The tokenized equity sector has reached a significant milestone, with the xStocks platform—developed by Kraken and Backed—recording over $3 billion in cumulative on-chain transfer volume as of January 22, 2026. This figure includes more than $500 million in trading activity executed across decentralized exchanges like Uniswap and Raydium. In total, xStocks has achieved a trading volume exceeding $17 billion across both centralized and decentralized venues.
The platform, which launched publicly in mid-2025, now boasts 57,718 unique on-chain wallet addresses holding one or more of its tokens. Each xStock token is fully backed 1:1 by the underlying equity or ETF, held by a licensed custodian in a bankruptcy-remote structure. The platform has expanded access to U.S. capital markets for investors in over 160 countries, removing traditional friction like currency conversion and settlement delays.
Token Holder and Asset Data
According to Dune Analytics data, Tesla-linked token TSLAx leads with 18,350 holders and an asset pool valued at $53.48 million (123,999 tokens at $431.31 each). NVIDIA's NVDAx follows with 13,816 holders and $19.36 million in assets. Circle's CRCLx ranks third with 7,986 holders and $17.78 million in assets. Other major tokens include GOOGLx (Alphabet) with 10,328 holders, SPYx (S&P 500) with 11,452 holders, and MSTRx (MicroStrategy) with 6,024 holders.
Multi-Chain Expansion and European Launch
A primary driver of recent growth has been xStocks' expansion beyond its initial Solana foundation to the Ethereum and BNB Chain networks. This multi-chain strategy has unlocked diverse liquidity pools and DeFi opportunities, such as using tokenized shares as collateral for loans. Mark Greenberg, Kraken’s Global Head of Consumer, stated the milestone proves investor demand for assets that can move freely across the open internet, away from siloed brokerage systems.
Concurrently, xStocks has officially opened its services to European customers, expanding its addressable market. The platform's 24/7 trading and instant on-chain settlement appeal to a new generation of investors. Future integrations with additional blockchains like Ink and Tron are planned.
NYSE's Competitive Response
As xStocks grows, the New York Stock Exchange (NYSE) is developing a competing blockchain-based platform for trading tokenized stocks and ETFs 24/7. The system will use the exchange's existing trade-matching technology combined with private blockchain rails to enable instant buying, selling, and real-time settlement. Michael Blaugrund of Intercontinental Exchange described it as part of NYSE's evolution from floor trading to electronic systems to blockchain, aimed at creating "new opportunities for retail to participate." The NYSE is currently in talks with the SEC and expects to launch later this year pending regulatory approval.
