a key growth driver of the onchain movement since its inception, with xStocks generating $3.5 billion in onchain trading volume and surpassing 80,000 unique onchain owners.
Unlike transactions that only occur in the internal order books of centralized exchanges, onchain activity takes place directly on public blockchains, where transactions are transparent and wallets hold the assets themselves.
Growing onchain participation suggests that users are not only trading tokenized shares, but also integrating them into broader decentralized finance (DeFi) ecosystems.
According to Kraken, eight of the 11 largest tokenized stocks by specific holder count are now part of the xStocks ecosystem, indicating increased market share in the growing tokenized equities sector.
Related: Kraken launches xStocks tokenized securities trading in Europe
Tokenized shares reflect the initial growth of a stable coin
Real-world asset tokens (RWAs) remain one of the fastest-growing segments of the digital asset market as broader crypto prices have fallen since the start of the year.
Tokenized RWAs have increased 13.5% in total value over the past 30 days, according to industry data. In comparison, the broader crypto market shed nearly $1 trillion in market capitalization over the same period.
Market observers say tokenized stocks may be experiencing their own “stablecoin moment,” which has spurred rapid early adoption into mainstream use of dollar-pegged digital assets.
Stocks hit $1.2 billion in market capitalization in December, after almost nothing six months ago, according to data from Token Terminal.
Related: Crypto's 2026 Investment Playbook: Bitcoin, stablecoin infrastructure, tokenized assets
