Kraken xStocks hits $25B, 80K onchain holders within 8 months
Kraken’s tokenized equities platform, xStocks, has exceeded $25 billion in total transaction volume less than eight months after launch, reflecting accelerating uptake of tokenized assets among mainstream investors.
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Kraken said Thursday that the $25 billion figure encompasses activity across centralized and decentralized exchanges, along with token minting and redemptions. The milestone marks a 150% increase since November, when xStocks first surpassed $10 billion in cumulative transactions.
The xStocks tokens are issued by Backed Finance, a regulated asset provider that offers 1:1 tokenized representations of publicly listed equities and exchange-traded funds. Kraken acts as a primary distribution channel and trading venue, while Backed structures and issues the tokenized instruments.
When xStocks launched in 2025, the platform listed more than 60 tokenized equities, including shares linked to Amazon, Meta Platforms, Nvidia and Tesla.
Source: xStocks
Onchain participation has been a key contributor since launch, with xStocks recording $3.5 billion in onchain trading volume and more than 80,000 unique onchain holders. Unlike trading confined to centralized exchange order books, onchain transactions occur on public blockchains with transparent settlement and self-custody. Increasing onchain usage indicates that tokenized equities are also being incorporated into broader decentralized finance applications.
Kraken added that eight of the 11 largest tokenized equities by unique holder count are now within the xStocks ecosystem, indicating rising market share in the tokenized equities segment.
Tokenized stocks echo early stablecoin adoption trends
Tokenization of real-world assets remains one of the fastest-growing areas of the digital asset market, even as broader crypto prices have declined since the start of the year. Industry data show tokenized RWAs have risen 13.5% in total value over the past 30 days, while the wider crypto market lost roughly $1 trillion in market capitalization during the same period.
Analysts suggest tokenized stocks may be experiencing a “stablecoin moment,” referencing the rapid early adoption that propelled dollar-pegged digital assets into broader use.
Data from Token Terminal indicate the market capitalization of tokenized stocks reached $1.2 billion in December, after being virtually nonexistent six months earlier.
The market cap of tokenized stocks has grown considerably since September of last year. Source: Token Terminal
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