Kraken's tokenized equities platform, xStocks, has surpassed $25 billion in total transaction volume less than eight months after its launch, according to a company announcement on Thursday. This milestone includes roughly $3.5 billion in onchain trading across the Solana, Ethereum, and TON blockchains, positioning xStocks among the largest active tokenized stock frameworks.
The platform now counts more than 80,000 unique onchain holders and has nearly $225 million in aggregate assets under management (AUM). Each xStock token is backed one-to-one by the underlying equity or ETF, with assets held by a licensed custodian. This structure mirrors regulated tokenized asset products, where custody remains offchain while transfer and settlement occur onchain.
The $25 billion figure represents transaction velocity rather than locked capital, with the $225M AUM providing a clearer gauge of actual investor exposure. The milestone marks a 150% increase since November 2025, when xStocks first crossed $10 billion in cumulative volume.
Kraken is also finalizing a deal to acquire Backed Finance, the regulated asset issuer behind xStocks. This acquisition would deepen Kraken's involvement in tokenized securities by adding issuance infrastructure to its exchange distribution, streamlining listing and liquidity management.
Data from RWA.xyz estimates the total tokenized stock market at about $940 million in outstanding value, with roughly $2.34 billion in monthly trading volume and around 311,000 verified holders. Dune Analytics data shows xStocks deployed on Solana account for 46.9% of the tokenized stock market share, with Ondo's Ethereum-based offerings at about 37% and BNB Chain at 15%.
Val Gui, xStocks General Manager, stated, "Eclipsing the $25 billion milestone so quickly demonstrates that investors around the world are ready for markets that are open, permissionless, and built for the internet age." The growth comes as competition expands, with Robinhood's testnet for its Ethereum Layer 2 network for real-world assets, called Chain, processing four million transactions in its first week.
