Kraken’s xStocks Surpasses $25 Billion in Tokenized Stock Trading Volume

Kraken’s tokenized equities platform, xStocks, has crossed $25 billion in cumulative transaction volume less than eight months after its launch, reflecting accelerating interest in blockchain-based representations of traditional financial assets.

According to company disclosures, the total includes trading activity across centralized exchanges, decentralized venues, and minting and redemption flows. The figure marks a 150% increase since November, when the platform first exceeded $10 billion in aggregate volume.

The tokenized equities are issued by Backed Finance, which structures 1:1 backed digital versions of publicly traded U.S. stocks and exchange-traded funds. Kraken acts as a primary distribution and trading hub for the instruments.

At launch in 2025, xStocks listed more than 60 tokenized equities, including shares linked to major technology firms such as Amazon, Meta Platforms, Nvidia and Tesla.

Onchain Wallets and RWA Tokenization Expand

Kraken reported $3.5 billion in onchain trading volume and more than 80,000 unique onchain holders. Unlike internal exchange order books, onchain transactions occur directly on public blockchains, allowing transparent settlement and self-custody.

The growth comes as tokenized real-world assets continue to expand despite broader crypto market weakness. Industry data shows tokenized stocks reached roughly $1.2 billion in market capitalization in December, highlighting rising adoption within decentralized finance ecosystems.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.